Zoot, a leading provider of advanced instant credit decisioning and loan origination solutions, announced the release of Version 6.3 of its WebRules business rules developer at the BAI Retail Delivery Conference in Boston, Mass.
The enhancements in version 6.3 are the most comprehensive in the tool's 10 year history. The new functionality gives business users more control than they have in a client-side system and the advantages of a SaaS deployment.
A new capability of WebRules allows business users to simulate changes to their credit and fraud policy to evaluate how effective the changes would have been during a prior time period. This feature is a key component of Zoot's Credit Risk Lab solution that gives financial institutions (FIs) complete control over evaluation of logic and data for their decisioning processes. This functionality enables FIs to respond quickly to emerging compliance and credit risk challenges.
"Reduced cycle time to develop and implement custom scores is essential in the new credit world. Lenders must revalidate credit risk management scoring models that were developed before the recession and before the new consumer legislation," said Bobbie Britting, research director of consumer lending at TowerGroup. "Being able to validate scores quickly gives a lender a significant market advantage. Vendors such as Zoot Enterprises now offer a Credit Risk Lab, a simulation solution whereby credit risk managers can rapidly build and test new credit policies against performance data to understand what is driving consumer behavior and then quickly deploy approved policy changes."
WebRules 6.3 empowers clients to develop and modify their decisioning platforms without the assistance of IT or programming staff. Business users can control their entire decisioning and origination flow as well as make real-time changes to their decisioning logic. These capabilities are essential to making the best business decisions in a dynamic market.
The enhancements in version 6.3 have more than doubled the number of vendors and data available in WebRules through improvements to the action editor. The champion challenger capability of the tool has been expanded to include real-time credit logic simulation. Another upgrade improves efficiency by automating the packaging and installation of new policy. WebRules can be used in conjunction with all Zoot solutions, including Zoot's Test File Modification Tool whose recent enhancements have improved testing capabilities by increasing operational efficiency.
"As basic rules editors are becoming more common, we felt it was important to take the capabilities of WebRules to a new level," said Tom Johnson, vice president of product development at Zoot. "WebRules 6.3 helps our clients implement their best business practices, determine where the market is headed and test new strategies quickly. More intuitive editors allow business users to control the entire decisioning process-build applications, simulate traffic going through newly created logic, test the logic to ensure it is going to work and install it themselves."