Automating Business Lending Approval with Retool and Decisimo

Published on: 2024-08-10 18:37:05

If you want to automate the approval process for business lending and replace manual work with decision logic, combining Retool and Decisimo is a practical setup for your workflow.

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Retool helps you build application forms quickly, while Decisimo executes underwriting policies.

Decisimo decision engine

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Together, these platforms can automate the decision process for loan applications. In this guide, we outline the steps to integrate Retool and Decisimo and start automating approval for business loans. For a broader walkthrough, see this guide to automating the loan approval process.

1.

Set up an endpoint in Decisimo

  • Set up an endpoint for your decision strategy in the Decisimo Portal. Note the generated URL for the endpoint and the API key provided.
2.

Create Retool application form

  • The form should collect data such as the loan amount, borrower's income, credit score, and other relevant fields. You can import the following app definition in JSON.
3.

Set up a Retool resource endpoint

  • Go to the Resources tab and select Create New > REST API.
  • Enter the Base URL and any headers for your API.
  • Add a header for x-api-key and set the value to the API key you obtained from Decisimo.
4.

Add Retool query to call Decisimo

  • Create a new Retool query and set the endpoint to the one created in step 3.
  • In the Query Editor, add the loan application data to the JSON body of the request.
  • Use a transformer to extract the decision result from the response JSON.
  • Add an action to store the decision result in the Retool database, using a column with an appropriate data type, such as text.
5.

Display decision result to user

  • Add a Retool component, such as a text box or label, to display the decision result to the user.
  • Bind the component to the column in the Retool database that stores the decision result.

With these steps, you should have a Retool application that collects loan application data, sends it to Decisimo for evaluation, and shows the decision result to the user.

The combination of Retool and Decisimo can automate the loan approval process and give you a clearer underwriting workflow.

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