Secure Transaction Viewer
In order to make good lending decisions, you can’t just look forward. It’s not enough to focus on predicting the future (as if that wasn’t hard enough), you also have to be able to understand the past. Application processing systems are complex. The business logic they use to process applications is frequently changing. In order to understand how your application processing system is working, you need to be able to evaluate each and every transaction the system processes.
Zoot’s secure transaction viewer gives financial institutions (FIs) on-demand access to the details of every transaction that runs through Zoot’s decision engine.
The secure transaction viewer is a secure, web-based software tool that enables an FI’s business users to search for and analyze any transaction or set of transactions at their convenience, without having to wait for IT assistance. They are able to search for transactions based on any data field available in the decision engine’s report file. The search results are returned quickly in a reader-friendly format so that the user can evaluate exactly how the transaction(s) was processed.
The transaction-level insight provided by secure transaction viewer can then be used across the entire enterprise. Specific applications include:
- Testing new business logic. Every new attribute, ruleset, and scorecard that is developed has an expected outcome. By rerunning past applications through the new business logic and then analyzing the results using the secure transaction viewer, an FI’s credit risk analysts can test all possible boundary conditions and thus be confident that the logic will perform as expected.
- Production support. During account opening, FIs’ frontline staff frequently needs visibility into the application origination process in order to assist customers effectively. For example, if a consumer is declined for a home equity loan, they may ask why. The customer service representative (CSR) working with that consumer needs to answer that question satisfactorily in a reasonable amount of time. The secure transaction viewer gives FIs’ frontline staff the on-demand application insight that they need to do their jobs well.
- Compliance/Auditing. As regulatory pressure continues to increase, FIs need the ability to demonstrate to auditors that their origination processes and procedures are fully compliant with the law. When there are questions regarding individual applications, FIs must be able to quickly review those applications in order to explain what happened. The secure transaction viewer facilitates this rapid review.
With Zoot’s application processing system and secure transaction viewer, a financial institution’s hindsight is 20/20.