Lending Software Development: FinaBay Case Study

In the world of stay-at-home and financial uncertainty, the demand for digital loan software has risen. Budgeting and loans are now in the focus more than ever for businesses, as well as individual consumers.

The financial innovation development market, rocketing lately, is “surging” according to Harvard Business Review. It is primarily related to the digital banking sphere and non-bank players on the market – anyone else who provides digital financial services.

FinaBay Case: The Customer’s Journey with Softengi

FinaBay approached Softengi when the company was looking for an outsource software development provider for the Loan Portal project. The task was to improve its efficiency and operational productivity.

Payday loans are the focus of FinaBay’s project. The aim of this service is to grant a person a loan based on the personal information submitted in an online form. The key is to provide the proper process of evaluation of the solution to ensure the appropriate customer experience for FinaBay’s clients. 

To check the information correctly is one of the main requirements of the fin-tech loan industry and lending software development too. It is all about making sure that the information of the potential borrower is correct. That is why, before any loan is issued, the information provided by the potential borrower must be checked. So, after the form is completed, the system sends out automatic requests to external sources regarding the individual’s loan history and criminal record. Later, it collects, processes, and decodes the responses and delivers them to the relevant staff member.

Therefore, before any loan is issued, the information provided by the potential borrower requires a proper review. After the form is completed, the system sends out automatic requests to external sources regarding the individual’s loan history and criminal record. Later, it collects, processes, and decodes the responses and delivers them to the relevant staff member.

Softengi Team Tech Contribution

Our team joined this fin-tech project after it had already been launched to carry out several essential alterations. To develop quality lending software for the Customer, our task was to bring it to a new level.

The first step was to evaluate the needs and capabilities. After evaluation, the Softengi Team has developed a range of opportunities and decided to improve the project further by covering the critical areas. Based on that, we determined the case. 

Focusing on Back-end functionality, our specialists ensured:

1. Integration with API of information providers: 

• Sending requests to information holders;
• Exchanging information with providers.

2. Report generation for the information providers:

• Exchanging information with providers.

3. Coming up with an initial decision on each case:

• The system supports decision makers by sending notifications in case some bits of information were not properly collected or if the person failed to fit the loan issuing requirements.

Our team also performs part of the front-end development using Angular.

Challenges of the Loan Portal Project

The difficulty of this project lies in the different modes in which the parties prefer to store information. For example, our customer’s site has a distinctive structure. Each information holder, in turn, stores the data differently. Therefore, the complexity lies in API communication.

In addition, information providers establish their own policies and rules to ensure their operational activity. In this case, our team has to become familiar with the above documents and make sure the solution’s information-related practices correspond with the ones used by information providers. As a result, the system knows how to correctly send and decode the data.

Result

Softengi successfully implemented a loan software solution for the Customer. The company officers now have an opportunity to approve or decline loan applications and improve UX/UI and data automation. Moreover, our lending solution helps the service provider to eliminate risks by issuing loans to trustworthy individuals only. 

To ensure the stability and reliability of the loan issuing system, Softengi guarantees business continuity by ensuring that FinaBay receives correctly decoded information and is able to provide timely answers for each request.

We created a system that supports decision-makers by sending notifications if some bits of information were not properly collected or if the person failed to fit the loan issuing requirements. Our team also performed part of the front-end development using Angular. Despite the complexity of processes that AI and ML can imply, the fin-tech industry is widely using it to create and benefit from proper lending solutions.

Innovative Solutions for the FinTech Software

How can loan software be enhanced with available digital solutions?

• Artificial Intelligence and machine learning are the shapers of the lending industry and simplify the complexity of processes there. With the help of ML and AI, the effectiveness improves drastically as they affect the whole process in terms of data analysis and process automation through the lances of business capabilities;

• Improve the UX/UI. This would provide a multi-channel option for customers, the accessibility of the application, and the whole experience users may have with the digital loan product.