Lending Software Development. FinaBay’s Case Study
FinaBay, the fin-tech industry market player, approached Softengi when the company was looking for an outsource software development provider for its short-loan project. To ensure the stability and reliability of the loan issuing system, Softengi improved the business continuity by ensuring that FinaBay received correctly decoded information from potential customers and can provide timely answers for each request.
Digital Loan Software Industry And Lending Solutions In Fin-tech
In the world of stay-at-home and financial uncertainty, growth of the necessity of digital loan software for the lending industry has risen. Budgeting and loans are now in the focus more than ever for businesses, as well as for services consumers and individuals. 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.
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Artificial Intelligence and machine learning are the shapers of the lending industry and simplify the complexity of processes there. It also relates to the lending software development. With the help of ML and AI, the effectiveness improves drastically as they are to affect the whole process making in terms of data analysis and processes automation through the lances of business capabilities.
A modulate innovative technology, such as fin-tech is providing value to the financial services of businesses. The better it is developed, the more business can attract in overall, the more it can gain by providing the best offers to consumers, as well as having the best operational productivity, along with transparency and flexibility.
To implement the digital challenges one needs to adopt new solutions and digital lending software development. For example to:
Deliver productivity, speed, and automation
The process of providing a loan is complex and requires a lot of other processes involved. The key aim is to digitalise the whole flow of actions and steps to improve productivity.
Provide a better customer experience
Customers would enjoy the possibilities of creating online applications, as well as the option of self-service.
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.
Sync data and information for an accelerated check and approval for any possible lender.
For the customer’s side of the lending industry, which can be small or medium-sized businesses, freelancers, individual entrepreneurs, and start-ups, it is crucial to receive a proper cash infusion for business growth, which is creating additional opportunities for the industry.
Payday loans is 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 the 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 to make 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 requires to 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 has already been launched to carry out several essential alterations. To develop a qualitative 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, Softengi Team has developed a range of opportunities and decided to improve a 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 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 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 its 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.
Softengi successfully implemented a loan software solution for the Customer. The company officers now have an opportunity to approve or decline loan applications, improved UX/UI, 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. Partially, 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.