The customer specializes in delivering loan management software for the US market. Since 2017 their FinTech solutions have been helping lenders and brokers improve loan management procedures.
Detailed information about the client cannot be disclosed under the provisions of the NDA.
The lending system is a web platform with 2 major account types: lending companies and brokers. To use the loan management platform, the companies have to select the subscription model: payment for each active user or payment of a certain percentage of the income generated from conducted transactions within the system.
The lending web platform allows users to set multiple indicators and options when they fill out loan applications or assess them. Within the app, one can apply for various types of loans, including personal loans, business loans, commercial real estate loans, etc. There is also a matching system helping select a suitable lender or broker based on credit conditions, rating, location, etc.
The lending platform application provides users with specific dashboards according to their roles. Within the dashboards brokers, underwriters, loan sales representatives, individuals, and businesses can perform the following actions:
The lending platform can help lenders (underwriters) accurately assess the credit rating and solvency of potential borrowers. The system uses statistical methods to analyze data obtained directly from the potential borrowers (i.e. personal financial statements), internal sources, and third-party services.
Our team, consisting of 3 full-stack developers and a QA engineer, joined the project on the basis of IT project rescue and dedicated team services. Our specialists worked under the management of the customer’s representatives. We employed the Scrum software development life-cycle methodology with 2-week sprints. To ensure effective communication, our team adjusted to the customer’s time zone.
The major project’s difficulty was to significantly improve the quality of code written by the previous vendor’s team. To empower payment procedures and subscriptions within the lending platform, we have integrated the loan management system with Stripe, the payment processing system. We have also deployed the standard multi-factor user authentication security system.
Our team has successfully completed the active stage of the project and launched a high-quality lending web application. The platform has gained widespread recognition in the US online loan market thanks to its intuitive design, advanced functional capacities, and high performance. Users’ reviews confirm that the app facilitates the loan processes, helps make informed decisions, and streamlines interconnections.
Innowise Group continues to work on the lending system upgrades and maintenance. Our team is involved in the long-term development plan of the loan management app. In the near future, the client plans to expand the functionality and improve the design of the solution.
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