In the modern, rapidly growing financial services sector, integration and smooth provision of digital services are key in responding to customer needs. Our client was an emergent FinTech company that was to solve the problems of loan process optimization for individuals and companies. They thought of developing a unique loan application to solve issues such as problematic application procedures, limited customer care, and cumbersome document authentication. For this, this paper will outline how SharePoint Company helped overcome these challenges, create various new features for the application, and measure the impact made.
Financial Technology (FinTech)
Mobile & Web Application Development
To develop a solution that could respond to a particular audience, we integrated such technologies as machine learning with financial knowledge. The end-to-end loan application and approval process was designed to be effortless and comprehensible through the app.
From prior experience and due consideration of agile methods as well as current framework best practices, we were able to develop an IT system that would efficiently address the client’s needs while also being capable of growth and data security.
We initially engaged the client in a comprehensive consultation to determine the project terrain as well as the intended audience. The main features to be considered during this phase included use of AI for checking the borrowers’ eligibility, document handling, and payments alerts.
Many designs were developed by our team with an emphasis on easy-to-use platforms for borrowers and lenders. Old and new prototypes were used by clients to modify versions of the app since aesthetics needed to match functionality.
With the help of solid frameworks like React Native, our developers incorporated such functionalities as real-time eligibility, links to the credit bureau, as well as multi-layered analyzers or portals for different stakeholders. The application of advanced AI and ML algorithms is incorporated to help in the prediction of credit worthiness.
The app was developed for all major platforms, such as Android, iOS, and web platforms, so that convenience could be provided at its maximum level. To promote usage of the new interface with app stores and social media buttons, we engaged the client’s marketing and technical teams.
Our fintech client faced major roadblocks in improving their loan application process. Due to limited customer support and cumbersome document process, it led to unhappy customers and delayed approvals.
The innovation of algorithms to correctly evaluate and identify borrower’s data so as to decide eligibility for loans in real-time was challenging.
Maintaining compliance with the data protection acts (including GDPR) was a complex process, as the planning and testing phases will show.
Through strategic partnership and agile development practices, SharePoint Company helped the FinTech startup launch a transformative loan management app, leading to the following outcomes.
The app was also able to cut the average loading time in half, allowing users to get their money in a shorter time.
Borrowers had an easy breakdown application process, while lenders had complex enhanced control panels for their portfolios.
In half a year after launch, it increased the number of active users by 40% and supported a start-up company’s presence in the market of digital lending.
