The primary objective of this SaaS-based loan management system named Drive Easy is to simplify loan applications and approval, improve customer experience, and enhance operational efficiency for a financial institution.
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5x Surge in Application Handling Efficiency with a SaaS-Based Loan Management Platform
Industry
FinTech (Insurance Finance)
Country
Australia
Team Size
2 Dedicated Specialists
Project Duration
4+ Years and Ongoing
Project Architecture
Agile and Waterfall Methodology
Business Objective
About the Client
Our Australia-based client is a financial technology company that specializes in delivering asset finance technology and fulfillment products to support various businesses, including OEM manufacturers, dealers, brokers, and lenders. They provide solutions that help their clients better serve their customers' asset finance needs while increasing sales and reducing service costs.
Project Description
The greatest innovations are those that address the exact needs of people. Once recognized and implemented, the solution gains genuine popularity and becomes renowned as its founders got through it by themselves. That’s the case with our client’s loan management system based on SaaS.
Our client from the financial industry needed to develop an end-to-end software system catering to the needs of individuals and businesses looking for vehicle and equipment loans. The SaaS-based platform simplifies and expedites the entire process of application submission, loan approval by lenders, and subsequent loan disbursement to the applicants. They wanted to provide a web and mobile responsive platform for loan applicants, streamline the application process, and facilitate better collaboration between the client’s team, partners, and lenders.
Therefore, the Radixweb team stepped in to scope out the required business app logic, solution infrastructure, and tech stacks. With great expertise in fintech software development, our dedicated team came up with the right solution and created a roadmap for the loan app development process implementation.
Recently, we’ve been working with a lot of finance projects, so when this client came to us with their proposal, we knew we have the caliber to take it, regardless of the size or the complexity. Everyone in the team was pumped up to work with yet another cutting-edge technology.
Vivek Chavda
Sr. Technical Lead, Radixweb
Business Context
The process of manually creating pre-approval letters for equipment and vehicle loans was challenging. It was slow and painful for all the stakeholders involved in the process. The entire process led to lost opportunities for customers and lenders equally.
Before implementing the SaaS-based loan application system, the client faced several challenges:
- NCCP DOCS documents generate incorrect calculations with the wrong value for some applications.
- Any feature with a new version gets implemented in the lower environment but in the production database, the version doesn’t upgrade.
- Data loss issue when developer misses running database script on PROD.
- Difficulty to replicate the issue on the application count and match it with the dashboard graph using different filters because of the high volume of PROD data which we cannot test.
Our Solution
Partnering with our visionary client, we implemented a combined approach of Agile and Waterfall methodologies. Our development team leveraged the latest technologies like PHP, WordPress, MySQL, RESTful APIs, AWS, and Apache. The key steps we followed are:
Quick and Easy Loan Processing
The implementation of a SaaS-based loan application reduced the loan application processing time. Automation improved efficiency, allowing the client to process more loan applications with the same workforce.
Enhanced Customer Experience
With the implementation of a user-friendly interface and quick quote calculator, the system empowered loan applicants with the information they needed to make informed decisions. This increased customer satisfaction and confidence.
Collaborative Approach
The platform helped our client’s team and lenders to work seamlessly through the digital platform. They can quickly review and approve loan applications, reducing communication delays and minimizing the chances of lost paperwork.
Implementation of JWT Token
Digital signatures and secure document management increased the security of sensitive financial information and ensured regulatory compliance with the JWT token.
Eliminating Manual Process
Our client experienced significant cost savings by eliminating manual processes and enhancing efficiency. Operational costs decreased, and the company was better equipped to offer competitive interest rates to its customers.
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Values Delivered
As an experienced custom software development company, we implemented a bespoke SaaS-based loan management system to deliver substantial value.
KANBAN Functionality
We implemented KANBAN functionality to divide the whole project into small phases to work on one thing at a time before moving on to the next sprint.
Cutting-Edge Technologies
As programming languages, we used HTML, CSS, JavaScript, jQuery for the frontend and PHP for the backend. WordPress was the web development framework, and for database management, we went for MySQL. Apache and EC2 were server environments, for version Control, it was Bitbucket, Cloud hosting was done using AWS, APIs and Microservices with RESTful APIs, and for IDEs and Code Editors, we chose Visual Studio Code.
Automated Credit Verification
A credit check is immediately started by a relevant credit reference agency whenever an applicant gives their consent. The response of a third-party agency is received directly into the system.
Third-Party Intergration
We increased the system's functionality by utilizing third-party plugins and services, including Illion bank to retrieve your customers' bank statements, Glass’s to accurate vehicle valuations, car spec checks, and tools for car dealers and other automotive decision-makers, Equifax for free credit reports, Amazon S3 to store customer digital signs and other documentations, SendGrid, Google search address, and Sentry,
Role-Based Access
Depending on the role of the logged-in user, the software provides access to different functionalities. We also implemented Google Authenticator to turn on 2-step verification, authentication with JWT token, access to the broker portal only through configured VPN, and connection with SSH or database only if the system IP is whitelisted.
5x More
Loan Applications Handled Monthly
30% Drop
In Loan Rejection Rate
8+ Hours
Saved per Loan Application
The Impact
The development team of Radixweb has significantly improved the money-lending solution for vehicle and equipment loans. Our fintech development expertise helped to create a loan tech app that gained traction in the Australian lending market.
Before
Manual and Slow Loan Processing
Prior to the loan app management system, loan applications took an average of 2-3 weeks to process. This delay frustrated applicants and made it challenging for our client to meet customer demands in a timely manner.
High Rejection Rates
Manual processes often led to errors and inefficiencies. As a result, many loan applications were rejected. The lack of automation hindered the accuracy of the application review process.
Inefficiency
Delays in communication between loan officers and applicants often resulted in back-and-forth emails or calls. Documents were frequently misplaced or sent to the wrong departments, which led to confusion and further hold-ups.
After
Fast Loan Processing
With the new system, loan applications are now processed within just 48-72 hours. This speed helped the client handle 5x more loan applications each month and meet customer demands much quicker.
Lower Rejection Rates
Automation has significantly reduced errors. Previously, 1 in every 3 applications faced rejection, but now it’s down to only 1 in every 7, meaning more people are getting approved for loans, hassle-free.
Improved Efficiency
Lost documents and communication delays are a thing of the past. The streamlined system has saved an average of 8+ working hours per loan application, which means the team can now handle almost twice as many loans in the same amount of time.
Our entire team, not only me, had only positive experiences working with Radixweb. I've thrown several a number of my projects at them and they have managed to impress us with their work every single time. A highly recommendable team I would say.
Paul Mcclary
Co-Founder
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