Transforming Loan Lifecycle Management
for a FinTech Company
Project Brief
A leading non-banking financial company (NBFC) aimed to remove financial barriers to education by offering tailored loan products. Operating in multiple cities with expansion plans, the company required a comprehensive loan lifecycle management solution that could scale with their growing needs.
When the NBFC came to us, they had an existing product with a lot of issues. Our team re-engineered the product to make it secure, scalable, compliant, and performant.
Engagement Model: Dedicated engineering team comprising Business Analysts, Software Architects, Developers, and Quality Analysts
Services Offered
Backend Development
API Development
Speed Optimization
Security Enhancement
Report Generation
Integrated eKYC
CKYC
eNACH
eSign APIs
Technologies Used
ASP.NET C#
MSSQL
HTML
CSS
AWS
The Problems
Speed Issues
The existing platform suffered from slow application load times and inefficient loan processing speeds, leading to operational delays.
Scalability Challenges
As the user base grew, the system struggled to handle increasing transaction volumes, resulting in performance bottlenecks.
Compliance with Financial Regulations:
- eKYC (Electronic Know Your Customer): Electronic customer verification is required to comply with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.
- CKYC (Central Know Your Customer): Needed to centralize KYC processes to improve data accuracy and avoid duplication.
- eNACH (Electronic National Automated Clearing House): Essential for automating recurring payment processing to ensure reliable payment collections.
- eSign: Required for enabling legally valid electronic signatures, reducing reliance on physical signatures.
Compliance with Financial Regulations:
- eKYC (Electronic Know Your Customer): Electronic customer verification is required to comply with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.
- CKYC (Central Know Your Customer): Needed to centralize KYC processes to improve data accuracy and avoid duplication.
- eNACH (Electronic National Automated Clearing House): Essential for automating recurring payment processing to ensure reliable payment collections.
- eSign: Required for enabling legally valid electronic signatures, reducing reliance on physical signatures.
Rapid Business Growth
The company needed to integrate with leading Indian banks as financial partners and co-lenders to streamline loan disbursements and onboarding processes.
Security and User Experience
The platform needed enhanced security measures, including IP whitelisting, authentication, authorization protocols, data validation, and encryption of sensitive information.
Financial Reports
Initial reports generated incorrect values due to calculation errors and incomplete data handling, affecting decision-making processes.
The Solution We Created
Advanced machine learning models and integrated AWS Sagemaker helped us to train the AI system for real time, accurate species identification. Continuous model optimization ensured high precision across various environments.
We utilized AWS Cloud to build a highly scalable infrastructure capable of handling high traffic volumes. This ensured reliability, low latency, and seamless performance for millions of global users.
To support the subscription model, we integrated Adapty for in-app purchase management and paywall setup. This allowed us to offer premium features while maintaining a smooth user experience.
Using React Native, we developed the app for both iOS and Android, ensuring a consistent experience across devices. This also optimized performance by minimizing the need for separate codebases.
We integrated Google Places API for accurate geolocation and species mapping. To address privacy concerns, we implemented secure data handling protocols and encryption to protect user information while offering personalized experiences.
Throughout the development process, we adopted an Agile methodology using the Scrum framework for efficient project management. This iterative approach allowed us to adapt quickly to user feedback and evolving requirements, ensuring the timely delivery of a high-quality product.
To foster user interaction and community engagement, we integrated Facebook SDK. This allows users to share their findings and discoveries on social media, helping to build a global community of nature enthusiasts and increase app visibility.
Initial Assessment
Conducted a thorough analysis of the existing platform to identify performance bottlenecks, security vulnerabilities, and compliance gaps.
Roadmap Development
Created a detailed roadmap to address scalability, speed, security, and regulatory compliance, with clear milestones and timelines.
Live Database Instance
Implemented a new live database instance to distribute the calculation load, enabling the platform to handle increased transaction volumes efficiently.
Indexing Strategies
Employed indexing strategies and optimized queries to improve application load and loan processing times.
Caching Mechanism
Introduced caching mechanisms to enhance response times and reduce database strain.
Regulatory Compliance APIs
Integrated critical APIs for eKYC, CKYC, eNACH, and eSign to ensure seamless onboarding and compliance with regulatory requirements.
Bank Integration
Developed APIs for integration with leading Indian banks for both lender and partner roles to facilitate efficient data transfer and streamlined loan processing.
IP Whitelisting
Applied IP whitelisting to restrict access to approved IP addresses.
Authentication and Authorization
Implemented robust authentication and authorization protocols to verify user identities and manage access levels.
Data Validation and Encryption
Conducted comprehensive data validation and encryption of sensitive information to safeguard user data.
Re-engineering Reports
Reworked the reporting system to correct calculation errors, improve data handling, and provide a comprehensive view of operational metrics.
Updating Data Sources
Updated data sources and refined report logic to ensure accuracy.
Adding Data Points
Incorporated additional data points to provide a more comprehensive and reliable view of the business.
Continuous Monitoring
Set up continuous monitoring to proactively identify and address any emerging issues.
Regular Updates
Provided regular system updates to ensure the platform remained secure, scalable, and compliant with evolving regulations.
Results
Increased Efficiency
Significantly reduced loan processing and application load times, leading to an enhanced user experience.
Enhanced Security
Strengthened security protocols, including IP whitelisting, authentication, authorization, data validation, and encryption
Scalability
The platform now efficiently handles a growing number of monthly loan disbursements.
Regulatory Compliance
Achieved full compliance with financial regulations through the integration of eKYC, CKYC, eNACH, and eSign APIs.
Ready to Get Started?
Are you looking to overcome performance challenges or ensure regulatory compliance in your financial platform? Tech Exactly specializes in building scalable, secure, and efficient solutions tailored to your business needs. Reach out to us today to learn how we can help drive your success.
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