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
To ensure a seamless user experience, we integrated the Shopify API and Mobile Buy SDK, allowing users to log in using their web credentials. This provided continuity between the website and the mobile app, eliminating the need for separate accounts.
Social login options (Google and Apple) were also added for easier registration, reducing login friction and improving user adoption.
We integrated OpenCV, a robust image processing library, to automate the interpretation of test results. OpenCV analyzes images of test kits by detecting specific markers and providing accurate diagnostics for each type of test (UTI, Pregnancy, Ferritin, and Vitamin D).
This automated process ensured reliability and reduced the risk of human error in interpreting results.
To solve the issue of low-quality images, the app provides real-time feedback to users. If an image is blurred or poorly lit, users receive prompts to retake the photo.
The app also includes tutorials and tips on capturing high-quality images. This solution drastically improved the accuracy of the analysis by ensuring that the system received clear images.
We integrated the Shopify API to allow users to purchase test kits directly within the app.
The platform includes a seamless checkout process, enabling users to browse and buy test kits without leaving the app. Shopify’s payment gateway ensures secure and efficient transactions, enhancing user engagement.
We adhered to the IEC 62304 safety standard by implementing a structured Software Development Life Cycle (SDLC) that covered Risk Management (ISO 14971), Development, Problem resolution, Configuration management, and Maintenance. Documentation was meticulously maintained at each stage, and risk management procedures were followed to ensure patient safety.
Usability engineering was incorporated following IEC 62366 to reduce human errors, and installation and acceptance procedures were in line with ISO standards. Rigorous testing and post-market monitoring further ensured ongoing compliance and reliability.
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.
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.
