KOA

Often we have heard that getting a loan is an easy process. But for larger lending organizations, the process is often chaotic as it involves several clearances. With an increase in customer base, it becomes cumbersome to maintain healthy accounts for every customer. This is why it has become a sine-qua-non for lenders to make use of loan management systems to streamline processes. It is with this aim that Koa, which is a micro loan management software platform for buyers and sellers of mortgage loans and other credit instruments, approached us to build full-proof loan management system software that could streamline all of its servicing aspects. KOA wanted to build a robust and scalable loan management system that could help them deliver outstanding high-quality, cost-effective, and automated consumer financial services to their clients. They were looking for an end-to-end loan management system that could allow their clients better manage, analyze and execute their loan investments.

Challenges:

KOA wanted us to develop a secure web and mobile application that could better the lives of both, their clients as well as employees whereby all could get graphical and tabular insights of all assets and loans with the click of a button. All features of the loan management system – right from the time when a loan request is originated to loan distribution and servicing, debt collection, to reporting and analysis – had to be developed o as to eliminate current flaws. They wanted a complex system in place to resolve a large chunk of data and offer clients specific solutions quickly. Provision to cater to different user groups – student, personal, and commercial, syndicated - too, had to be made. While the paper format would be in order, in a bid to go paperless, all loan workflows required an online solution. Our work entailed maintaining all customer data on the application. And for existing customers, all details should be auto-filled. Flexible payment systems for the customers had to be developed. A standard process and tracking system had to be put in place so that bankers could track each case to view history with a click. There was also a dire need to bridge the communication gap between the employees so that they could transfer one case to another stage seamlessly and take follow-ups on every case on a day-to-day basis.

Solution:

Enhanced loan management system software was developed with enhanced features. This commerce loan management software consists of an interface for the creation of custom forms and applications that were developed. With regards to loan applications, KOA would get applications from the cloud. Users, too, could view and make changes to loan applications on a real-time basis. Provision to generate online links for the application process with the help of a secured website was made. Application tracking and monitoring system were generated. Branch users were required to fill in customer details and give account numbers to them. Once the details are filled in, third-party interfaces would help verify the application with the help of credit reports. Once the reports are analyzed, applicants would receive a status update of their application – approved or denied, etc. For confirmed applications, the branch admin would proceed with the processing of the loan, and once when the offer is accepted, the loan is disbursed to the customers. A system was put in place to track the payment of the loan amount. A next-generation payment processing platform was built. Our engineers made use of modern microservices and serverless architectures and different containers on Azure and other cloud services. The backend technology used for KOA was developed using AZURE SQL Database. We also made effective use of AZURE web development. The configuration and the customization used for KOA to run the web apps in the scripting language were developed along with AZURE cloud services or AZURE cloud services. The framework used was ASP .NET MVC 5. We used Html5, CSS3, jquery to make the web app more responsive on the web as well as on the mobile platform.

Result:

Csharptek successfully developed a new, robust application which now handles all loan requirements of each client differently. The loan management system provides live feeds on payments to ensure efficient repayment processing. KOA saw a 50 percent reduction in its loan disbursement procedure. Client’s customers too registered improved experiences. The integrated loan application process led to an increase in overall loan applications. The problem of scattered data was resolved which led to efficient business procedures. Loan applications could be accessed on all types of devices as it was developed using the responsive design technology.