Digital lending platform with a mobile app client with automated loan lending process
Digital lending platform with a mobile app client fully automating the loan process from origination, online loan application, KYC, credit scoring, underwriting, payments, reporting, and bad deal management.
Featuring a custom AI analytics & scoring engine, virtual credit cards, and integration with major credit reporting agencies and a bank accounts aggregation platform.
Time & Materials
Ongoing, since February 2018
Loan Lending App
2 iOS developers, 1 PM, 1 BA, 1 Data Scientist, 3 Back-end developers, 1 QA Engineer
The client is a FinTech startup with decades of experience in the financial services industry. Recognizing many inefficiencies in the current loan business they decided to launch a fully digital online loan platform and a mobile app for small and midsize business that would fully automate traditional loan business providing the following benefits:
The client was looking for a technical partner with profound expertise in the Fintech industry, namely digital lending technologies, artificial intelligence, and mobile app development. SoluLab was selected for its expertise in those areas and for its flexible startup-oriented approach.
The project started with a discovery phase, during which the SoluLab Business Analyst and Software Architect team performed and In-depth market and requirements analysis and created the initial project documentation:
Document describing all functional requirements with use cases, diagrams, user screen mockups, user journey etc.
Document describing suggested technology and architecture of the system addressing, third party integrations,
security, performance, reliability and other non-functional requirements.
Detailed project plan with all work broken down into 8-16 hours tasks, with priorities, dependencies, and team
At the start of the project our team of UX/UI specialists designed a user-friendly intuitive UI of the mobile app. The UI mockups were combined in a clickable prototype and a marketing video that were used for marketing purposes long before the system was ready.
The delivered design is based on the Apple Human Interface Guidelines.
A dedicated team of data scientists on our side worked in close collaboration with credit bureau specialists to create an AI-based credit scoring module that used credit history reports, transactional and social data on both the business and the business owner, assessing the value of the collateral, future inflation predictions, and overall economic growth to forecast the probability of default on a loan and calculate the optimal loan parameters in real time.
The credit scoring module used an ensemble of algorithms varying from logistics regression to deep neural networks to achieve optimal performance on any volumes of data.
The models are updated and retrained on daily basis as the new data comes in.
The final product has been delivered within budget and on schedule, ready for launch in the App Store.
The client is currently negotiating deals with major U.S. and local community banks to launch the financial platform as a means to deploy capital through the platform.
SoluLab team is working on the second version of the product turning it into a white label solution.