A SOFTWARE SOLUTION FOR A FINTECH LENDER

A group of people decided to challenge traditional bank loans and introduce an alternative system – a fintech lending start-up – that would offer its users digitalization and automation they are unlikely to ever expect from legacy financial institutions.

Domain:
Financial technology

Duration:
October 2018 – October 2019

Challenge

The idea was to create a convenient, time- and effort-saving loan management system, which would help small and middle-sized businesses to pay their bills and invoices instantly.

Task

We had to make a solid, well-functioning software product, which would provide:

DB9876E0-D2B1-4BB6-8BF1-A373AA1C813ECreated with sketchtool.

convenience in applying for a loan

7F92E7D5-D5FD-477C-867F-B3DE3465CCA5Created with sketchtool.

high speed of processing the application so that the client could see its status faster

F9CBF7CA-031C-4592-8062-A0B89C31A192Created with sketchtool.

safety of clients’ personal information

00F19E53-8B67-46FD-A082-E96404714CAECreated with sketchtool.

security of transactions

Our customer emphasized that they wanted us to use an agile approach while working on the project. The requirement seemed utterly reasonable and efficient as it was supposed to help our team deliver high-quality shippable increments with necessary updates according to schedule.

Solution

*instinctools team has managed to develop a simple – on the outside – and fast solution that helps its users to get loans to pay for their purchases in practically no time. Clients can enjoy the benefits of the product by making just three steps:

  • submitting the invoices they want to finance;
  • getting the goods or services from the supplier;
  • paying back on agreed terms and conditions.

We have streamlined the traditional, out-dated lending process by employing the following key features:

  • automatic recognition of PDF files and images of different formats with Rossum (Artificial Intelligence), so that no more manual data entry is needed;
  • sync with SalesForce (a CRM platform)
  • a multi-currency system
  • automatic client`s credit scoring counting
  • fulfillment of financial commitments

Value

The implemented solution has made it possible to speed up a lending process and turn it into a transparent and personalized experience based on each loan seeker’s needs. Compared to traditional banks, this system is not biased, more convenient, and carries less privacy and data security risks. Being a high-quality, up-to-date product, it helped our customer to automate their in-house processes and gain clients’ loyalty, which led to faster ROI and rapid growth of the business.

Technologies

Back-End:
NodeJS
MongoDB
AWS: S3
DynamoDB

Front-End:

React
Redux
MaterialUI
Styled components
Webpack
Babel
Integrations with external systems:
Rossum
SalesForce

Do you have a similar project idea?

Anna Vasilevskaya
Anna Vasilevskaya Account Executive

Get In Touch

Drop us a line about your project at contact@instinctools.com or via the contact form below, and we will contact you within a few business days. All submitted information will be kept confidential.