System for issuing short-term loans
"Andersen is quick to respond to business requests and has a deep talent bench"
About the client
Based in Riga, Latvia, the customer operates in 14 countries. It has already issued over €585 million and is running a net loan portfolio that exceeds €192 million. The strategic focus of Mogo is consistent profitable growth. This is attained thanks to over 1,000 talented staff members and over 100,000 loyal clients, as well as investments in advanced technologies to provide the best-in-class financial services.
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About the project
As a tech partner of an investment company that specializes in providing short-term loans to individuals across multiple countries, we were entrusted with a software development project of utmost importance.
Namely, our team was requested to develop a compliant, protected, business effective system for issuing various short-term loans based on reliable calculations. The customer wanted the resulting product to be integrated with credit bureaus and establishments to get access to credit records, with SMS and email providers to send notifications, and with a range of other third-party services.
The system was expected to cover the entire loan lifecycle – from filing applications, both online and offline, to payments via debt collection.
App functionality
The solution requested by the customer was expected to encompass the entire process – from submitting offline and online applications to payments via debt collection. It was delivered as a web app adaptable to different devices, including a CMS system and an ERP system (for back office needs). On top of that, we also resolved such tech challenges as:
- Integration with the Credit Bureau to get access to a client's credit history for loan scoring purposes;
- SMS termination capabilities;
- Advanced loan contract settings;
- Implementation of a loan scoring model;
- Full control over of all applications and loans;
- Integration with an adoptive WEB system (responsible for client profiles and available loan applications);
- Customization of pages in that WEB system via an appropriate CMS;
- Customization of various entities within the resulting system (agreement templates, invoices, commissions, notifications, discounts, and so on);
- User group administration (with a wide range of access rights within the system);
- Debt collection division;
- Export of relevant information as XLS files, as well as import in appropriate formats;
- Reporting functionality.
Integration with Mintos to get info concerning new and already existing loans. Mintos functions as a global space for investing in loans. As such, it is a go-to investment platform where retail market players can invest in a diversified portfolio of income-generating assets to accumulate wealth in the long run. In tech terms, we used special APIs to get connected to Mintos and exchange loan-related data between the platform and lending companies.
Solution
To engineer a flexible and adaptable web-based solution, we proposed the following approach. First, this solution with great loan origination system automation potential was delivered on the basis of a monolithic architecture, as it promised the customer swift and streamlined development, deployment, and testing. The main technology stack included PHP and JavaScript (JQuery). PostgreSQL was selected for the database aspect. Finally, the engineering and deployment processes were implemented via Docker, Beanstalk Redis, and GitLab CI.
Project results
- Any new localization project takes only 3–4 months to implement, with all fee adaptation issues, process setup, content generation, and other locally defined elements;
- Andersen engineered a modern, user-friendly, and highly versatile business IT solution. The implemented features – including the task manager, financial calculator, and payment scheduler – have significantly improved the customer's general operational performance;
- As a result of our contribution, operational performance has increased by 35%.
Customer review
Andersen, having huge experience in lending solutions, provides a cross-functional team that created the solution needed from scratch and customized it for use in more than 11 different regions. Andersen is quick to respond to business requests, and they have a deep talent bench to pull from. Customers can expect a professional and timely partner.
Group Head of IT Service Management at MogoFinance
Review verified by Clutch and matches the customer’s words
UX research
The customer contacted us with a list of goals they wanted to achieve with our assistance. The chief one was to simplify and accelerate the process of issuing loans. Andersen's FinTech experts carefully elicited and assessed all the details to ensure that the resulting loan software for automated origination would be as user-friendly as possible.
UI system
In this loan origination system case study, the main objective was to simplify and accelerate the current business process. Considering the complexity of the work processes, our IT staff assigned to the customer envisioned an easy-to-use system with a simple and minimalistic interface, which, nevertheless, contained all the necessary buttons, tabs, and functions.
Colors
Typography
Buttons
Checkboxes and radio buttons
Inputs
Dropdowns
Infographic
Log in and register
This loan origination system project was initiated for internal use with limited access. Hence, for security reasons, the user account creation process is managed fully via the admin panel.
Dashboard
When the system is launched, the user sees a dashboard with all the necessary tags, graphics, and information needed for a quick start of work. The dashboard allows each team member to see their progress and the progress of the whole team on processing and approving applications.
Task manager
The more detailed statistics on the current progress is available on the task manager page. The list of applications and related tasks can be filtered by such criteria as date of creation, status, assignee, etc. so that team members can quickly prioritize the tasks and chose what to work on next.
Task
Having clicked on a task, the user can see its full information: type, status, the description of what seems to be the problem in the application the task is related to. There are also some additional features aimed at simplifying the work of the team, such as a reminder to connect with an applicant or comment on the problem directly on the task page.
Financial calculator
Another accelerator of the team’s work is a financial calculator. The user sets up the necessary parameters, and the calculator automatically displays the amounts of installments, interest, total payment, etc.
Payment schedule
The schedule of credit reimbursement: dates and amounts of payments, interest rate, and other credit information. The payment schedule is formed automatically based on the figures obtained from the financial calculator.
Project results
- Andersen's team has developed a modern, user-friendly, and highly versatile business IT solution. The implemented features – including task manager, financial calculator, and payment scheduler – have significantly improved the customer's overall operational performance.
- As an result of our contribution to this project, operational performance has increased by 35%.
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What happens next?
An expert contacts you after having analyzed your requirements;
If needed, we sign an NDA to ensure the highest privacy level;
We submit a comprehensive project proposal with estimates, timelines, CVs, etc.
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