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.
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.
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 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.
Review verified by clutch and matches the customer’s words
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.
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.
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.
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.
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.
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.
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.
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.
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.
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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