Automated Loan Management Platform Development for Financial Service Providers

The client currently operates with an aging, manual-intensive loan platform that is difficult to modify, lacks integration capabilities with third-party services, leading to inefficiencies and increased operational risks. The platform's limitations hinder the ability to rapidly process loan applications, manage consumer accounts, and support digital signatures, impacting overall customer experience and operational agility.

A mid to large-sized financial institution specializing in consumer lending, with a network of partners and distributors, seeking to modernize its loan processing operations.

• Develop an integrated loan management system that automates the entire loan processing flow, from application submission to approval/denial.
• Enable seamless integration with credit reporting agencies to automate credit checks and scoring.
• Implement configurable calculations for buy rates, fees, and other loan parameters.
• Facilitate online agreement generation and e-signatures to expedite approval processes.
• Integrate with loan servicing applications to manage payments, track balances, and handle cancellations.
• Create customer portals for account management, payment processing, and statement review.
• Automate promotional offers and special deals configuration for distributors and consumers.
• Establish robust user management, reporting, and notification functionalities to support operational oversight.

• User roles including consumers, distributors, staff, and agents with specific permissions and workflows.
• Automated credit checks with integration to major credit bureaus (e.g., Equifax, Experian, TransUnion).
• Configurable purchase rate and fee calculation engine with flexible business rules.
• Automated loan agreement generation with pre-filled data using templates.
• E-signature integration allowing online document signing.
• Payment gateway integrations for ACH, card payments, and recurring billing, ensuring PCI compliance where necessary.
• Promotion management module for configuring and deploying special offers.
• Customer portal for contract review, payments, and statement access.
• Automated email notifications for application status updates and reminders.
• User management dashboard for account administration and reporting.

• Credit bureaus (e.g., Equifax, Experian, TransUnion) for credit checks
• Loan servicing system for payment processing and balance tracking
• ESignature platform for online signing of agreements
• Payment processors complying with PCI standards for card and ACH transactions
• Promotion management APIs or modules

• System scalability to support increasing loan application volumes
• High availability and reliability with minimal downtime
• Robust security measures including data encryption, secure authentication, and access control
• Compliance with PCI DSS for payment processing and data security
• Performance benchmarks ensuring loan application processing within defined timeframes
• Responsive interface across desktop and mobile devices

The implementation of an integrated, automated loan management platform is expected to significantly reduce manual processing time, improve approval turnaround times, and enhance customer experience through digital account management and online agreements. The system aims to increase operational efficiency, support scalable growth, and ensure compliance with security standards, leading to heightened competitiveness in the financial services market.