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Consumer Lending Platform Enhancement and Scalability

ironin.it

Financial services

Scalability and System Optimization

Nova Finance is experiencing increasing demand for its consumer lending services, resulting in a need to ensure the platform can handle a growing number of requests while maintaining performance and reliability. They need to optimize existing systems to support future growth and avoid performance bottlenecks, particularly during peak transaction times.

About the Client

Nova Finance is a rapidly growing consumer lending platform aiming to disrupt traditional lending with a technology-first approach, offering instant decision-making and flexible payment solutions.

Project Objectives

Enhance the scalability of the existing consumer lending platform to handle increasing transaction volumes.
Improve system performance and reduce latency.
Maintain zero downtime during deployments and database updates.
Continue to expand the feature set based on user feedback and market demands.
Streamline the customer onboarding process.

Functional Requirements

Automated loan application processing
Real-time credit scoring and decisioning
Flexible payment scheduling and management
Comprehensive reporting and analytics
Customer portal for account management
Secure user authentication and authorization
Integration with external credit bureaus and payment gateways
Tax calculation based on location and payment type

Preferred Technologies

Ruby Rails

Sidekiq

PostgreSQL

JavaScript

Elastic Search

Prometheus

Grafana

Docker

Integrations Required

Credit bureaus (e.g., Experian, Equifax, TransUnion)
Payment gateways (e.g., Stripe, PayPal)
Internal accounting systems

Key Non-Functional Requirements

High availability and fault tolerance
Scalability to handle 200,000+ requests per month
Zero downtime deployments
Robust security measures to protect sensitive customer data
Performance optimization for fast response times

Expected Business Impact

This project is expected to enable Nova Finance to scale its operations to meet growing customer demand, improve customer satisfaction through a more reliable and performant platform, and maintain a competitive advantage in the consumer lending market. The enhanced platform will also facilitate the addition of new features and integrations, driving further growth and revenue.