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Customizable Credit Scoring System Enhancement & Microservices Architecture Implementation

exposit.com

Financial services

Inflexible Credit Scoring Module

The current credit scoring module lacks the flexibility to accommodate the unique decision-making criteria of individual financial institutions. Customizing the scoring mechanism requires code changes, resulting in significant time and cost overhead for each institution. This prevents the client from efficiently offering their core banking products to a wider range of partners.

About the Client

A financial institution group providing credit and deposit services to various clients. They require a flexible and scalable credit scoring system to automate loan processing and reduce operational costs.

Project Goals

Develop a highly customizable credit scoring system.
Automate loan processing to reduce employee workload and improve efficiency.
Implement a microservices architecture for improved scalability, maintainability, and integration capabilities.
Minimize loan default risks through accurate borrower assessment.
Facilitate easy integration with other financial systems.

Functional Requirements

Automated credit scoring based on predefined and customizable criteria.
Decision engine for loan approval/rejection.
Customizable scoring rules and weighting.
User interface for managing and modifying scoring parameters.
Integration with borrower data sources (e.g., credit bureaus, bank databases).
Reporting and analytics on credit scoring performance.
Support for different loan types and amounts.
Manual review workflow for high-value or complex loan applications.

Preferred Technologies

Java 11

Spring Boot

Spring Data

Spring Cloud

Hibernate

Apache Maven

PostgreSQL

Flyway

jOOQ

Swagger

Lombok

MapStruct

Apache Feign

Required Integrations

Credit bureaus (e.g., Experian, Equifax)
Internal bank databases
Potential future integration with external risk assessment services.

Non-Functional Requirements

Scalability to handle a growing volume of loan applications.
High performance for rapid loan decisioning.
Security to protect sensitive borrower data.
Maintainability and ease of code updates.
Reliability and availability.

Expected Business Impact

The implementation of this project will significantly improve operational efficiency by automating the loan approval process, reducing manual effort and associated costs. The customizable scoring system will enable the financial institution to offer tailored credit solutions, expand its customer base, and mitigate loan default risks, ultimately increasing profitability.