Development of a Credit Monitoring and Risk Assessment Mobile Application

The client aims to develop a comprehensive mobile application to enable users to monitor their credit profiles, including scores, credit utilization, and repayment history, while identifying potential red flags and assessing financial risks. The current landscape lacks integrated, analytical, and user-friendly tools for proactive credit management, resulting in limited user engagement and financial awareness.

A mid-sized financial technology firm specializing in credit assessment and personal financial management solutions, seeking to empower users with real-time credit insights and risk indicators.

• Design and implement a mobile application that facilitates secure user registration and profile management.
• Integrate third-party API services to fetch detailed credit reports, including credit scores, utilization ratios, and negative account alerts.
• Implement algorithms and rule-based engines to analyze financial data, generate credit scores, and identify risk indicators such as red flags.
• Provide real-time alerts and insights to users regarding their credit health and risk factors.
• Enable paid subscription options offering premium reports, expert advice, and deeper credit analysis.
• Ensure security, scalability, and high performance for a seamless user experience.

• OTP-based login/authentication system for quick and secure user access.
• Financial profile setup allowing users to input income, bank statements, and identification details.
• Integration with credit data APIs to retrieve CIBIL scores and detailed credit reports from multiple parameters.
• Implementation of rule-based scoring engines to generate real-time credit scores based on fetched data.
• Risk assessment module that detects and displays Red Flags based on predefined financial indicators.
• User dashboard presenting credit scores, utilization ratios, repayment histories, account ages, and risk alerts.
• Notification engine delivering timely alerts about credit risks and red flags.
• Subscription management system enabling access to advanced features, reports, and expert consultations.

• Third-party credit data APIs to fetch credit reports, scores, and financial indices.
• Payment gateway integrations for subscription and payment processing.
• Bank statement and account information APIs for comprehensive financial profiling.

• App must support at least 10,000 concurrent users with minimal latency.
• Data encryption and secure authentication protocols to safeguard sensitive financial information.
• API integrations designed with error handling to resolve issues like 503 errors and null values.
• System must comply with relevant financial data security standards and privacy regulations.
• High uptime of 99.9% with scalable infrastructure to accommodate growth.

The development of this app aims to enable users to better understand and manage their credit health, leading to increased user engagement and trust. Expected outcomes include improved credit awareness, reduced financial risks for users, and potential revenue growth through subscription-based premium features. Enhanced analytical capabilities are projected to increase customer satisfaction and retention, ultimately strengthening the client’s position in the fintech space.