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Development of a Multi-Level Loan Screening and Management Platform

light-it.net

Financial services

Information technology

Challenges with Manual Loan Screening

The client's existing manual loan screening process is time-consuming, prone to errors, and struggles to handle the increasing volume of daily loan applications. Inconsistent application of national-specific criteria and lack of automated data analysis hinder efficient decision-making and increase risk.

About the Client

European financial services vendor specializing in short-term, high-risk lending, experiencing rapid growth and requiring a scalable digital platform for loan processing.

Project Goals

Develop a scalable and robust platform for automated and manual loan approval.
Implement unique validation checklists for different European countries.
Create an advanced loan calculator and planner for personalized payment plans.
Streamline the loan application workflow from submission to approval.
Improve the accuracy and efficiency of client risk assessment.
Provide a user-friendly experience for loan officers across multiple companies.

System Functionality

Automated loan approval based on predefined criteria.
Manual loan approval with detailed review capabilities.
Multi-level screening process with customizable validation checks for each country.
Advanced loan calculator with customizable payment plans.
Customer data management (CRM) with role-based access control.
Task management system for loan officers.
Automated data transfer from external databases.
Integration with external credit bureaus and government databases.
Reporting and analytics on loan application data and performance.

Technology Stack

Python

React.js

Typescript

Redux

MongoDB

External System Integrations

Credit bureaus (e.g., Experian, Equifax)
Government databases (e.g., criminal records, social security)
Payment gateways

Non-Functional Requirements

Scalability to handle thousands of daily loan applications.
High availability and reliability.
Data security and compliance with European regulations (e.g., GDPR).
User-friendly interface and intuitive navigation.
Performance and responsiveness.

Expected Business Impact

The platform is expected to significantly reduce loan processing time, improve decision accuracy, minimize risk of fraud, and enhance customer satisfaction. The automated workflows will free up loan officers to focus on complex cases and improve overall operational efficiency. The ML-powered credit score evaluation will allow for more informed lending decisions.