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Development of a Streamlined Online Loan Application and Approval System

altkomsoftware.com

Financial services

Key Challenges

XYZ Bank faces challenges in streamlining loan sales processes, reducing call center workload, and efficiently deploying new loan products. They also need to improve conversion rates by capturing abandoned loan applications.

About the Client

A leading European consumer bank with a significant presence across 16 European countries, offering a wide range of financial products and services to a large customer base.

Project Goals

Streamline the online loan application and approval process for installment and cash loans.
Reduce the reliance on call center staff for loan sales activities.
Enable rapid deployment of new online loan products.
Improve conversion rates by capturing and re-engaging users who abandon loan applications.
Provide robust analytics and reporting on loan application data.

Functional Requirements

Online loan application forms for installment and cash loans.
Automated decision engine for loan approval based on credit scoring and predefined rules.
Integration with a scoring engine and decision engine.
Automated communication (SMS and email) for application status updates.
Abandoned application recovery mechanism.
Comprehensive reporting and analytics dashboard.
User management and access control.

Preferred Technologies

Camunda BPM

Digital Product Center (based on Camunda)

Java

Oracle Database

Apache Kafka

Elasticsearch

Apache Camel

Required Integrations

Core banking systems
Credit scoring engine
ID verification service
SMS gateway
Email service

Non-Functional Requirements

Scalability to handle a large volume of loan applications.
High availability and reliability.
Security to protect sensitive customer data.
Performance to ensure fast application processing times.
Modular and extensible architecture for future feature enhancements.

Expected Business Impact

This project is expected to significantly increase loan sales, reduce operational costs by minimizing call center involvement, improve customer satisfaction through a streamlined application process, and accelerate time-to-market for new loan products. The tenfold growth in loan sales observed in the case study suggests a substantial positive return on investment.