Development of an Automated Online Loan Application and Decision-Making System

The client faces difficulties in efficiently managing online loan request forms for both installment and cash loans, leading to manual processing delays. They want to reduce reliance on call center staff for loan sales, improve the speed of deploying new online financial products, and gain insights into incomplete or abandoned loan applications to optimize conversion rates.

A mid to large-sized consumer finance institution seeking to streamline their online loan application processes and enhance customer engagement through automation.

• Automate the processing of online loan request forms for various loan products including installment and cash loans.
• Reduce manual intervention by customer service representatives in the loan approval and servicing process.
• Enable rapid deployment of new online loan products to meet market demands.
• Implement mechanisms to capture and analyze data from abandoned or incomplete loan requests to improve application completion rates.
• Gain real-time analytics and insights into application flow and conversion metrics to refine processes.

• Online loan request form submission for different loan types.
• Integration with credit scoring and decision engines to automate approval workflows.
• Automated communication with clients via email and SMS for status updates and notifications.
• Connection with ID verification and payment confirmation services.
• Data collection for abandoned or incomplete applications for follow-up and analysis.
• Modular process management enabling quick adaptation to new products or regulatory changes.
• Dashboard for real-time analytics on application processing and conversion metrics.

• Credit scoring engine for risk assessment
• Decision engine for loan approvals
• ID verification services
• Messaging platforms for client notifications
• Payment confirmation systems
• Client data management platforms

• High availability and scalability to handle increased application volumes
• Performance targets ensuring loan decision responses within seconds
• Data security and compliance with relevant regulations
• Reliability with minimal system downtime
• Flexible architecture to support rapid deployment of new loan products

The implementation of the automated online loan request system is projected to enable a tenfold increase in online loan sales, improve application conversion rates by reducing abandonment, and provide comprehensive analytics for ongoing process optimization. These improvements will enhance customer experience, reduce manual operational costs, and accelerate product time-to-market.