Development of an Online Debt Restructuring and Management Platform

The client needs to improve its debt restructuring process by enabling customers to manage and modify their debts online without visiting branch offices. Current processes are time-consuming, often requiring extensive manual intervention and in-branch visits, leading to longer resolution times and lower customer satisfaction. The client aims to streamline workflows, enhance user experience, and integrate seamlessly with existing banking systems to facilitate real-time debt management and improved service delivery.

A large financial institution offering banking services seeking to enhance its customer debt management and restructuring capabilities through a comprehensive online platform.

• Enable customers to independently manage debt restructuring through a secure, user-friendly online portal integrated with existing banking systems.
• Reduce the turnaround time for debt restructuring from approximately two weeks to less than ten minutes.
• Provide seamless online application for debt postponement, payment schedule modifications, and settlement of overdue debts with various payment methods.
• Integrate the platform with the existing online banking infrastructure to maintain data consistency, security, and ease of use across devices.
• Increase the proportion of debt restructuring decisions made digitally, aiming for at least 25% of processes conducted online.
• Enhance user satisfaction ratings, targeting a high positive feedback score from system users.
• Support all accessibility standards and optimize for mobile device usage, with an emphasis on mobile banking app integration.

• User authentication via existing banking credentials with no additional registration required.
• Dashboard for debt overview, including overdue and upcoming payments.
• Functionality to submit application for postponing installments or modifying payment schedules, with automated or semi-automated approval paths based on user data and history.
• Digital signing of amended agreements or annexe documents directly within the platform.
• Integrated payment processing supporting multiple channels (bank accounts, credit/debit cards), via an embedded payment provider.
• Active contact request forms for users to prompt customer support or banking representatives.
• Seamless integration with the bank’s core systems and services to enable data exchange and transaction processing within the same online environment.
• Responsive design optimized for browser and mobile app access, adhering to accessibility standards.

• Online banking platform for user authentication and data exchange
• Payment gateway provider for processing multiple payment methods
• Core banking systems to update and retrieve customer and transaction data
• Digital signing and document management systems
• Customer request and contact forms integrated with support or CRM systems

• High scalability to support increased user load with minimal latency
• System availability of at least 99.9% uptime
• Data security conforming to banking and financial regulations, including secure data transmission and storage
• Fast response times, with online processes completed in under ten minutes
• Accessibility compliance including standards such as WCAG 2.1
• Mobile responsiveness for a seamless experience across devices

The implementation of this online debt restructuring platform is expected to significantly enhance customer experience by reducing processing times from weeks to minutes, increasing the volume of online processed restructuring cases to at least 25%. It will streamline operations, reduce manual interventions, and improve overall service satisfaction, reflected in high user feedback scores. Additionally, the platform will foster higher operational efficiency, lower operational costs, and support scalable growth for the client’s digital banking services.