• Yalantis
  • Works
  • Integrated lending functionality for an established wealth management company

Implementing lending functionality

Learn how we helped our client implement lending functionality in their wealth management platform to address customer needs, enable data-driven decision-making with business intelligence (BI), and optimize the user experience.

  • industry

    FinTech

  • Country

    USA

  • team size

    10 IT experts

  • Implementation

    6 months

About the client

Our client is a US-based FinTech product company that provides web and mobile wealth management applications to its users. They allow users to track their expenses, set savings goals, and receive personalized financial advice. Users can connect their credit cards to a personal account in applications to obtain accurate credit card usage statistics.

Business context

Five months after launching the MVP, the product started gaining popularity among users. Based on their feedback, the client decided to enhance the solution with new functionality, specifically:

  • lending functionality
  • data analytics capabilities to supplement decision-making on loans
  • optimized user experience with regard to new features

Solution overview

  • Integrating with banking service providers

    To implement lending functionality, the client needed to integrate with the following services:

    • Galileo, which communicates with BankCorp for ACH payments necessary to send loan money to users
    • Provenier, which checks customer eligibility for a loan and provides a decision engine that approves loans
    • TransUnion, which provides information on a borrower’s credit score

  • Building a microservice for managing credit functionality

    To create a hub for data exchange, we developed a microservice that receives needed information from all integrated services and is responsible for:

    1. Communicating with Column, the developer infrastructure bank, for opening loan accounts and issuing loans
    2. Sending borrowers’ applications to Provenier, along with personal information and internal customer profiles from the client’s database
    3. Receiving a loan eligibility decision, loan agreement, repayment transaction details, credit transaction details, payment details, and reminders
    4. Calculating debts, designing credit payment schedules, accumulating interest rates, and creating application forms
    5. Providing customer onboarding functionality, document management, and notifications 

     

    Implementing business intelligence (BI) for data-driven decision-making

    The wealth management application contained valuable information on customers’ potential borrower profiles and insights on customers’ credibility. We implemented a BI toolset to:

    • analyze available data about customer spending habits to evaluate loan eligibility
    • gain insights on customer needs and develop functionality that covers gaps in the existing feature set
    • define the beta tester group for a limited functionality launch based on BI insights
    • plan business scaling and make data-informed decisions regarding product enhancement
    • support the deployment of new functionalities with real-time data to analyze user behavior and experience, and to implement necessary changes 

     

  • Designing user interfaces and enhancing the user experience

    We created an optimized and user-friendly loan application flow that includes:

    • quick loan application in a few clicks with automated data filling and application processing
    • easy onboarding in a few steps
    • post-launch user experience optimization based on BI insights about the user journey on the platform
    • interfaces for new functionality that are convenient for various groups of users

Value delivered

  • Increased revenue: The client generates new revenue streams from interest on loans.

  • Increased customer base: Our client attracted new audiences and is gradually making lending functionality available to a greater number of users.

  • Business expansion: Our client is gradually expanding their service offerings by implementing new features and enhancing existing ones.

INCORPORATE LENDING FUNCTIONALITY INTO YOUR PRODUCT

Yalantis will take care of all integration processes, design user flows, and optimize the user experience

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