Capital Numbers had to build this FinTech platform from the ground up.
Our primary goal was to fast-track the credit approval process. To accomplish this, we had to delve deep into robust SDKs and APIs.
However, during our R&D, we zeroed in on some of the best APIs that were region-specific. These APIs were hard to access from remote locations. So, we had to build a VPN tunnel to configure all of them remotely.
Moreover, we had to embed an effective payment technology for loan disbursals and repayments. Here, we had to ensure top-notch security to move money safely and protect data from prying eyes.
In short, we had to develop a highly secure loan app that:
- Improves credit assessment
- Uncomplicates loan processing
- Encrypts data
- Prevents hacks
- Front-end Dev
- Back-end Dev
Capital Numbers put together its best engineers to get started with this project.
Firstly, it was essential to employ bank-level encryption to protect user data like SSNs, bank details, logins, etc. So, we decided on adequate safeguards as the first line of defense against cyber attackers.
Next, we designed a workflow that assures fast approvals with affordable EMIs.
After considering the above, our experts suggested the following techs for this loan web app:
Python was our preferred choice for the backend because of its reduced error rate. Also, Python provides cross-platform portability and has a simple syntax that boosts development.
Capital Numbers’ carefully chosen tech stack was perfect for rolling out this software on time. We took care of everything from the backend APIs, VPN gateways, database layer, bulletproof security to server set-up.
Our critical contributions were in the following areas:
Full Loan Lifecycle
Through our solution, borrowers can engage in every aspect of their loan application journey:
- Registering online
- Uploading docs
- Monitoring loan status
- Tracking loan histories - all from their mobile devices
Web App and Chrome Extension Development
Our well-integrated web app helps users view and repay loans effortlessly. We also created the Chrome Extension that the users can easily install to keep all loan approval and funding data handy.
Our multi-level profile verification requires the applicants to register with their names, contacts, emails, etc., for effective cross-checks in the backend.
Easy Capture of Borrower Information
Our successful integration of Finicity and Innovis APIs helps the system capture the borrower’s bank details and KYC and define credit limits correctly.
Quick Credit Assessments
Moreover, the app scans every bank detail to check the borrower’s financial standing and immediately detect applicants with past defaults.
Accurate Data Scraping
Our well-scripted Chrome Extension scrapes off the product prices from shopping portals to determine the borrower’s eligibility to get a loan for the desired product.
Fair and Transparent Loan Approvals
Accurate data scraping also rules out human judgment, ensuring bias-free loan approvals/rejections.
Rapid Loan Issuance
We flawlessly integrated Dwolla API to enable the rapid funding that today’s borrowers look for.
Our flexible repayments hugely benefit those looking to pay back their loans in parts without burning a hole in their pockets.
Powerful SSL Encryption
As planned, we provided bank-level encryption to protect all data from illegal access.
Finally, we ran performance tests across multiple environments to get a 360° view of the product’s quality.
Enhanced, Paperless Loan Processing
Capital Numbers perfectly resolved all challenges related to security across the system. We met all regulatory standards to give financial scammers no chance.
We’re happy with the way our developers have simplified credit assessment by bringing all financial data to the fingertips.
Borrowers can now use this app for a faster application-to-closure process, taking all manual risks out of the equation.