Fintech App for Viewing CIBIL Scores, Credit Reports, and Red Flags

The client’s vision was to launch a Fintech app that helps track insightful credit reports and CIBIL scores. Capital Numbers was a chosen partner for the job because of its previous Fintech development experiences and a good understanding of the Fintech landscape.

The company turned to us for this Android-based Fintech app that involved the implementation of the following features:

• OTP Logins
• Financial Profile Creation
• CIBIL Scores
• Credit Utilization Ratio (CUR)
• Repayment History
• Age of Credit
• Credit Behavior
• Negative Accounts
• Red Flags

The work required us to connect the app with third-party API services to fetch financial data. The idea was to show consumers where their financial risks are coming from. In case of financial risks, we had to trigger conditions to alert users about Red Flags (or potential disputes).

The critical point was that we didn’t just need to extract financial data. We also had to inject code that helped obtain analytical insights around that financial information. That is, we had to add the necessary algorithms that scan and score consumers based on their financial records.

All this needed us to implement a robust user flow. Plus, we had to maintain velocity and quality from start to end to ensure a seamless rollout.

We began the work with an initial analysis of the practical limitations, improvement areas, and credit information sources we needed to consider. We then finalized an advanced tech stack and started moving ahead with the implementations.

We used Figma to wireframe the layout first. Figma helps customize multiple app screens. So, we used Figma to chalk out the wireframe and then proceeded with the code.

We developed the backend using Node.js because it’s highly extensible. As for the frontend, we chose React Native because it allows creating complex UIs and adding modifications during runtime.

We next integrated the i2i third-party API service to extract and show financial data on the app. The i2i API offers excellent credit information by considering 50+ parameters like people’s debt-income ratios, employability, bank account statements, etc. So, i2i was the ideal fit for drawing credit information. However, during i2i integration, we encountered several 503 Errors and ‘Null’ value issues. But we tracked and fixed them all.

We also used the CRIF API service to extract CIBIL Scores. CRIF helps find large amounts of credit information about people. But, because we didn’t need all the information, we injected rule-based engines to generate CIBIL Scores around specific financial indices. We also set predefined conditions to show Red Flags under ‘potentially risky’ financial conditions.

As for the database, we used PostgreSQL as it has multiple layers for checking bank accounts, balances, statements, etc. It hardens databases against threats and best meets Fintech database demands.

We used the Cashfree payment gateway to allow paid subscriptions. Once users pay for subscriptions, they can avail of advanced services, such as monthly credit reports, expert advice, etc.

At one of these development stages, our client asked us to insert a pre-built dataset of 25K+ financial entries at short notice. We found the dataset had multiple errors. But, we tactfully modified all errors and inserted a well-structured dataset without impacting the rest of the code.

In 6 months, Capital Numbers designed, developed, and launched the Android app on Google Play Store. Here’s more on how the app shaped up and the features it offers: