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Publicly listed on BSE · ISO 27001 & SOC 2 Type II certified
Publicly listed on BSE · ISO 27001 & SOC 2 Type II certified
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CASE STUDY
Python
React.js
AWSThis is a FinTech web app that speeds up digital lending and improves the borrower's journey. It helps customers easily apply for loans with just a few bank documents and KYC uploads, massively reducing paperwork. Those looking to meet urgent financial needs for shopping, etc., can use this web app to get instant loans without long wait times or red tapes.
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:
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.
We chose React.js for the frontend because of its reusable components that create unique, modular app interfaces.
It was essential to validate all KYC documents that the users upload. So, we used the Innovis API that authenticates identification and prevents thefts.
We leveraged the Sinch API to deliver OTP codes on mobile devices via SMS. Sinch is well-known for providing unique codes on time, every time.
For email address verification, we used SendGrid that authenticates all user accounts and eliminates invalid ones.
Finicity was an obvious choice for safeguarding users’ bank details. Storing and processing large-scale financial data is as easy as a cakewalk with this battle-tested API.
We used Dwolla for seamless money transfers. It is by far the most robust ACH API that simplifies pay-ins and payouts.
As for the database, we chose PostgreSQL because it’s ACID compliant, guaranteeing data protection despite power failures or issues. That is, it prevents unpleasant situations of paying out the same money twice due to inconsistent networks.
Our tech team smoothly integrated each of the above and deployed the app in AWS that offers massive server speed and scale.
Our critical contributions were in the following areas:
Through our solution, borrowers can engage in every aspect of their loan application journey:
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.
Our successful integration of Finicity and Innovis APIs helps the system capture the borrower’s bank details and KYC and define credit limits correctly.
Moreover, the app scans every bank detail to check the borrower’s financial standing and immediately detect applicants with past defaults.
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.
Accurate data scraping also rules out human judgment, ensuring bias-free loan approvals/rejections.
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.
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.
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.