Security and Audit-compliant Solutions for a Fintech App

Despite the successful implementation of this app, the client found a few loopholes still existing within it.

• First, the app had to have segregated user paths for every banking partner or lender.
• Second, it had to mandate users to follow predetermined steps for loan application.
• Third, it had to identify deviant user behaviors and anomalies.
• Fourth, it had to determine a borrower’s financial capacity and standing.
• Fifth, it had to authenticate and validate auto-generated loans.

The client observed these gaps and wanted an expert tech partner to handle the job. Impressed with Capital Numbers’ past Fintech projects, the client contacted us. Capital Numbers has emerged as a trailblazer in delivering successful Fintech projects to industry leaders.

So, when we bagged this project, we aimed to leverage our past expertise to deliver the best. We found many security compliance issues in the app. So, we worked towards resolving them to ensure the system’s compliance with various industry regulations.

We assembled a team of expert .NET engineers for the job. Our team began focusing on five critical parameters, as discussed earlier:

• Segregating user paths for every lender
• Designing predetermined user paths
• Restricting deviations
• Discerning a user’s creditworthiness
• Authenticating loan offers

We first broke down the monolithic architecture into microservices. We did this because the monolith pattern was generalizing all user paths. But, multiple banks were offering various products to numerous users. So, every path had to be different. Therefore, we implemented the microservices pattern to differentiate one lender’s user path from the other.

We next created a log system to track whether every user undertook predetermined steps while applying for loans. We made sure the system instantly alerts any deviations here.

We then applied rules to determine a user’s creditworthiness. We ensured these rules help auto-generate loan offers based on user inputs and financial capacity.

We added extra layers of security to authenticate auto-generated loan offers. We set logic to auto-discern the legibility of every loan offer before floating them out to users.

Aside from taking care of the above parameters, we added a mechanism to help users commence their loan application journey from where they had left off before discontinuation, ensuring the user flow isn’t affected. Suppose a user partially reaches a point (let's say Step 3 in their journey) and discontinues due to an unforeseen situation like a sudden network failure; the system would still enable the user to restart the process from Step 3.

Our team used a robust tech stack to implement all these critical solutions. We used ASP.NET MVC and ASP.NET Core for all backend enhancement tasks. ASP.NET MVC helped us decouple the app UI from the backend logic and make adjustments in the backend without impacting the frontend. ASP.NET Core was critical in making the app more high-performant. We wrote the frontend code using Razor View and used TypeScript to maintain the code better. We stored all data structures in the MS SQL server and mostly collaborated with the client over Slack for all our solutions.

Our relentless contributions paid off. Our regulatory compliance checks highly impressed our client, who now prefers Capital Numbers over other vendors because here’s what we brought to the table: