Loan Application Form for a Mobile Banking Platform

Our Сlient is a forward thinking open banking platform, enabling fintech companies and service providers to seamlessly integrate banking services. In 2023 their CTO approached us looking for a solution for their partner bank's mobile app, which offered basic account management but lacked a convenient loan application feature. They needed a user-friendly tool that would allow customers to apply for loans directly within the app. Our fintech experience and customer-focused approach led to a successful partnership for turnkey custom development.

The client wanted to add a loan application feature to the mobile app, allowing users to submit loan applications from within the app. Our team focused on several key areas:

• Design and analytics: Creating an intuitive design for the loan application process.

  
  

• Development: Build and embed the loan application form into the mobile application.

  
  

• Integration: Connecting the form to core systems for processing loan applications.

Before the launch of this project, people who wanted to take a loan at the bank had to either call the call center or go to a branch in person. It took a lot of time and effort. The process was done manually and was prone to mistakes. As a result, 65% of applications were rejected because some information was missing or incorrect.

At first, the client tried to handle the development internally. However, they soon realized that their own resources were not enough, so they decided to try outsourcing with us.

To meet the client's needs, we focused on developing a comprehensive loan application form to be embedded in their mobile app. This included:

Design and analysis

We started by creating an intuitive design and workflow for the loan application, tailored to guide users smoothly through the process.

Development and embedding of the loan application form

Our team developed and embedded an interactive loan application form, including screen layouts and a step-by-step form. This service enabled users to submit applications quickly and accurately, minimizing input errors.

Integration with core banking system

Integrating the new feature with the client's core banking system was essential. We developed an asynchronous communication process using JMS queues to efficiently manage requests and responses. We also implemented message retry mechanisms in the event of errors.

Improved Data Entry 

We integrated the Dadata service to ensure that addresses and organization details were entered correctly. If there was an error, users could still enter the information manually, reducing the number of rejected applications.

PDF document generation  

The application needed to generate customizable PDFs for customer applications. Using Gotenberg, a service already in the customer's environment, we created templates that were populated with user-specific data and cached for easy access.

Automatic insertion of SMS verification codes  

To simplify the verification process, we implemented an SMS code auto-fill feature. Users on Android received a pop-up with the verification code, while iOS users could see the code above the keyboard. This streamlined the user experience and allowed for faster form submissions.

Optimizing load times and session management  

We identified a delay issue in loading customer data due to a long communication chain between the form and the core system. To address this, we introduced early data loading and caching to ensure that users experienced minimal wait times. We also aligned session timeouts across systems to ensure users weren't logged out during the application process.

The implemented solution has delivered impressive results:

• 1. Convenient access to loan applications: Customers can now apply for loans directly from the mobile application, providing them with an accessible, seamless experience.

• 2. Improved application quality: With built-in validations for personal data, employer details, application quality has increased significantly, reducing errors and incomplete submissions.

• 3. Increased processing efficiency: The number of applications rejected at the processing stage has decreased due to improved data accuracy. In addition, the workload for bank staff has been reduced as our solution manages data verification.

• 4. Increased application throughput: The number of applications reviewed by the bank has doubled, resulting in increased throughput and operational efficiency.

These results have enabled the customer to deliver a superior digital experience to its users, while optimizing internal processes and expanding its service capabilities.