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Fintech Case Study

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Offering Fintech Case Study

About the Customer

Our customer is a rapidly growing financial technology company providing digital lending solutions. The client offers a faster, more efficient, and user-friendly borrowing experience through online loan applications, automated underwriting systems, and mobile apps that enable borrowers to track their loans and make payments on the go. By leveraging new tools and resources, the company has streamlined its operations and reduced costs, passing these savings on to borrowers through competitive interest rates and flexible repayment options. As one of the leading loan lending companies, our client has grown rapidly in scope and customer base, providing an exceptional borrowing experience.

Project Details

The client sought a solution to handle a high volume of loan applications and improve the efficiency of the loan processing system. The existing system was prone to errors and needed enhancements.

Industry

Fintech

Services

Design, Development & Launch

Problem

The client was overwhelmed by a high volume of loan applications, resulting in long processing times and delays in loan approvals.
On average, loan officers received 50 applications per day, causing processing times to extend up to two weeks, far beyond industry standards.
This led to a 15% drop in customer satisfaction over six months and a 10% loss of business to competitors with faster processing times.
The error-prone existing system also risked incorrect decisions for up to 50 applications per day.
The company recognized the need to improve loan processing times and enhance the customer experience.

Our Approach

We designed and developed an automated loan processing system.
Manually processed loan applications could take up to 10 business days, while an automated system could process them in under 24 hours.
Implementing an automated loan processing system was expected to increase the loan approval rate by up to 10%, as machine learning algorithms could identify patterns in successful applications and make more accurate decisions.
This system could save the company up to $500,000 annually in employee salaries and benefits by requiring fewer loan officers.
A customer-facing portal was expected to reduce the time required for loan application completion by up to 50%, eliminating the need for physical visits or waiting on hold for customer support.
Overall, the automated system could reduce loan processing time by up to 90%, with loan officers only needing to manually process complex applications.
The system would also lower processing costs by up to 30% by reducing the number of required loan officers and minimizing errors and legal issues.
This would improve the company’s loan approval speed and accuracy, leading to increased customer satisfaction and retention rates.

Benefits

The new automated loan processing system reduced the average loan processing time from several days to under 24 hours, resulting in an 80% improvement.
The improved processing time led to a 50% increase in loan approvals, reducing rejections and increasing revenue.
The system also reduced the risk of errors in loan decisions by 40% through advanced machine learning algorithms.
The customer-facing portal provided real-time access to loan application status, reducing customer support inquiries and improving satisfaction by up to 90%.
The portal allowed customers to upload documents and e-sign loan agreements, reducing manual paperwork and enhancing efficiency.
The scalable automated system enabled the company to handle increased loan volumes without additional infrastructure investment, resulting in a 60% reduction in operational costs.