The best inventions are those that address a specific human need. Once understood and applied, the answer quickly gains widespread acceptance because its creators overcame the challenge alone. With our clients’ loan tech application, it is the situation. Like other parents, the founders wished to provide financial support for their offspring. But there were unclear regulations governing the money lending procedure. It became clear right away that kids don’t have the necessary knowledge about their obligations or how loans work. Due to the protracted payback process, any reminders led to arguments within the family. We recognized the necessity for an online loan management system (software) that can govern the entire loan procedure with the loan agreement and impart good financial literacy to kids.
LMS, for lending organizations, is a cloud-based, user-friendly lending solution with intelligent automation specifically made for the full-service execution of a loan lifecycle. The reminder mechanism makes it possible to prevent interpersonal disputes. It became evident with time that any relationship might benefit from such a loan management system. The business logic had to be changed to accommodate the loan tech app. Along with the concurrent solution infrastructure upgrade, frontend, and backend development, the GMCSCO Media Group team contributed to the introduction of the essential business model upgrades.
The Challenges:
We entered the field of developing client solutions, but not from scratch. Our client families had initially launched and thoroughly tested the money lending platform. The creators sought to make the concept accessible to everyone as it became clear that there was a need for it. It required us to thoroughly assess the functionality already in place for both the Borrower and Lender roles, become familiar with the codebase, and suggest the necessary updates along with a detailed roadmap for the development of the app.
Numerous obstacles were overcome throughout the development of our client’s product. The key hurdle was making the switch to the new business logic of the loan management platform. We had to make sure the system functions consistently, user data was secure, and the user experience was even better. For both app developers and clients to have a clear understanding of the desired outcome, the user flows, and app user behaviors had to be documented by a trained business analyst. However, we specialists stayed committed to the major company objectives seen in a reliable loan management program.
- Our Excellent Solutions for Clients: Our developers made several technical adjustments to execute our clients’ requests while guaranteeing the security of user data and a consistent user experience.
- Improved Business Logic: To establish a clear image and avoid system redesigns, our business analysts have developed a well-considered roadmap of adjustments.
- Change in Subscription Model: The subscription plans have changed. Now, to complete transactions, all users, not just parents, must contribute a portion of the loan amount.
- Integration of Payment Providers: Our programmers have set up efficient payment processing using a Split paymentgateway that goes straight to the user’s bank account.
- Plan for Repaying the Loan: Our clients can now select the date of repayment based on their preferences, thanks to the flexibility we have included in the payment schedule calculation process.
- Testing the Database: Our quality assurance team has thoroughly tested the data to ensure that the changes we applied did not affect the security of the users’ data.
- Interactive Apps: Our development team has improved the responsiveness of our client app by implementing the best concepts. It enables real-time asynchronous sending and updating of data portions. Therefore, only the element in question changes when a user enters data on a website and the entire page does not.
Our development team has selected .NET Core web API for backend development and React as the primary technology for frontend development. It enables high performance and interactive app functionality. We were able to maintain user data with the help of MySQL Server as a database and Azure cloud. The client app’s infrastructure was updated with AWS’s assistance, which also increased deployment flexibility.
The Best Results:
We enjoy working with our clients that have innovative concepts. Our development team at GMCSCO has greatly enhanced the basic idea of a family-focused money lending solution to become a world-class loan management system available to anyone. Our expert improvement roadmap has sped up processes, improved app responsiveness, safeguarded user data, and produced a pleasing user experience for our clients.
Technologies and Tools:
- Microsoft ASP.NET MVC,
- .NET Core, Web API, MS SQL
- Server as Database, Azure Cloud, Visual Studio 2019,
- Testing Tools, SOAP UI, Postman,
- Jira, Bitbucket, etc.
Conclusion
Our team had been proficient in using.NET technology to create unique Loan Management Software that met the client’s needs. Including functions such as automatic loan processing repayment checks and assessing risk which contributed in more efficient and carefully-managed lending process.
In closing, financial institutions use LMS to change how they handle lending procedures. This programme, for example, automates the origination of loans and their approval, services (such as accepting repayments on an installment basis), collections. As a result it results in several important benefits: increased efficiency; an improved customer experience from start to finish; and lower ongoing costs. Through the presentation of this case study, we have seen that among financial institutions loan management software has been truly a success story, a right choice and also very effective.
For financial institutions which are adapting to the ever-changing new requirements of industry Embracing loan management software is an absolute must if you are to remain competitive and keep satisfying customers. Being able to integrate with existing systems and procedures in LMS means it is a helpful tool that brings discernible novelties of effectiveness and production efficiency. By evaluating the return on investment, financial institutions can face with certainty that they are making the right choice by installing loan management software. And thus a road is paved for smoother and more fruitful lending operation;