A LEADING FINANCIAL SERVICES PROVIDER EXPERIENCED 14% INCREASE IN BUSINESS WITH SMART LOAN ORIGINATION AND SERVICING PLATFORM

CASE STUDY

A CASE STUDY ON CORE BANKING APPLICATION DEVELOPMENT AND DATA ANALYTICS

With a mission to provide complete access to financial services and maximize financial well-being, our client wanted to build a smart web-based loan origination system that automates and formalizes the entire loan cycle. The main objective was to improve turnaround time, increase employee efficiency, enhance customer experience, and save costs.

A CASE STUDY ON CORE BANKING APPLICATION DEVELOPMENT AND DATA ANALYTICS

With a mission to provide complete access to financial services and maximize financial well-being, our client wanted to build a smart web-based loan origination system that automates and formalizes the entire loan cycle. The main objective was to improve turnaround time, increase employee efficiency, enhance customer experience, and save costs.

Incorporated in 2008, our client instills the mission “To ensure that every individual and every enterprise has complete access to financial services.” This mission is transformed into business by facilitating and originating financial products and services on behalf of financial institutions (NBFCs & Banks) through a unique branch-based business model spread over a contiguous location with a population of 5 million.

ABOUT CUSTOMER

ABOUT CUSTOMER

Incorporated in 2008, our client instills the mission “To ensure that every individual and every enterprise has complete access to financial services.” This mission is transformed into business by facilitating and originating financial products and services on behalf of financial institutions (NBFCs & Banks) through a unique branch-based business model spread over a contiguous location with a population of 5 million.

Problem Statement

Our client was facing challenges with a very dysfunctional loan origination system, inefficient process framework, poor end-user experience, operational inefficiencies, and disorganized document storage & retrieval, among other challenges.

In order to retain a competitive advantage in the fast-moving loan market space, our client wanted to digitize and formalize its entire loan origination process. This involves loan approvals, risk management, review and analysis, servicing, and execution of credit agreements.

To overcome these challenges, the client compared multiple vendors and technology options to build a smart loan origination system and finalized Zuci for end-to-end development and support.

BUSINESS GOALS

Increase efficiency of loan officers

Streamline loan process velocity and turnaround times

Minimize credit risk by automating the processes of review and approval

Improve strategic and tactical decision making with targeted reporting

Increase reliability and precision of loan documentation

Responsive application across all platforms & systems

Ease-of-use, scalability, and cost-effectiveness

BUSINESS GOALS

Increase efficiency of loan officers

Streamline loan process velocity and turnaround times

Minimize credit risk by automating the processes of review and approval

Improve strategic and tactical decision making with targeted reporting

Increase reliability and precision of loan documentation

Responsive application across all platforms & systems

Ease-of-use, scalability, and cost-effectiveness

Zuci Systems started this project by understanding the client’s requirements and an immediate need for a powerful, intuitive application for loan officers.

Our team offered a consolidated view of end-to-end processes across multiple touchpoints and disparate systems, combining the clients’ requirements with on-site visits and employee interviews.

This helped understand what is and isn’t working to make it easier to identify opportunities for improvement and, potentially, set up automation within the loan origination system.

SOLUTION

SOLUTION

Zuci Systems started this project by understanding the client’s requirements and an immediate need for a powerful, intuitive application for loan officers.

Our team offered a consolidated view of end-to-end processes across multiple touchpoints and disparate systems, combining the clients’ requirements with on-site visits and employee interviews.

This helped understand what is and isn’t working to make it easier to identify opportunities for improvement and, potentially, set up automation within the loan origination system.

SOLUTION

With this in-depth approach, our team divided the new system design into three primary business functions:

Loan origination processing

Business process quality monitoring

Analytical and exception reporting

Zuci’s developers, data scientists, and testing team, in consideration of the above system functions, choose a web-based architecture for the Loan Origination System (LOS) to ensure better user experience across devices, enabling loan officers to access the application anytime and anywhere. Finally, to expedite the development, we used an agile approach to design, develop, and test the application parallelly and delivered it successfully within six months.

SOLUTION

With this in-depth approach, our team divided the new system design into three primary business functions:

Loan origination processing

Business process quality monitoring

Analytical and exception reporting

Zuci’s developers, data scientists, and testing team, in consideration of the above system functions, choose a web-based architecture for the Loan Origination System (LOS) to ensure better user experience across devices, enabling loan officers to access the application anytime and anywhere. Finally, to expedite the development, we used an agile approach to design, develop, and test the application parallelly and delivered it successfully within six months.

Requirement gathering and research of old methods of loan process handling, and provided a strategic roadmap for easy adoption to the newer LOS system

Divided the new system design into three primary business functions with secondary functionalities:

Loan origination processing

  1. Structuring
  2. Document collection and management
  3. Enforced document reviews and approvals
  4. Execution or suspension of the credit agreement
  5. Amendment processing

Loan origination processing

  1. Document review and approval times
  2. Loan application status notification
  3. Loan fulfillment time analysis

HOW ZUCI SYSTEMS HELPED

HOW ZUCI SYSTEMS HELPED

Requirement gathering and research of old methods of loan process handling, and provided a strategic roadmap for easy adoption to the newer LOS system

Divided the new system design into three primary business functions with secondary functionalities:

Loan origination processing

  1. Structuring
  2. Document collection and management
  3. Enforced document reviews and approvals
  4. Execution or suspension of the credit agreement
  5. Amendment processing

Business process quality monitoring

  1. Document review and approval times
  2. Loan application status notification
  3. Loan fulfillment time analysis

HOW ZUCI SYSTEMS HELPED

Analytical and exception reporting

  1. Loan application analysis based on
    1. Income (individual and family members)
    2. Expenses
    3. Asset & Liability
    4. Credit History
    5. Gender, goal period, duration, etc.
  2. Exception reporting for reviewers

Grouped all the broad features of the LOS system into release cycles based on associations between stakeholders and market needs

Further detailed out the features by way of prototypes and created development and release schedule for each sprint

Conducted unit and integration testing to not only improve the development process but also help document the behavior of the components and avoid any future regression bugs

Used CI/CD pipeline for faster release by automating the execution of unit and system, and integration of test cases

Our team of UI/UX engineers incorporated a rich responsive user interface and along with cross-browser & multi-device support

Deployed LOS system, followed by ongoing support to stakeholders with workshops and Q&A sessions

HOW ZUCI SYSTEMS HELPED

Analytical and exception reporting

  1. Loan application analysis based on
    1. Income (individual and family members)
    2. Expenses
    3. Asset & Liability
    4. Credit History
    5. Gender, goal period, duration, etc.
  2. Exception reporting for reviewers

Grouped all the broad features of the LOS system into release cycles based on associations between stakeholders and market needs

Further detailed out the features by way of prototypes and created development and release schedule for each sprint

Conducted unit and integration testing to not only improve the development process but also help document the behavior of the components and avoid any future regression bugs

Used CI/CD pipeline for faster release by automating the execution of unit and system, and integration of test cases

Our team of UI/UX engineers incorporated a rich responsive user interface and along with cross-browser & multi-device support

Deployed LOS system, followed by ongoing support to stakeholders with workshops and Q&A sessions

0%
digitization of loan origination process
0%
reduction in effort (equivalent to 100 FTEs)
0%
increase in overall operational efficiency
0%
reduced TAT
0%
increase in revenue
0 Months
ROI realized

BUSINESS OUTCOME

BUSINESS OUTCOME

0%
digitization of loan origination process
0%
reduction in effort (equivalent to 100 FTEs)
0%
increase in overall operational efficiency
0%
reduced TAT
0%
increase in revenue
0 Months
ROI realized

PROCESSES AUTOMATED

mongo DB

PROCESSES AUTOMATED

mongo DB

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