Case Study
Loan Lending App
MoneyApp
About MoneyApp
The oldest insurance company of Lebanon reached out to us. They needed to digitize their operations and develop a lending application to serve their customers — which included old people, rural families, and middle-class urban families.
Technical Know-how of the Customers
Problem
The target customers of the bank were mostly laymen with not much technical know-how — old people, rural families, middle-class urban families etc. Digitization was therefore a major challenge.
Solution
We developed an application with an extremely simple user interface and design.
- We used a minimal design and did not add unnecessary options and information.
- A very basic color scheme was applied so it was easy for senior citizens.
- Rich-look fonts were used to ensure content on the application was easy to read.
- The user flow was kept very simple and easy to manage for a layman.
Digitizing the Loan Processing Pipeline
Problem
All the loan processing in this company was done manually and took a lot of time.
- The process involved a lot of red-tape.
- Calculation was very complicated.
- There used to be a high data discrepancy which would then need to be corrected.
Solution
- We automated the entire loan processing pipeline digitally.
- Calculations are handled by the system eliminating errors and discrepancies.
- End-to-end process is now paperless, fast, and transparent.
Moving from Cheques to Digital Disbursement
Problem
Earlier the loan was disbursed manually through cheques — a hassle for customers who had to physically visit the bank branch to collect their loan amount.
Solution
We developed a mechanism for the bank to directly disburse the loan amount to the customer's bank account. This saved a trip to the bank for the customer and saved a lot of time for both parties.
Automating EMI Recovery & Late Interest
Problem
Like other operations, loan recovery was also done manually.
- A consolidated report on the recovery day was made and given to the recovery officer — very time consuming.
- If a customer paid their EMIs a couple of days late, the extra interest was not added, resulting in hidden losses to the bank.
Solution
We developed an in-built notification feature in our application to automatically alert customers of upcoming EMIs, track late payments, and calculate additional interest automatically — eliminating manual intervention and hidden losses.
The Result
We were able to carry out a comprehensive digitization process for our client. We created a digital solution for all the separate processes — loan processing, disbursement, and recovery. We were able to provide a complete 360-degree banking solution to keep them at pace with the changing times.
