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Loan Lending App

Money App

Industry

Loan

Team

8 Members

Time

4 Months

Platforms

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Overview

The oldest insurance company of Lebanon reached out to us. They needed to digitize their operations and develop a lending application.

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Challenge at the Start

Technical know-how of the Customers

The target customers of the bank were mostly laymen with not much technical know-how. They consisted of old people, rural families, middle class urban families etc. Thus digitization was a 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 the senior citizens.
  • Rich look fonts were used which ensured that the content on the application was easy to read.
  • The user flow was kept very simple and easy to manage for a layman.
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Challenge of Loan Processing

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 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 the senior citizens.
  • Rich look fonts were used which ensured that the content on the application was easy to read.
  • The user flow was kept very simple and easy to manage for a layman.
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Challenge of Loan Disbursement

Earlier the loan was disbursed manually through cheques and was a hassle for the customers.

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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 of the customer and saved a lot of time for both the parties.

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Challenge of Loan Recovery

Like other operations, loan recovery was also done manually.

  • A consolidated report one the recovery day was made and given to the recovery officer which was very time consuming.
  • If a customer paid their EMIs a couple of days late, the extra interest was not added and was a hidden loss to the bank.

Solution

We developed an in-built notification feature in our application.

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The default pickup location of the order was the vendor’s warehouse.

An order was only assigned to a driver if he was in the three mile radius of the warehouse.

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Conclusion

We were able to carry out a comprehensive digitization process for our client. We created a digital solution for all the separate processes such as 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.

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Visual Screens

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