LOAN MANAGEMENT SOFTWARE DEVELOPMENT
Under the UK government’s Bounce Back Loan Scheme (BBLS), a business finance service provider facilitates the loan procurement and disbursement process for local small businesses impacted by the COVID-19 pandemic.
Time:
March 2020 - Present
Platform:
Web
Team:
4 - 5 members
Industry:
Finance & Fintech
Here's what GCBF has to say!
A holistic, highly secure, custom-built lending software solution
About the Product
The financial services software empowers businesses that are in need of financing, such as those
impacted by the recent COVID-19 pandemic. It allows them to register on the portal and submit their
applications for obtaining a loan for their ventures. This loan management software is specially
built for GC Business Finance (GCBF) to be able to cater to businesses based in the Greater
Manchester area, as part of the Bounce Back Loan Scheme (BBLS) by the UK government.
The system determines whether or not businesses are eligible to apply for loans based on the initial
details collected from them. Those who are eligible can then submit their applications. The software
enables loan administrators, loan managers, and decision-makers to process loan applications while
adhering to compliance requirements via a dedicated backend portal.
About Client
Our client, GC Business Finance (GCBF), supports businesses based in the Greater Manchester area that have been denied funding from mainstream lenders or financial institutions. They provide alternate finance options, such as loans, to these businesses, encouraging economic growth and opening up new employment opportunities in the region.
The Challenge
The aim was to make the registration and application process easier for
the applicants, and, at the same time, allow our client to efficiently track, approve, and disburse
business loans to those eligible.
The COVID-19 pandemic and consequential lockdown further restricted day-to-day operations
across
multiple industries, greatly affecting both GCBF and the local businesses that it aims to support.
Thus, it became imperative that the loan application process be digitised and automated to the
greatest possible extent.
Given a large number of potential users, the system also needed to be highly intuitive.
Multiple
critical UI/UX considerations had to be kept in mind.
The Solution
Before we could start with the loan management software development
process, we conducted a rigorous discovery phase. A detailed software requirements specification was
compiled. This document contained all the functions and features that the client wanted as part of
the new loan origination system.
This loan management software development project aimed to address the specific needs
expressed by
our client GCBF. Loan applicants and GCBF users can perform their respective functions via dedicated
frontend and backend portals.
Given the client’s express requirement, the loan management software was
designed with maximal
user-friendliness in mind. The simple and intuitive interface allows a large number of GCBF users to
easily review and manage loan applications, and draw up relevant reports. The application is also
optimised for mobile devices, including tablets.
Since GCBF partners with other organisations for different types of business loans, the
system has
been developed as white label software. It can be implemented in partner organisations looking for
similar lending platforms for different user bases.
Are you looking for top-notch financial software development services for your organisation?
Get In TouchWhat We Delivered
Eligibility Check and Registration
The basic eligibility requirements are pre-loaded into the loan management system. When a potential
applicant lands on the homepage, they are asked to submit some basic information. This includes
their desired loan amount, location, and whether or not their business was affected by
COVID-19.
The system automatically determines their eligibility based on the submitted information. It grants
permission for account creation to only those applicants who are deemed eligible. If the applicant
is not considered eligible for the Bounce Back Loan, they are redirected to other partner
organisations which may be able to provide financial assistance.
The portal provides a very convenient way for applicants who have cleared the system's
credit
scoring criteria to register online.
Application Creation and Submission
Each new application that is commenced at the frontend presents a form to the user. This form has
three sections, filling out all of which is mandatory.
The first section covers the details of the business for which the application is being
filed. The
second section includes the personal details of the applicant(s). In the third and final section,
the applicant is required to upload all relevant documents to their application. They can add proof
of business identity, business plans, cash flow forecasts, and so on.
The user can easily save their application progress at any time and resume it later.
Automated Credit Check
Once an applicant has given their consent, a credit check is automatically initiated via a relevant credit reference agency. The third-party agency's response is received directly into the system.
Third-Party Integrations
Our loan management software development efforts aimed to provide a holistic solution for the loan
lifecycle, from application to debt collection. Thus, we made use of existing third-party plugins
and services to enhance the system's capabilities.
The software has an integrated auto-populate feature that automatically fetches the details of
limited companies or limited partnerships from the Companies House database. The system also makes the loan repayment and
process convenient for the users via Equiniti's loan servicing software integration.
Integration with
HelloSign,
an e-signature
solution, allows applicants to sign the submitted forms and documents with ease.
Self-Service Section
The system’s self-service section enables applicants to make payments, check their payment history, and view pending payments. Applicants can also revisit the terms of their loan agreement via this section.
Role-Based Access
The backend of the loan management software allows access to certain features depending on the role of the logged-in user. This makes the system secure from data leakage and other security risks. It also ensures that each loan application goes through the proper approval process.
Application Management Workflow
Since the system clearly defines the roles of each GCBF user, it ensures that each application goes through the proper review process. First, the Loan Administrators review applications for completeness and correctness. The Loan Managers conduct further reviews and then draw up recommendation reports. The final decision of approval or rejection, often based on feedback from the Managers, lies in the hands of the Loan Approvers.
Security and Audit Trail
Audit trails, which are essentially event logs, ensure that the processing of loan applications is fully compliant with financial regulations. All the activities that the GCBF staff perform are recorded with timestamps and details. The audit trails can be accessed by authorised users to review the changes. Thus, the lending process is extremely transparent and secure from any possibility of fraudulent activity.
Our Process
Before we began working on this loan management software development
project, we exchanged detailed notes with our client. We gathered the exact requirements that they
wanted the system to meet. The lending system was divided into modules, the two major ones being the
applicant portal (frontend) and the GCBF admin portal (backend).
The requirements analysis phase was followed by drawing up wireframes for the various modules of
the new
system.
Once the design phase was complete, development began. We used React, JavaScript, HTML, CSS, .NET, and
SQL Server technologies, along with Equiniti’s ice.net integration for convenient credit management.
The system delivery involved a combination of manual and automated testing. The final product
was
launched after thorough testing and evaluation, bringing our agile process to an end.
Team
The team for this loan management software development project was led by the project manager. Our app development team was composed of the technical lead, business analyst, senior software engineer, and senior QA engineer.
Technologies
React
HTML
CSS
JavaScript
.NET
SQL Server
