Leveraging Sigma’s Loan Management System
LMS Implementation, done right
Taking Off with LendFoundry
CLIENT BACKGROUND
The client is a leading online provider of personal loans. The company was launched in February 2016 and shares headquarters with its sister company, which is one of the largest lenders of mortgage loans. The company offers its personal loans through a market leader, known for investing billions of dollars each year in personal loans. The client offers unsecured personal loans with fixed interest rates for a wide variety of purpose.
THE NEED
The client wanted to implement an off-the-shelf Loan Management and Collections solution to service the loans generated on its online loan origination platform. They were on the lookout for the right partner and after due diligence, they chose LendFoundry due to the comprehensive and the quick go-to-market capabilities.
40
reduction in the effort towards collections and servicing of loans
SOLUTION
The client leveraged LendFoundry features go to market & gain quick marketshare:
API driven platform
On-board new loans without manual intervention
Automated Daily
transaction reports with P&L calculations
Amortization
of the loans
Funding Options
Electronically fund loans and collect monthly installments, payments and payoffs
Full stack lending platform
Designed from the ground-up
Enhanced Capabilities
Handle scenarios, stop payments for a loan on-demand
In built Credit Bureau Reporting
Metro 2 reports for the active loans in the system
Constant Customer Engagement
Sending reminders, emails through the platform
Role based access to the solution
To provide information on a need to know basis
Scalablity
State of art micro-services based architecture
Customer Operations
Provides complete audit trail and complete visibility to operations team
KEY BUSINESS BENEFITS
- 40% reduction in the effort towards collections and servicing of loans
- Provides self-help capabilities, reminders and alerts to borrowers to make sure that the borrower doesn’t miss out on due dates. 60% reduction in the number of requests to clients customer support team
- API driven platform to ensure ensures that the integrations are well defined and any changes on Client’s side or LendFoundry side don’t impact the solutions
- 24*7 availability with near zero downtime
- Integrated with various 3rd party providers like Sendgrid, ACH, Credit Bureaus
- Off-the-shelf operational reports to keep track of business health and monitoring
- Built-in support for credit bureau reporting to ensure compliance and the platform does this automatically
MONITORING
Kibana | Sysdig | Logz.io | Fluentd | Elastic Search
TECHNOLOGY PLATFORM
Net | Node JS | Polymer | Mongo DB | Rest APIs — 100% API based integration with micro-services | Elastic Search | Responsive Design
INFRASTRUCTURE
Hosted on AWS with 100% redundancy for uptime and disaster recovery | Docker | Mesosphere DC OS | Scalable and Load Balancing capable | SSL and HTTPS based security
