US based B2C Custom Web Application for Small Business Loans

Background

On the business front, our client grew rapidly in recent years necessitating a more centralized role based, task driven and real time reporting system bringing disparate systems under a single confederation. This is a logical step forward keeping in view the current goal of maintaining operational efficiency intact. This would mean facilitating and enabling seamless data sharing, faster management of information and efficient decision making at different levels.

The client had adopted MS Access based application that supported all their business processes. The client application was installed on every user’s desktop and based on a user’s role, a user will perform various functions such as Processing, Review, Funding, Collections etc. While their Sales and Marketing team used SAGE CRM for their specific needs, the client’s Accounting team used Microsoft Great Plains (recently upgraded from QuickBooks). The backend processing and amortization calculations were performed using LeaseTeam’s LeasePlus and combination of spreadsheets. A score of other systems were used for reporting and none of these systems interact or seamlessly exchange data with each other.

Solution Provided

Sigma (www.sigmainfo.net) built a custom web application for a bridge funding company in Orange County, California. We built an omni-channel, mobile friendly and with highly engaging UX custom Loan origination system, CRM, Rules Engine and Marketing system for our client.

This new system has enabled:

  • Faster loan underwriting and approval with 45% more applications being processed with the same team
  • Achieved turn around time for approving a new application in less than 5 minutes.
  • Ability to turn-on a fully automated underwriting process
  • Early and enhanced fraud detection
  • Integrated with various credit bureau (Experian, Equifax, Paynet, D&B, Lexis-Nexis, Yodlee, Yelp, etc.) and thus expediting and improving the loan approval process
  • Increase in renewals by 23% due to better insight about the client engagement
  • Horizontal and Vertical scalability –
    • The system currently process 2300 loan applications and funds 350 loans per month
    • The system is designed to scale up to 20,000 applications per month
  • Customizable and pluggable Decision/Rules Engine with ability to create custom rules/waterfall models for various departments
  • SOLR based advance search capabilities to search and access loan & customer data
  • Real-time reporting of all loans/renewals regardless of disposition
  • Authentication, authorization and auditing of all transactions for any future audits (SSAE 16, Pre-IPO audits, Security related/hacks, etc.)
  • Real time communication, reporting &streamlined workflow among different departments for real time working.