Challenges
In today's fast-changing world of financial technology, there is a growing need for flexible, compliant, and user-friendly solutions. This case study explores the story of Sommo as they tackled the task of creating an advanced Loan Management Platform designed for a heavily regulated industry.
The project set out to modernize the traditional loan management process by dealing with the finance sector's complex network of rules and standards. We utilized innovative no-code technology strategically, allowing for quick prototyping, ongoing design enhancements, and smooth integration of advanced features.
Process
Discovery
Since the Loan Management Platform is a fairly complex fintech app, we dedicated four weeks to diving deeper into the project requirements, researching the competitors, and formulating the software requirements specification for the development team.
We started generating the wireframes during the discovery. There were more than 400 black-and-white screen sketches that helped us to confirm the required logic of the loan servicing platform.
We developed the software requirements specification of the loan management platform in parallel with the wireframes. Except for just visual confirmation, we covered both product and technical requirements in the form of user stories before the development team (UX/UI designer and Bubble developers) started working.
Design
The design stage for the Loan Management Platform took us four weeks and included the following tasks:
- Creating the UI Kit;
- Designing the desktop version of the web application (500+ screens);
- Designing the mobile version of the web application (35+ layers);
- Designing the website (desktop and mobile versions);
- Creating screens for the App Store and Play Market.
No-code development
The complexity of the Loan Management Platform forced us to choose Bubble.io as a no-code technology for it. Bubble was definitely a great solution for the fintech app because it is fast, secure and multifunctional in implementation.
To develop an extensive functionality for the Loan Management Platform we integrated multiple services among which are:
- Flinks - to connect users' bank accounts, get insights and deliver banking programs.
- Equifax - for consumer credit monitoring, identity theft prevention, business risk information, commercial identity, and fraud solutions.
- Turnkey Lender - infrastructure for end-to-end credit automation to put credit decisions on auto-pilot with proprietary intelligence.
- SignNow - to provide a seamless eSignature experience.
- Weglot - to translate, display and manage multilingual web app and website.
- Sumsub - to verify users, businesses or transactions, managing cases and deterring fraud.
Talking about the mobile version of the Loan Management app, it needs to be mentioned that such a complex system can be difficult to manage by users on mobile devices. We developed it because nowadays most users are mobile-first.
Using the web2app converter Natively, created by the Sommo team, we developed the native iOS and Android app. It allowed us to submit the Loan Management application to the App Store and Google Play Market within 1 day.
Results
The Loan Management Platform's architecture was meticulously developed to accommodate multiple user roles, each with distinct permissions and capabilities, ensuring a personalized and secure experience for every stakeholder involved. The main 2 parts of the application were Borrower and Investor portals.
Borrower Portal
We’ve integrated the following features for Borrowers:
- Make loan applications,
- Proceed with Know Your Customer verification (KYC),
- Upload personal documents,
- Connect to bank account,
- Add a co-applicant,
- Sign loan documents,
- Get approved for an active loan.
Investor Portal
For Investors, we’ve developed the following features:
- Proceed with Know Your Customer verification (KYC),
- Upload personal documents,
- Make a deposit,
- Make withdrawal,
- Make an investment.
Summary
The development of the Loan Management Platform was incredible. We did a lot of work to create such a complex and multifunctional software, and looking forward to further collaboration.
Our partner has unveiled exciting plans to utilize proprietary AI technology for acquiring home equity loans, buying new properties, or refinancing mortgages. And Sommo is fully prepared to bring these plans to fruition!
If you're looking to create your own fintech app, contact Sommo to bring your vision to life efficiently. The experienced Sommo team can help turn these ideas into reality using a fast no-code approach, streamlining the development process and providing valuable expertise in the ever-evolving fintech landscape.
