Tech-Enabled Lending: Bridging Borrowers and Banks Digitally

Location: Oslo, Norway

Industry: Banking & Finance

Project Background

Our client, based in Oslo, Norway, operates in the Banking & Finance industry. We help our clients bring significant revolutions in this sector by creating a digital platform directly connecting lenders and banks with prospective borrowers. It offers comprehensive loan listings, detailed information on interest rates, eligibility and terms, comparison tools, calculators, and user reviews. The platform is mobile-optimized with strong security, streamlining the lending process and enhancing user experience in making informed loan decisions.

Challenges

  • Lack of transparency in the lending process: Borrowers struggled to compare loans, rates, and criteria from different banks.
  • Inefficiency in borrower-lender connection: Cumbersome traditional processes hindered direct borrower-lender interaction & led to delays as well.
  • Absence of user-friendly and mobile-optimized solutions: The market lacked a platform that catered to users' preferences for accessing financial information on smartphones, highlighting the need for a mobile-optimized solution.
  • Trust and confidence-building: There was a business challenge in establishing trust in the lending process. The project tackled this by adding user reviews and ratings for banks and lenders.

Solutions

  • Developed a digital platform aggregating detailed information on various loan types, interest rates, and eligibility criteria from diverse banks and lenders.
  • Implemented user-friendly features such as comparison tools, loan calculators, and filtering options to empower borrowers with the necessary tools for making informed decisions.
  • Facilitated a direct and efficient connection between borrowers and financial institutions, eliminating the inefficiencies associated with traditional lending processes.
  • Prioritized mobile optimization to ensure accessibility for users on smartphones and tablets, addressing the market demand for a mobile-centric solution.
  • Incorporated a feedback mechanism through user reviews and ratings.
  • Overall, the solution aimed to revolutionize the lending landscape by offering a transparent, efficient, and user-centric platform, addressing key business challenges in the banking and finance sector.

Results

  • Implementing user-friendly features, comprehensive information, and direct borrower-lender interaction likely increased user engagement, with borrowers spending more time on the platform exploring loan options.
  • Mobile optimization could have expanded the user base by catering to individuals who prefer accessing financial information on their smartphones, contributing to increased accessibility and usage.
  • Incorporating comparison tools, loan calculators, and user reviews likely empowered borrowers to make more informed decisions, potentially resulting in a higher satisfaction rate and successful loan applications.
  • Including user reviews and ratings contributed to building trust and credibility in the platform, as users could rely on real-time feedback from their peers to assess the reliability and performance of banks and lenders.
  • The project contributed to a more efficient and seamless lending process by streamlining the borrower-lender connection, eliminating traditional inefficiencies, reducing delays, and improving the overall user experience.

Tech Stack

  • .Net Core
  • React JS
  • Microsoft SignalR
  • CSS
  • jQuery
  • JavaScript
  • Azure Cloud Platform (SQL Server, App Services, Web Jobs, Functions, Logic Apps, Insights, Blob Storage)
  • HTML

Keywords

  • Loans
  • Borrowers
  • Financial Services
  • Banks
  • Loan Listing
  • Interest Rate
  • Loan Approval

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