Loan Repayment And Management App for Defaulters

Our Process

Our team started with requirement gathering since the clients itself was having their first experience with IT industry. We synced them with step by step development cycle, project workflow, techniques, approaches, business methodologies used. We also explained how our IT solutions work in parallel with the business models and more.

We used an agile approach to create the system with iterations of development, testing and feedback on every module to confirm that it worked properly when put together with the whole system. Our in-depth planning and research behind prototyping the model helped us to make it run in compliance with the norms of the government and banking institutions. Further, the approach ensured that the app did not operate just as a standalone app, but had an aptitude to piggyback ride with existing banking applications.

We followed different version controls and code repositories and some disaster management strategies to ensure that the app worked smoothly even under worst case scenarios. For ensuring the authenticity and security of the information, we used the secured hash algorithms and internet protocols for encryption/decryption. Our experts also tested it for sandbox and production environments.

The Problem

We were approached by a visionary entrepreneur, who wanted to give their audience a mobile app platform offering features to repay loan payments. There were several challenges involved: no doubt there were a lot of players claiming to construct a similar platform, the business model that aligned them with the revenue structure of the client was yet to be defined. The app was meant to facilitate the services and commissions to different stakeholders of the system, which was challenging. Since there were different third-party NBFCs and banks service APIs/SDKs involved, making them work under single umbrella architecture was a challenge. All have their own set of implementation and encryption protocols. Beyond these challenges, the overall structure of the app was to be made flexible and compatible.