The client is one of the fastest growing Credit Unions in UK.
The Challenge
The client wanted to build an end-to-end technology driven, cloud-native platform to attract prospects, originate and onboard clients for unsecured personal loan.
The Solution
Persistent came in as a System Integrator and developed a Credit Union Aggregator Platform Near-prime Customers in UK. We provided end-to-end managed services support as well.
The API-first implementation enabled every feature through APIs. Cloud-native core banking solution was critical for the rapid roll-out of products and product variants on ground. An Admin portal was created to manage loans flowing in through website and APIs reporting.
Mycommunityfinance.co.uk website was integrated as part of the ecosystem for loan applications and savings.
The Outcome
- 3 days to minutes: Faster loan approval time
- Robust core banking: Platform with digital customer interface
- Configurable admin: Portal to manage loans portfolio with ability to generate reports
- Flexible integration: With different brokers and channels to achieve business agility
Business Impact
£ ¼ billion
Total loan amount disbursed
34000
Number of Credit Union members
99%
API calls are within SLA of 10 sec now
45%
Average loan amount increased
Technology Used
- Mambu
- Spring
- Hibernate
- Angular 7
- MySQL
- AWS
