The client
Leading cloud-based lending platform and online marketplace in the US that connects lenders and borrowers and provides customers with access to various types of loans through a network of credit unions and community banks.
The Challenge
The client needed a scalable solution to simplify the loan application process. Additionally, they wanted a collaborative platform allowing seamless interaction between the banks and end customers, ensuring end-to-end transparency. The quest for an omnichannel UI further underscored the challenge, emphasizing the necessity for an enhanced user experience.
The Solution
Persistent Systems delivered a groundbreaking solution by utilizing a leading no-code application platform to help the client mitigate these challenges. This platform served a dual role as a Front-end UI and Workflow Engine Orchestrator, navigating through the entire application process until the readiness for loan offers.
The implementation involved the no-code platform facilitating communication with 5 applications and streamlining the entire workflow. Notably, the solution covered result processing AAN Offers and received the applicant’s offer choice, seamlessly transitioning to the Legacy Loan Origination System LOS for further processing.
The Outcome
The transformative impact of the solution was evident in the outcomes achieved. A comprehensive dashboard was introduced, providing stakeholders with visibility into the entire lifecycle of loans. The development of reusable components proved instrumental, extending the solution’s applicability to diverse loan offerings such as Student Loan Refinancing and Private Student Loans. A mobility app was introduced to enhance user participation. Moreover, incorporating a Merchant portal provided a direct-to-contractor experience, collectively ushering in a new era in the realm of loan origination.
Technology Used
- Unqork
