CashU success story
A platform for a large microfinance company offering instant payday loans
CashU (Smart Finance) aimed to develop an end-to-end lending platform
with an online customer acquisition channel for their payday loan services.
The priorities included fast time-to-market, structured and convenient UI/UX, and a
high level of automation.
HES FinTech allowed us to automate the entire lending
process as efficiently as possible: from tracking
leads and submitting applications, to working with
overdue debts. Also, thanks to the technological
solutions of the HES team, we were able to
significantly improve the customer experience and
create a stable competitive advantage.
Aliya Akchurina
CEO at Smart Finance
Challenge
End-to-end lending platform development
Smart Finance was searching for a new reliable financial software vendor who is able to provide end-to-end
development of an online lending platform. The company decided to change its technical partner due
to a prolonged time-to-market and lack of opportunity to work with the source code.
Along with the fast product launch, the key task for HES FinTech was to build an outstanding user
experience, fast and seamless client onboarding, automated scoring and approval, granting a loan for
approved customers in a few hours. The project started at the very beginning of the pandemic, which
was an additional challenge for everyone.
Approach
PayDay loan automation by credit scoring algorithms
The business analysts collected a set of requirements and planned out a platform which
automates most operations in payday
loan origination by leveraging credit scoring algorithms. It
helped in creating fast and seamless client onboarding, automated scoring and approval,
issuing a loan in a few hours.
Smart Finance was planning to grant loans solely online without brick-and-mortar offices. Our
team implemented HES LoanBox, a comprehensive solution that covers all processes from loan
origination to collection.
4 months
Time-to-market
24/7
Customer acquisition online
170%
more in applications
Result
Real-time loan processing and end-to-end coverage of business workflows
The delivered solution is an online PDL platform that analyzes data in real-time and
automatically grants loans to approved borrowers in less than a minute. The system picks up
verified applications once every few minutes and prepares the payment. Due to integrations
with providers, approved customers receive money within several hours.
It was a successful solution to launch the MVP in a couple of weeks. Afterward, the
functionality was gradually expanded and improved with the relevant use cases in mind.
The active development stage took 4 months in total. The implementation of the Camunda Workflow and Decision Automation Platform allowed the customer to improve risk management workflow by testing the hypotheses in real-time. It helps significantly cut expenses and optimize business process.
COVID-19 added challenges and limitations to the project work, but added value to the result. The project team managed to meet the deadlines and successfully deliver a solution that allows end-customers to stay home and get loans at any time.
We keep going: the Smart Finance team is full of ideas about new financial products and building a more personalized customer experience. While the HES FinTech team is moving on to the new page of a successful collaboration with Smart Finance.
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