Greenfield digital loan application

We set up a tripartite application and transaction management system for our financial institution partner in 3 months, receiving tens of thousands of applications.

bankIndustry
Public
Financial Institution
functionFunction
Digital Organisation
Product strategy
Development
Growth hacking
UX/UI design
productProduct
Document management system
Reporting and dashboards
Self-care system
Web application
Business process engine
Accounting system
context-approach-result

Contextunderscore

Our client has significant experience in the professional coordination of subsidized loan schemes for Hungarian micro, small and medium-sized enterprises. The organization handles the full administration of the applications and the accounting of the subsidies for the transactions to the various state supervisory bodies.

So far, the main tools available in this process have been the application system used by the administrators and the personal contact with the client. The project aimed at a comprehensive digitalization of the process, the creation of a client portal, full three-way communication with funding partners and clients, and the introduction of new efficiency-enhancing features.

context

Approachunderscore

In 3 months, we went from business process assessment to a usable MVP for customers. Due to the tight deadline, the process assessment, specification, design process and development were done in parallel. The MVP included the 3 modules (requesting businesses, admin and funding partners), access management with differentiated roles and access levels, the first product to be requested, and the associated business logic and controls.

Following the successful implementation of the MVP, new products have been introduced, as well as high digitalization features such as completion automation, integration with different systems, dynamic document management and reporting functionality. A financial clearing system has also been implemented, which, based on the information available in the system and counterparty data, predicts and tracks all cash flows related to transactions throughout the life of the transaction.

approach

Resultsunderscore

The success of our client's digitalization efforts is demonstrated by the fact that in the first 4 months, more than 10,000 applications were received for the 2 products available, and in the 15 months of the project, more than 28,000 applications were submitted. The system connects 40 funding partners, 200 administrators and more than 19,000 customers.
Our digital solution has reduced the time needed to submit the first application from 1 day to 1-2 hours, while the second application can be submitted in just a few clicks and in as little as 1 minute. The average time spent by administrators on a single claim has been reduced by 68% to 45 minutes.

results