An app for obtaining a credit instantly and without annoying paperwork. It requires neither personal data nor business plan/audit report. All it takes is to download the app and fill in some basic info about the borrower and their business (like business name, address, VAT number etc). Then the system uses data available in loan offices to determine borrower’s solvency. In a couple of minutes the app makes a decision and signs an agreement with the help of the e-signature. Thus, the system needs low input as it researches borrower’s creditability on its own. In the future the app will also be able to consolidate credits from other banks.
How it Started
New-made businesses tend to take on loans in order to evolve. Yet they have no credit history, which results in banks demanding lots of paperwork and lending them money hesitantly. Our client desired to build an alternative solution for money lending. An application that would make credit process easier and more accessible for small and medium enterprises. Having relevant expertise in credit scoring and customer solvency evaluation algorithms, Itexus was a perfect tech partner to deliver the project.
Technical Solution
- VisualStudio17
- Swift
- Realm
- MSSQLServer16
- ASP.NET Core
- Entity Framework Core
- Marqeta
- Facebook Account Kit
- Redis Cache
- NLog
- JWT
Discovery Phase
The client approached us with an app idea which we had elaborated during the Discovery Phase. Our team conducted an in-depth research including competitors and tech risks analysis. The outcome of this effort was the preparation of the end-to-end project documentation. It included:
Software Requirements Specification
Document describing all functional requirements with use cases, diagrams, user screen mockups, user journey etc.
Software Architecture Document
Document describing suggested technology and architecture of the system, security, performance, reliability etc.
Project plan and a detailed work estimate
Detailed project plan with all work broken down into 8-16 hours tasks, with priorities, dependencies, and team structure.
UX/UI Design
The next step was to create the UI/UX layout for iOS. We designed the app with iOS Human Interface Guidelines in mind.
Development Work
We started with the development of the Minimum Viable Product. Basing on the positive feedback from potential customers and investors, our client decided to go further with this app. Now we are working on a unique scoring system that will be able to evaluate the borrower using data from loan office. The data will be processed by a proprietary scoring engine that is a completely custom innovative solution developed specifically for project needs.
The work is organized using the Agile development model and Scrum framework. We split the development into 2-week sprints with a presentation of the new features at the end of each stage. Unified QA team was assigned to the project from the very beginning. The client communicates with the team in Slack and Skype, we also use Git as a code repository.
Workload
The project has started since February 2018 and is still ongoing. The development team includes 9 specialists:
- 2 iOS Developers
- 1 Project Manager
- 1 Business Analyst
- 1 Data Scientist
- 3 Back-end Developers
- 1 Quality Assurance Engineer