Non Banking Financial (NBFC) businesses must continually leverage innovation and automated tracking for growth. Lending Management System, a successful financial services company in Hyderabad, experienced roadblocks in the loan cycle, collections, and interest calculations due to traditional, manual processes. A ready-to-use, universal application could hardly address their robust lending practices and on-field collection routines.
To reduce the current over-reliance on manual processes, kkeydos designed and developed a highly secured Custom Lending Management System.
We furnished them with an all-inclusive web admin portal powered using PHP Laravel and MySQL, complemented with two fully functional native mobile apps developed using Flutter: one for our client’s collection officers, and the second for Lending Management System’s debtors. Kkeydos handled everything - from initial technical discoveries and robust API construction to secure mobile app deployment and exhaustive database optimizations.
Kkeydos facilitated Lending Management System with a scalable lending system and helped to achieve 4 operational and business performance improvements.
85% faster Loan Processing Time: It accelerated client on-boarding and approval of loans, automated KYC processing, and automated interest calculations to shorten manual entry and processing time.
100% real-time Tracking of Field Collections: Collection agents could submit real-time receipts of payment and cash in the app, which the system updated instantly to the central web panel.
0% discrepancy in MIS and financial reporting: System automated balance sheets, daily ledgers and audit logs to eliminate manual calculation.
65%increase in timely EMI collection: It automated the due notifications and member app reminders for EMI payment.
For financial and NBFC companies it is essential that all activities involved in operations have secure data, accurate figures and in-time real-time tracking. Lending Management System had the following operational difficulties and growth restrictions:
• Manual Loan and payment tracking: There was reliance on manual data entry and ledgers which gave rise to calculation errors and slow tracking of interest.
• Lack of Real-time Field collection tracking: Management could not know their collection agent's daily cash or mobile transaction collections on real time.
• Difficulties in managing Chit and Auctions: Manual entries involved complicated chit fund auction scheduling, paying members and member lists were time consuming and error-prone.
• Limited member access: Members/borrowers lacked a mobile user friendly experience on which to check the status of loans, schedules of payments and account history.
A. Centralized Web Admin Portal (PHP Laravel & MySQL)
Full End-to-end Loan Lifecycle Automations: End to end digital work-flows for customer onboarding, credit evaluation, loan dispatching, collections and closures was automated.
Automated Interest Engine: Flexible calculation engines for computing flat rates, on outstanding balance, penalty computations, custom schemes etc automatically were developed.
Chit,scheme,auction management: Dedicated modules for managing member bids,chit cycles,auction timings and winners were built..
Financial MIS & analytics dashboards: Real-time analytics dashboards provide management with an immediate view of all the disbursements made, active loans, overdue records etc.
B. Field Agents Mobile App (Flutter Android)
On-Site EMI Collection: enabled Field agents to log Cash and Digital collections from the field directly and have it received digitally.
Real-time sync: secure RESTful APIs were implemented for the instantaneous sync of data from devices to the central database.
Route and Customer Allocation: User-friendly interface to view assigned tasks from field agents to easily log daily collection data and keep track of targets set.
C. Customer Mobile App (Flutter Android)
Self Service Borrower Portal: End users were provided access to their active loans, loan repayment schedules and payment receipts at any time.
Automated payment reminders: Automated push and SMS notifications were delivered to users for upcoming payments, penalties and receipt delivery.
Role Based Access control: multiple tiered access controls based on roles like Branch manager, Loan officer, collections agent, platform admin, etc were implemented.
Encrypted data pipeline: All rest API endpoints and customer data were secured at bank level using encryption.
Loan Approval & Processing Speed:
Legacy Setup: Required 2-4 working days due to physical processing through paper.
Kkeydos Custom Engine: Under 30 minutes with KYC online and automatically processes the entire process.
Field EMI Collection Syncing:
Legacy Setup: Manual paper registers for field agents, later updated in the central system after the day completion.
Kkeydos Custom Engine: Seamless and real time synchronization through agent flutter mobile and database system.
Financial Calculation Accuracy:
Legacy Setup: manual ledger entries may face errors and delay interest calculations.
Kkeydos Custom Engine: Provides 100% automatic financial calculations, error free audit log with daily reports.
Customer Access & Transparency:
Legacy Setup: Borrower did not have access to repayment schedules or outstanding balance.
Kkeydos Custom Engine: Full self-service application with continuous access and 24/7 display of loan, repayment alerts and history.
Data Security & Record Centralization:
Legacy Setup: Data stored in spreadsheets is spread across several files with increased security risks.
Kkeydos Custom Engine: Encrypted system through a restricted portal with all controls under RBAC.
Our robust framework was used in the execution of the Lending Management System platform:
• Discovery & Technical Strategy - Detailed understanding of the NBFC operational flows, collection processes and security issues.
• Architecture & API Mapping - Designed of database architecture, of RESTful API routes and role based access permissions.
• UI/UX & Mobile Prototyping - Design of User-friendly, fast, interactive interfaces for Admin and end customer.
• Full stack Development - Developed Admin panel using PHP Laraval and mobile apps (Android and iOS) using Flutter.
• QA, testing & Deployment - Conducted end to end testing and security tests and UAT before live launch.
• Complete Loan and Lending Management Engine
• Customer and KYC digital management
• Automated Interest and Penalty calculation engine
• EMI collection and real-time tracking of payments
• Chit and Scheme management system
• Auction management and bidding log
• Financial reports and Executive Management MIS dashboard
• Agent management using Flutter Android app
• Customer Self-Service Application
• Role based access control
• Secured REST API integration and encryptive data pipeline
• Automated SMS and App notifications
Q1. What is the main essence of the Lending Management System case study?
Ans. The Lending Management System case study explains how Kkeydos developed and delivered a complete automated end-to-end Lending Management System having a PHP Laravel web portal and custom Flutter mobile application to an NBFC based in Hyderabad.
Q2. Which are the most tech stacks that have been implemented?
We are utilizing the PHP as we know that its used most in the system, and then it comprises of Laravel, HTML5, CSS3, JavaScript as well with MySQL as backend, then for Android mobile applications of it, we have utilized Flutter and then it was protected with RESTful APIs.
Q3. How can the mobile application help the field collection agents?
Ans. The Flutter mobile agent app enables field agents to record the on-spot EMI collections, directly generate digital receipts, and synchronizes real-time to the central database.
Q4. Can the Lending Management System automatically handle interest calculations?
Ans. The automatically implemented interest calculation engines are built to implement the flat interest, reducing balance, penalty, chit schemes & custom lending systems.
Q5. Is the financial data of customers secure in the system?
Ans. Yes. Using end-to-end API encryption, Role-Based Access Control (RBAC) and secure MySQL database structures.
Q6. Can automated customer notifications be sent through the system?
Ans. Yes. The platform includes automated SMS and in-app notification for loan EMIs, payment confirmations and transaction updates.
Q7. Does Kkeydos develop custom fintech and lending software for other firms?
Ans. Yes. Kkeydos specializes in building custom fintech web portals, mobile applications, ERp's, CRMs for financial institutions, NBFCs and startups from all around the world.
Q8. What is the average turnaround time taken for custom financial management platforms?
Ans. Turnaround time for custom enterprise platform takes on average 6 to 10 weeks, which depends on complexity and integrated features.
Q9. What happens to source code upon completion of my project?
Ans. The client will be entitled to 100% full ownership of all custom source codes, mobile application files, databases and design elements upon final implementation and launch.
Q10. How can my firm get started with the web/mobile platform?
Ans. Reach us through the contact us page.
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