PHP

Adroitent’s Software Engineering helped a leading financial services provider with an effective Auto Refinancing Platform and Improved Loan Workflow by 90%.

90% Improvement in Loan Workflows for FSRs

Improved Loan Closures by 90%

A Seamless Experience for both Lenders and Consumers

About the Customer

The customer is a leading financial services company that helps lenders reduce the cost of acquisition and quickly look and pick those consumers who would benefit from refinancing their current auto loans.
Business Challenge
The customer required a scalable auto refinancing solution to serve its financial service representatives (FSRs) to process and disburse auto refinancing loans quickly and efficiently. The customer also required efficient loan workflows by having seamless integrations with many Third-party APIs.

Solution Delivered
After a thorough analysis of the customer requirements, Adroitent’s core PHP teams were involved in developing an innovative auto refinancing solution specifically designed to optimize the loan workflow for the customer’s FSRs.

Project Activities

• Requirements elicitation and documentation: Teams were involved in gathering the requirements and documenting them and built the system ground up.
• Business logic and mockup screens: Detailed business logic was built using PHP source code. Mockup screens were developed with proper screen navigations.
• Architecture and UI/UX design: Architecture, design, and development of the solution was done with plug-and-play options. API integrations implemented using microservices. UI/UX design and wire frames were also done.
• Integrations, build, and release: A configurable workflow-based solution was developed with effective build and release management. Teams integrated the customer’s existing platform with strategic 16 third-party APIs and streamlined the processing of auto refinancing loan workflows. This integration ensured a smooth and seamless experience for both lenders and consumers.
• Quality assurance and testing: QA teams performed end-to-end testing including functional, integration, regression, and performance testing to validate the solution\’s performance and reliability.
• Maintenance and support: Subsequent maintenance and support services were provided post production deployment.

Key Features Developed

Lender interface interactions and document management: The various features developed were lender interfaces, inbound marketing for vendors/service providers, lender aggregations, loan application processing, vehicle information, and valuations, and handling of various deals finalizations.
Messaging queue implementation: RabbitMQ, a message-oriented middleware, was used for handling asynchronous integrations with third-party applications and message queue implementations.
Third-Party API integrations: The mainstream system was seamlessly integrated with 16 third-party APIs, facilitating data exchange and seamless functionality across systems.
Dynamic appending of data to PDF: The system was made to dynamically support the appending of data to PDF templates which was based on business rules.

Business Outcome:
Streamlined workflows and improved loan closures: With streamlined workflows, ensured quicker loan processing by 90% and loan closures also improved by 90% for FSRs.
Improved data exchange: Third-party APIs integration enhanced overall efficiency and facilitated smooth data exchange and communication between systems.
Reduced loan workflow gaps: As the solution had no integration gaps between the mainstream system and third-party APIs, it ensured uninterrupted loan workflow processes without gaps and ensured seamless functionalities.