Fibonalabs build a robust digital system to track and
improve financial operations for Lendstack, which led to reduced errors and an increase in
productivity.
Project Overview
The company’s client wanted to digitize loan processing and collection
processes. They needed a dashboard for better visualization of collection status.
With the increasing customers, it was becoming difficult to track the payment
collection and other financial operational details manually.
The challenge for us
Manual loan calculation & payment schedule
Real Time status of Loan collection process
Digitalization of the Manual Financial Processes
Microfinance institutions provide financial services to low income
population
but the loan collection process have always been a challenge. the legacy system
takes time and resources and has a comparatively high error rate.
The company’ client required an application that can support microfinance
institutions and loan collection agents. they needed a robust and easy-to-use
application to maintain the loan details for each customer.
Client partnered with fibonalabs to build an application that can ease the
process of loan calculation and scheduling so that it can save time and improve
productivity
Our approach
We have designed and developed robust web and mobile application with the
help of a 4 D (Discover, Define, Design, and Develop) process.
Discover .
User Interviews, Stakeholder Interviews, Competitors Analysis
Define .
Persona, Use Case & User Journey
Design .
Wireframes, Visual Design
Develop .
UI Development & Testing
Our experts started by interviewing small finance executives and loan
collection
agents to have in-depth knowledge of the system and their needs. Through the
brainstorming sessions and ideation we were able to identify challenges and
areas of improvement of the financial process for the company’s client
(LendStack).
We defined a user case journey through the flowcharts for agents so that they
will be able to track loan status, collect reports, view customer details, and also
use messaging services through the application.
In order to give a smooth and flawless user experience to finance executes, we
started designing an application. We prepared wireframes for every option
available in the application. It included different sections that gave a clear idea
about the functionality to our visual designers. After the finalized structure
wireframes, our design experts converted the frames into the visual designs for
the development.
We used scrum agile framework for the rapid changes and continuous delivery
of applications. It is an easy and fast process to adapt to regular changes
according to circumstances. We worked in sprints for 3 months for the
successful development of the application.
Wireframe
Visual design
Value Delivered
We developed an interactive and
user-friendly
application for microfinance
institutions that has benefitted loan processing and collection process to
track the loan details and manage the accounts. Through this application,
the company’s client have boosted the efficiency and reduced the time of
tracking loan collection on a daily, weekly, and monthly basis. The
application also has resolved all the ambiguities facing in managing the
financial tasks.
We build an application that improved the efficiency of agents, reduced the
errors, and helped in speeding up the operations. To provide better visibility
of the accounts and loans, we created a dashboard in the application. It
helped agents to visualize, validate, and schedule real-time data of the
customers.
Improve Customer Retention by 20% due to
positive engagement &
last mile connectivity
