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Address Delaware , USA
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Email info@upcoretech.com
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Phone +1 (302) 319-2026
In the ever-evolving landscape of financial services, agility and adaptability are paramount to staying ahead of the curve. For a reputable financial services company with a nationwide presence, the challenge of managing consumer loans efficiently and transparently became increasingly daunting. Recognizing the limitations of their existing off-the-shelf loan management software, they embarked on a mission to revolutionize their processes through a custom-built, end-to-end loan management solution. Enter Upcore, a software development powerhouse with a proven track record in the financial services domain is poised to transform its client's vision into a reality.
The client, a respected financial services company with offices spanning across the United States, specializes in providing consumer loans, including personal loans for individuals with less-than-perfect credit histories. Their commitment to offering flexible repayment plans tailored to individual financial needs solidified their position as a trusted partner in the industry.
Initially, the client relied on out-of-the-box, on-premises loan management software to centralize customer and financial data, automate lending and borrowing processes, and control loan repayments. However, as their business evolved, the limitations of this prebuilt tool became increasingly apparent. The software lacked the comprehensive functionality required to meet their specific loan management needs and could not be efficiently customized to accommodate their unique processes.
Furthermore, the existing system failed to seamlessly integrate with the client's corporate software and essential external systems, creating silos of data and hampering operational efficiency. Recognizing the need for a tailor-made solution that could adapt to their ever-changing requirements, the client decided to invest in creating their own loan management system, fully aligned with their business objectives.
With over five years of experience in building software for financial services companies, Upcore emerged as the ideal partner to bring the client's vision to life. The collaboration commenced with a comprehensive requirements-gathering phase, wherein Upcore's business analysts meticulously elicited detailed requirements for the loan management system.
Based on these insights, Upcore's solution architects crafted an optimal architecture, feature set, and implementation tech stack for the software. This rigorous planning phase laid the foundation for accurate resource estimation, project deliverables, budgeting, and scheduling, ensuring a seamless and efficient development process.
To meet the ambitious project timelines, Upcore assembled a dedicated, full-scale development team comprising a project manager, a business analyst, three full-stack developers, two front-end developers, two back-end developers, and manual and automated testing engineers. With a strategic focus on balancing project budget and quality, the team was carefully curated with senior- and lead-level talents, each with extensive expertise in financial software development.
Throughout the development process, Upcore's experts prioritized maintaining a healthy similarity between the new solution's business logic, user experience (UX), and user interface (UI) with the client's previously used off-the-shelf loan management tool. This strategic approach aimed to minimize disruptions to the client's established business processes and ensure a seamless transition for their employees and customers.
Before commencing the coding phase, Upcore's team meticulously established the necessary infrastructure, including container orchestration, continuous integration/continuous deployment (CI/CD) pipelines, cloud automation, and more. This proactive measure facilitated and accelerated the solution's development, integration, testing, and deployment, ensuring a streamlined and efficient delivery.
At the heart of the project was the client's need for robust automation of their specific lending-related processes. To address this critical requirement, Upcore's team delivered a comprehensive suite of functionalities, including:
The solution empowered users to effortlessly create and submit loan applications and contracts, streamlining the entire process and minimizing manual intervention.
Leveraging data from the client's history of collaboration with customers and integrating with major credit bureaus, the system automated the verification of customer credit ratings, ensuring informed decision-making.
Adhering to relevant federal and state regulations, the software automated the generation of loan documents, eliminating manual errors and ensuring compliance.
Intuitive dashboards provided real-time updates on granted loans, received and due loan repayments, enabling stakeholders to stay informed and make data-driven decisions.
The solution streamlined the debt collection process, freeing up the client's employees from time-consuming manual tasks and improving efficiency.
With over 50 types of scheduled and ad hoc reports, covering various parameters such as period, client, office, and more, the system empowered users with comprehensive insights into credit applications and repayments.
To further optimize the client's operations, Upcore's team seamlessly integrated the loan management solution with the client's existing software ecosystem, a nationwide SMS service platform, and customer credit rating systems of the three largest credit bureaus in the United States. This strategic integration eliminated the need for double data entry on granted loans, liberated the client's employees from tedious debt collection tasks, and significantly improved the speed and accuracy of lending-related decision-making and loan repayment statistics reporting to relevant institutions.
Throughout the development process, Upcore's quality assurance specialists conducted rigorous manual and automated testing in parallel, promptly identifying and addressing defects to ensure a high-quality product. Additionally, the solution underwent extensive user acceptance testing on the client's side, verifying its user-friendly UX and UI, further solidifying its suitability for the client's operations.
As of August 2022, Upcore has been collaborating with the client for approximately two years, during which time they delivered a comprehensive, custom-built loan management solution that precisely aligns with the client's specific business requirements. Upcore's expert guidance on optimal software architecture, functionality, and technology stack, coupled with a strategic approach to resource management, enabled the client to optimize their project budget while ensuring the highest quality standards.
The seamless integration of the loan management system with the client's existing software ecosystem, external SMS platforms, and credit bureau systems has revolutionized their lending processes, eliminating data silos, enhancing operational efficiency, and fostering informed decision-making.
With robust automation at its core, the solution has streamlined loan applications, credit verifications, document generation, debt collection, and reporting, enabling the client to deliver exceptional service to their customers while maximizing productivity and compliance.
To bring this transformative solution to life, Upcore leveraged a cutting-edge technology stack that combined proven frameworks and tools with cloud-native technologies, ensuring scalability, security, and future readiness. The core components of the technology stack include:
1. .NET Core: A modular, cross-platform, and open-source developer platform for building modern, cloud-based applications, providing the foundation for the loan management system's backend.
2. Angular: A powerful, TypeScript-based web application framework, that enables the development of dynamic and responsive user interfaces for the loan management solution.
3. TypeScript: A superset of JavaScript that adds optional static typing, improving code maintainability, tooling, and developer productivity.
4. Bootstrap: A popular front-end framework for building responsive, mobile-first websites and applications, ensuring a consistent and visually appealing user experience across devices.
5. Microsoft Azure Cloud: A comprehensive cloud computing platform, that provides a secure and scalable infrastructure for hosting the loan management solution, enabling seamless integration with the client's existing systems.
6. Azure DevOps Services: A suite of modern DevOps tools and services, facilitating collaborative planning, continuous integration, load testing, and deployment, streamlining the application lifecycle management process.
7. Docker: A containerization platform, that enables the packaging and deployment of the loan management solution as lightweight, portable, and self-sufficient containers, simplifying deployment and scaling across diverse environments.
8. Selenium: A widely adopted suite of tools for automating web browsers, employed for comprehensive end-to-end testing of the loan management solution, ensuring reliability and robustness.
9. Locust: A powerful, open-source load testing tool, used for simulating real-world user traffic and measuring the system's performance under varying loads, guaranteeing a seamless user experience even during peak usage periods.
By strategically combining these cutting-edge technologies, Upcore delivered a future-proof, scalable, and secure loan management solution, capable of adapting to the client's evolving needs and driving continuous innovation in the financial services sector.
