6x Increase in Customer Engagement for an Independent Loan Management System Service Provider
The development team at Trantor translated our business need into a robust functional platform. And [they] worked hand-in-hand with our team, guiding them throughout the migration making the entire process as seamless as it gets. We are totally impressed by their expertise in the finance domain.
Business problem
The client wanted to upgrade its platform to make it more flexible and intuitive – to meet customers’ expectations. In addition, they were looking to streamline internal operations through the new platform ensuring that the platform promoted information sharing, usage methods, and operating rules within teams.
The client wanted to migrate to an upgraded, automated platform that would enhance the user experience, resulting in increased user engagement.
The existing platform was time-consuming and nonintuitive, frustrating a lot of users.
No centralized, real-time view of the collateral was available
The current system was redundant requiring data duplication, which was time-intensive
Maintaining compliance requirements had become a challenge
Couldn’t cater to multiple concurrent users, either on the frontend or the backend
The client knew that they needed to upgrade their platform before they lost business to savvy fintech startups. However, the Client also feared that
The slow rollout of new functionality/asset classes would hinder smooth migration
Vital data may get lost during migration
Existing customers may get poor user experience and may drop out
Solution delivered
Trantor combined its deep experience working in the finance domain with its expertise in Apache Camel, Java, Spring, Oracle and Hibernate to create a customized automated solution for the client.
Trantor team carried out extensive research, including an in-depth study of the client’s competitors and customers to understand what unique features could be added to the platform. Highlights of the solution include:
Trantor started by applied expertise to customize Salesforce. Java API was created to amalgamate all leads from different partners under one platform.
Risk modeling APIs were used for robust fraud detection.
Enhanced credit scoring, pricing, and business rules engines
Integrated third-party services like Yodlee, Credit Bureaus
Upgraded framework & performed data migration
Applied ServiceMix, Fuse, OSGI, and XML/XSD/XSLT for creating a centralized automation solution
Results
Enhanced customer engagement by 6x
90% increase in platform user rate
Business speed increased by 60%
Improved portfolio management