DEADLINE: December 2021 – May 2023 – present
PROJECT TEAM (OUTSOURCING): 1 UX/UI designer, 1 front-end developer, 2 backend developers
PROJECT COST: > 6.5 million rubles
The company has been involved in POS lending at retail points of sale for over 10 years. It acts as a broker, providing express loans for purchases through a platform that aggregates offers from various banks.
For retail businesses, collaboration is advantageous due to the quick access of customers to credit funds. For customers, it provides convenience and speed. For the broker, it translates to income for every loan issued.
After assessing the potential of their service, the credit company decided to increase profits by expanding the range of services. For this, they needed a new tool that integrates with the main software and brings obvious benefits to the client.
To create a platform with a borrower's personal account and additional paid services.
- Develop the core functionality of the personal account (PA).
- Implement service packages with the option of cancellation and refund.
- Ensure system support.
In the first iteration, we implemented the core functionality of the PA, addressing the borrower's essential needs: viewing information about loans, a visual payment schedule, notifications about payment deadlines and repayments. Later, we redesigned it, expanded its capabilities, added services, and enabled debt payment through the platform.
Let's take a closer look at how the borrower's personal account we developed is structured.
When a user applies for a loan through the broker service, it directs the information to our system. The data received through the integration bus is stored in the platform's database and serves as the basis for creating the borrower's personal account. An SMS with a link to the account is sent to the registered number, and all information about the granted funds is already available in the PA.
Upon loan approval, an email account is also created, used for sending notifications and receipts after payment. The email interface is displayed directly in the personal account, allowing users to access information within the system.
FUNCTIONALITY OF THE PERSONAL ACCOUNT
The first page of the PA is an event feed. It displays, in reverse chronological order:
- payment reminders and changes to their dates,
- confirmations of credit payments,
- requests to cancel additional services,
- messages about new loans through our broker.
The main section of the personal account is dedicated to issued loans. It contains information about all loans taken through the broker service. Here, the client can review the payment schedule, download the credit agreement, and learn about their package of connected services. The platform allows online payment and the option to decline unused or partially used services.
To enable online credit payments, we integrated a dedicated payment system. Through this system, the client tops up their personal account created by the bank during loan approval. During payment, they have the flexibility to adjust the amount and pay more or less than the designated installment.
A separate module within the section is dedicated to services that are activated when a credit agreement is concluded. They include enhanced platform features:
- reminders about upcoming payments via email and/or SMS,
- tracking of legal liabilities,
- monitoring of credit rating,
- credit insurance from the bank.
The system automatically configures the notification delivery range, taking into account the borrower's time zone to avoid inconveniencing them during the evening hours. The PA owner has access to editing the time interval according to their individual schedule. They can also temporarily disable or permanently opt out of messages.
The section with credit rating reports and data from the FSSN includes information about all of the client's loans, scoring score, outstanding debts, and overdue payments. This information is requested when relevant services are activated and is generated into separate PDF templates. Once the report is ready, it is sent to the client and duplicated in the system, allowing them to download it again at any time.
If a borrower wishes to opt out of connected services, they fill out a cancellation form. They select the services for which they intend to request a refund and submit the application. The refund amount is calculated, deducting the costs for already sent messages and reports for debt monitoring services. The client receives a refund only for the services they have not yet utilized.
The request to opt out of services is duplicated in Bitrix24 for operator review. To achieve this, we synchronized our platform with the accounting system and exported data to the BI analytics system. Using the obtained information, the credit company correlates subscriptions/cancellations and develops further sales strategy.
To address the specified tasks, we integrated the platform not only with the client's accounting systems but also established interaction with several third-party services:
- message sending,
- call verification,
- creation of email accounts,
- generation of reports on credit ratings and FSSN,
- online payments.
To avoid exceeding the messaging service limit, we implemented a notification distribution system. It queues notifications and sends them sequentially throughout the day.
We also implemented a robust logging system for all user interactions and workflows. This helps retrospectively analyze user actions and understand the causes of issues. We introduced automated tests and a static code analyzer. Information about any abnormal situations promptly reaches developers and PA stakeholders through a Telegram channel.
The fintech product we developed is a functioning platform for the credit company, with over 400,000 registered borrower's personal accounts. The company received a tool that meets the specified requirements.
The functionality of the personal account allows the broker's clients to control the loans granted to them through the main service. Borrowers can connect a package of services that assist in:
- monitoring payment deadlines and changing their dates,
- making payments through the personal account and choosing the amount,
- receiving reports on credit ratings and from the FSSN,
- storing and downloading documents.
As of the writing of this case, we continue to collaborate with the credit broker, expanding and enhancing the system's functionality.