Background

Credit UP” was founded in 2016 as an MFI lender providing payday loans to unbanked and underserved clients. The Company is currently exploring inventive approaches to enhance operational efficiencies and deliver improved services to its clients by expanding the scope of digital financial services.

Challenge

Credit Up has established three main objectives to enhance its financial services for its clients. Firstly, they aim to digitize loan origination processes completely to minimize the need for manual effort and reduce errors. Secondly, they aim to process more applications quickly by adopting an automated credit decision-processing system. Finally, they aim to improve operational efficiency and strategically allocate staff resources. By achieving these goals, Credit Up will provide better technological capabilities, enhance customer acquisition and experience, and eliminate the expenses and inconvenience associated with manual loan origination processes. As a result, the company’s services will become more efficient and cost-effective for its clients.The Company Credit UP required:
  • An end-to-end consumer lending platform to fully automate the lending process during the loan life cycle.
  • Real-time checks: ID verification, Know Your Customer (KYC) and Credit History
  • Real-time credit risk customer profiling. Built-in fraud detection rules to fight different kinds of cybercrime. Easily stay compliant with AML and KYC regulations.
  • Self Service Repayment module helps Borrowers efficiently perform various account-related activities, including making and scheduling payments, setting up autopay, customizing their payment plan, accessing statements, and updating account information.
  • Omnichannel Customer Friendly Digital Onboarding
  • Borrower Management and Communications automate omnichannel communication using personalized email, SMS text, direct mail, and phone calls. Automated email notifications triggered by workflow events.
  • Integrations with external data sources and APIs-payment getaway, electronic signature
  • Real-time reporting
  •   Modern technology stack that is efficient to maintain and update over time as data grows

Functionality

Fully Digital Loan Management Platform covers all stages of the loan life cycle, from loan origination to disbursement funds.Configurable loan application: A well-organized and easy-to-follow application process. Loan Application editor allows to create loan application workflows in a few clicks without the need for coding and special skills.Borrower Portal – omnichannel customer digital onboarding. The consumer lending platform allows Credit Up’s clients to check loan balances, track recent transactions, determine the following payment amount, and much more.Product Engine-. Management and administration of Products that help attract and keep more customer-tailored loan options.Credit Decision Engine Ready-made credit scoring solution Customizable credit scoring models, up-to-date credit policies, business instructions, and relevant data sources ensure an easy compliance experience.Document Management -All loan documentation and statements are automatically uploaded, generated, and readily managed: automatic document generation and electronic signature.Loan ServicingThe Loan Servicing System can manage all loan lifecycle events and transactions and effectively handle early repayment or rescheduling, expiry, and termination. The system has more than 25+ event types for different use cases. For effective operation and utmost efficiency, these events are supported by daily calculation of interest, fees, fee handling, notification creation, and automatic collection at the due date.Reporting & Analysis—Digital lending solution enables to generate unique reports and manage their loan portfolio effectively. Credit Up can create customized notifications that provide insights into loan origination, servicing, and risk management.

Result

Our team has developed a comprehensive solution that meets the primary requirements of our company in the Ukrainian market. We deliver complete lending fintech software that automates every step of the lending process.  Through investing in a modern loan origination system, Credit UP has made significant strides in many areas crucial to the business model – such as real-time credit decision-making and speedy loan disbursement of funds to customer’s cards. Faster loan approvals and allocation will reduce the “time to yes” to minutes. This also means zero paperwork and no face-to-face interaction, reducing loan processing costs. Furthermore, increased automation and robust back-end technology enable staff to be redirected from reviewing loan applications to work that adds value.