Lendstack: Digital Finance Transformation

Fibonalabs build a robust digital system to track and improve financial operations for Lendstack, which led to reduced errors and an increase in productivity.

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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 number of 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 the Loan collection process
  • Digitalization of the Manual Financial Processes Microfinance institutions provide financial services to low-income populations but the loan collection process has always been a challenge. the legacy system takes time and resources and has a comparatively high error rate. The company’s 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.

The 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 applications 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 visual designs for the development. We used the 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.

Value Delivered We developed an interactive and user-friendly application for microfinance institutions that have benefitted loan processing and collection process to track the loan details and manage the accounts. Through this application, the company’s clients 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 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.

Built With

  • scrum
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