Industry
BFSI
Project Type
Financial Services Platform Development
Platform
Web
Country
United States
Duration
6 months
Team Size
7
Client
Bancr is a U.S.-based company specializing in innovative financial services solutions.
End User
Borrowers and lenders looking for streamlined loan application processes.
Problem Statement
Bancr aimed to develop a "financial dating" platform to connect borrowers with lenders. The platform needed to streamline the loan application process and ensure effective matches based on loan types and geographical expertise.
Challenges
- Simplifying the Loan Process: Streamlining the application process for businesses and enabling them to connect with multiple lenders through a single submission.
- Geographical Matching: Ensuring borrowers and lenders are matched based on their geographical area to leverage local expertise.
- Scalability: Supporting the rapid exchange of applications and documents between multiple businesses and lenders with minimal effort.
Our Solutions
We developed a web-based platform that enables businesses to efficiently connect with lenders by answering a few questions and submitting a single application. The system also allows lenders to review applications quickly based on their specific underwriting criteria.
Features
- Loan Matching System: Matched businesses with financial institutions and investors based on specific loan types and geographical proximity.
- Streamlined Application Process: Enabled businesses to submit applications and documents to multiple lenders with ease.
- Lender Onboarding: Simplified the onboarding process for lenders by automating application reviews according to pre-set criteria.
Core Team
- Project Manager: 1
- JavaScript Developers: 2
- Ruby on Rails Developers: 3
- UI/UX Designers: 1
Impact
40% reduction in loan application processing time for businesses.
30% increase in successful lender-borrower matches due to geographic-based pairing.
50% improvement in lender onboarding speed, allowing faster access to potential borrowers.
25% boost in lender engagement with the platform, driven by the simplified and efficient review process.
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