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SmartBank – Streamlining Loan Approval Processes

Company Name: SmartBank


Project Objective

SmartBank is currently facing challenges with lengthy loan approval processes, high error rates, and limited transparency for customers. These inefficiencies lead to reduced customer satisfaction and operational bottlenecks, impacting overall business growth. The absence of automation also increases the risk of non-compliance with regulatory frameworks. To address these challenges, the objective is to create a fully automated loan approval workflow that reduces processing times, minimises errors, ensures compliance, and provides transparency for applicants while enhancing operational efficiency.


Requirement

Design a system that automates critical steps in loan processing, including:

  1. Credit Scoring:
    • Automate the evaluation of creditworthiness using predefined criteria, such as income stability, credit history, and debt-to-income ratio.
    • Provide an automated scoring calculation with thresholds for loan eligibility.
  2. Document Verification:
    • Implement a secure workflow for customers to upload, validate, and approve required documents.
    • Use automation rules to verify document validity, such as checking expiry dates and matching names.
    • Notify customers in real time of missing or invalid documents.
  3. Loan Disbursement Tracking:
    • Develop a dashboard for employees to monitor loan status and disbursement timelines.
    • Track the turnaround time for each step in the loan processing workflow.
  4. Customer Transparency:
    • Propose an online portal to keep customers informed about their loan status and required actions.
    • Enable document submission, loan offer acceptance, and customer inquiries.

Detailed Features

App Features

  • Credit Scoring Module:
    • Define scoring parameters: income stability, credit history, debt-to-income ratio, etc.
    • Automate scoring calculations and define thresholds for loan eligibility.
  • Document Verification Workflow:
    • Allow secure upload of documents (e.g., income proof, identity verification).
    • Use automation rules to check document validity (e.g., expiry dates, matching names).
    • Notify customers of missing or invalid documents in real time.
  • Employee Dashboard:
    • Provide a central dashboard for loan officers to review credit scores, verify documents, and approve/reject loans.
    • Include tracking of turnaround times for each step in the process.
  • Customer Portal:
    • Provide real-time updates on loan application status.
    • Enable document submission, loan offer acceptance, and customer inquiries.

Deliverables

  • Phase 1 – Design and Mockups:
    • Detailed flowcharts for the credit scoring, document verification, and loan approval workflows.
    • Wireframes for the employee dashboard and customer portal.
    • Credit scoring criteria documentation, with formulas and thresholds.
    • Compliance checklist for regulatory requirements.
  • Phase 2 – Prototype:
    • Spreadsheet-based prototype for credit scoring calculations.
    • Web-based mockup of the customer portal with status updates and document submission.

Technology Suggestion

  • Excel: Credit scoring simulations and workflow tracking.
  • SQL: Basic database for document storage and loan data.
  • PowerPoint or Figma: Process flow and UI mockups.

Expected Output

  • Phase 1: Flow diagrams, dashboard and portal mockups, scoring criteria documentation.
  • Phase 2: Functional credit scoring tool and customer portal prototype.

Category: FinTech
Technology: Excel Figma SQL

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