The project entitled “Revolutionizing Loan Processing” has two main objectives that are strongly interconnected.
Increasing halan loans wallet
them maintainingGuides loan officers and managers to prioritize certain deals and how best structure to them
Maintaining loan officers' managers’ self-esteem and income
UNDERSTANDING
Who is loan officers
Evaluating loan applications: Loan officers review loan applications to determine if borrowers meet the lending requirements of the financial institution. They assess credit scores, income, employment history, and debt-to-income ratios to determine the borrower's creditworthiness.
Verifying information: Loan officers verify information provided by borrowers on loan applications, such as income and employment history, to ensure accuracy and prevent fraud.
Negotiating loan terms: Loan officers work with borrowers to negotiate loan terms, such as interest rates and repayment schedules, that are favorable to both parties.
Processing loan applications: Loan officers process loan applications by gathering all required documentation and submitting the application to underwriting for approval.
Providing customer service: Loan officers work with borrowers to answer questions, provide information, and offer guidance throughout the lending process.
Ensuring compliance: Loan officers ensure that all lending practices are compliant with federal and state laws and regulations.
Overall, loan officers play a critical role in the lending process and help connect borrowers with the financing they need while protecting the interests of financial institutions.
Before jumping into the next design phase all we need to do is validate the problem. but most of us skip it. I am not sure how much I have come up with to validate the problem but tried to list out at least the major problems which are the pain points of most people who own things and face the problems when they want to buy a car or apartment even a desk.
UNDERSTANDING
challenges
What problems loan offier to get work done :
Meeting lending quotas
Loan officers are often expected to meet lending quotas set by their financial institution, which can create pressure to approve loans that may be riskier than they should be.
Dealing with difficult customers
Loan officers may encounter difficult customers who are unhappy with the lending process or who are not eligible for the loan they want.
Keeping up with changing regulations
Loan officers must stay up-to-date with changing federal and state regulations related to lending, which can be complex and time-consuming.
Managing paperwork
Loan officers have to gather and manage a significant amount of paperwork from borrowers, which can be time-consuming and tedious.
Managing paperwork
Loan officers have to gather and manage a significant amount of paperwork from borrowers, which can be time-consuming and tedious.
UNDERSTANDING
Solutions
What we could offer for the loan officers :
Online Application
This will allow potential borrowers to apply for a loan from the comfort of their own home or office, without needing to visit a physical location.
Automated Underwriting
can be used to analyze data and make loan decisions quickly and accurately. This can significantly reduce the time it takes to approve a loan,
Income maintaining
Increase the salary by adding variable incentives
Gamification system
Increase the value of their work by adding gamification system and KPIs
PLANNING
Planning
People aren’t sure that they want to keep living in the place they currently are and homes are not that easy to sell if you suddenly
decide you want to move and they are so busy enjoying life they put off buying a house.
B2B ((Busicness-to-Business))
The exchange of products, services, or information between businesses, rather than between businesses and consumers
PLANNING
Design Process and Timeline
The whole project involved UX and UI work, from the design thinking, testing & prototype.
PLANNING
Design strategy
Design strategy refers to an integrated planning process that examines the relationships beetween how design and business may complement one another. Simply put, the goal is to merge the business objective with creative solutions that moves beyond just aesthetics
What is business goals
managing various aspects of the loan process, from application to approval and disbursement
streamline the loan processing and management process, reduce errors, and improve efficiency.
automate and simplify their loan processing and management tasks.
analyzing creditworthiness, calculating interest rates, and monitoring repayment schedules.
provide features for tracking and reporting on loan performance, including default rates, delinquencies, and other key metrics.
What is General tasks
Loan application management :manage the application process from start to finish.
Creditworthiness analysis: Assessing a borrower's creditworthiness, such as credit scores, income verification, and debt-to-income ratios.
Loan approval and disbursement: Facilitate the approval and disbursement of loans, including generating loan documents, verifying borrower information, and disbursing funds.
Collection management: manage collections processes, including delinquencies, defaults, and other payment issues.
Reporting and analytics: reporting and analytics tools to help lenders track loan performance, identify trends, and make data-driven decisions.
Target users
Loan officers : Individuals who work for lenders and are responsible for processing loan applications, underwriting loans, and managing the loan portfolio.
Loan processors : Individuals who work for lenders and are responsible for processing loan applications, verifying borrower information, and preparing loan documents.
Critical success Factor
Efficiency: The loan management system should be designed to streamline loan processing and management tasks, reduce errors, and improve efficiency.
Accuracy: The loan management system should provide accurate and up-to-date information on loan applications, approvals, disbursements, repayments, and collections.
Scalability: The loan management system should be scalable to accommodate growth and changing business needs.
Integration: The loan management system should integrate smoothly with other systems and applications used by the lender, such as accounting software, CRM systems, and payment processing platforms.
Security: The loan management system should have robust security features to protect sensitive borrower and lender information.
Flexibility: The loan management system should be flexible to accommodate different loan types, repayment schedules, and other variables.
Reporting and Analytics: The loan management system should provide reporting and analytics tools to help lenders track loan performance, identify trends, and make data-driven decisions.
User Research
Time line and process
In Qualitative research, I have done 5 people, stockholders interview to know about online booking and how they deal with choose hotels
About the app
Managing lending system
Variety of tasks, such as setting up loan policies, evaluating borrowers' creditworthiness, and monitoring loan performance.
Collection
Tracking list of client’s installments
monitoring progress towards the completion of the installments.
Gamification
Leaderboard for competition
Display or list of the top performers in a competition, ranked according to their performance or achievement.
Gamification
Golden booth for top achievers
Highlight high performance loan officer every months encourage them to achieve more
Gamification
Variable incentives for maintain income
Rewards or benefits that are designed to motivate individuals or organizations to achieve specific goals or objectives.
Gamification
Every Achievements list of client’s
Recognize and reward individuals for specific skills, knowledge, or achievements.
Gamification
Recommend actions to help loan officer
Arrange tasks according to priority,Tasks are suggested to improve performance and rank in the leaderboard
LOCATION
Logging client’s locations
Help loan officers to track and log client’s location and project location
