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funding.com.au

Custom Software Development for Fintech company funding.com.au

Funding started operations in 2015 when founder and CEO Jack O’Reilly identified a gap in the market. The big banks were not effectively serving short-term mortgage customers. People who deserved better were not being offered the right products for their needs.

Since inception, Funding has rapidly grown to become a reputable non-bank fintech and the #1 choice for bridging loans in China.

Funding.com.au, the short-term mortgage market player, approached ZOFELA as a leading software development company when the company was looking for an outsource software development provider for its short term-loan project. To ensure the stability and reliability of the loan issuing system, ZOFELA improved the business continuity by ensuring that Funding.com.au received correctly decoded information from potential customers and can provide timely responses for each request.

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Our Approach

01
The Objective

Funding.com.au approached ZOFELA when the company was looking for an outsource software development provider for the Loan Portal project. The task was to allow potential customers to make an application, for admin people to approve the application and refer the investors, investors to review the application and make a funding offer, and funding.com.au to facilitate the funding.

Short term loans are the focus of funding.com.au project. The aim of this service is to grant a person a loan based on the personal information submitted in an online form. The key is to provide the proper process of evaluation of the solution to ensure the appropriate customer experience for funding’s target audience.

  • Potential customers can fill out the form from the website and make an application for the loan
  • Funding.com.au admin team review the application and forward it to the group of investors.
  • Investors assess the application and make an offer
  • Funding.com.au to facilitate the settlement and organize a direct debit for repayments
  • Empower investors with modern technology, timely capital to fund opportunities, and the confidence required to unlock the value of short-term mortgages
02
The challenge

The aim was to make the registration and application process easier for the applicants, and, at the same time, allow cliens to efficiently track, approve, and disburse business loans to those eligible.

Given a large number of potential users, the system also needed to be highly intuitive. Multiple critical UI/UX considerations had to be kept in mind.

Funding.com.au required API integration with the different investors system where the funders were not using the main portal. Different providers used different mechanism and we needed to make sure that our middleware was capable of interpreting the information and translating it to the right data set.

In addition, information providers establish their own policies and rules to ensure their operational activity. In this case, our team had to become familiar with these policies & documents and make sure the solution’s information-related practices correspond with the ones used by information providers.

03
The Solution

ZOFELA started the software development process by conducting a rigorous discovery phase. We conducted the user requirement discovery session followed by user persona development, competitor analysis, detailed UX study and then a detailed software requirements specification was compiled. This document contained all the functions and features that the client wanted as part of the new software development for funding.com.au

Given the client’s express requirement, the loan management software was designed with maximal user-experience in mind. The simple and intuitive interface allowed investors to easily review and manage loan applications and draw up relevant reports. The application is also optimised for mobile devices, including tablets.

  • Multi-user level environment (Partners, Borrowers, and Loans Provider)
  • Robust, scalable, and secure app architecture
  • Built-in features for high performance
  • An intranet platform for employees;
  • An external app for partners and clients. Security – high-security level respecting current industry best practices to protect customer information and deter unauthorized access;
  • Scalability – the solution is based on an architectural design capable of future scaling to any servers running the application tier;
  • Availability – the system requires guaranteed “four nines” availability;
  • Performance – the system requires performance levels sufficient for smooth operation under the projected storage and traffic workload. The app integrates several performance features, like:
  • loan tracking – both the client and the bank can track the loan stages;
  • extended requests– by adding new information/document to the initial loan request, based on its stage;
  • loan approval – automated/manual approval process according to the loan’s stage;
  • Authentication – access is strictly limited to authenticated users;
  • Concurrency/Transactions – the ability to serve many users simultaneously;
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