Loan Cirrus is your modern financial companion, reimagining the loan experience for you. It is your go-to destination for tailored loan solutions that align with your goals and dreams. Powered by VMBS’s 144 years of expertise, it offers a path to financial empowerment.
Discover fast processing, affordable payments, and expert guidance. With Loan Cirrus, your financial journey becomes seamless, accessible, and filled with opportunity.
Our clients’ needs were driven by the real challenges borrowers and lenders face in the lending journey. For borrowers, the frustration of waiting for loan approval decisions was a pain point. They wanted a simpler way to submit loan applications and necessary documents, as well as clarity in understanding where their application stood. Communication with lending officers felt confusing at times, and accessing loan details was not straightforward. Borrowers also yearned for a way to easily compare loan products and rates.
Lenders, on the other hand, were dealing with manual processes that caused errors and delays, making compliance with regulations difficult. The risk of fraud due to inconsistent procedures was also a concern. Loan origination, servicing, and collections often worked in silos, and the lack of robust analytics hampered decision-making. The inefficiency of the systems meant higher processing costs and delayed product launches. Lenders wanted to create distinct loan products for borrowers and introduce new ones without prolonged IT delays.
During our journey, we faced technical hurdles while connecting with old systems like core banking and credit bureaus. Handling a lot of lending data led to concerns about the system’s speed. We worked hard to make sure that the models used to measure credit risk were accurate. Balancing the need to spot fraud while keeping borrower information safe was a big task. The system also had to be able to handle a sudden increase in users and complex loan types.
When it came to designing the system, we had some challenges. We needed to create easy steps for people applying for loans and make sure that verifying and giving out loans was smooth. We also had to make sure that both people taking loans and those lending them could use the system easily, whether on the web, mobile, or in person.
Dealing with rules and regulations was another obstacle. There were complicated rules to follow, and we had to make sure our system matched them. Staying updated on changing rules was an ongoing task. We also had to adjust the system to fit the specific rules of different places. The system needed to show that it followed the rules, which meant keeping track of all the right records.
Getting everyone on the same page was a challenge too. We needed to make sure that the IT, business, and operations teams all worked together. Changing the way things were done and getting everyone used to the new system was a big job. We also had to teach many people how to use the new system so that everyone could switch smoothly.
Our journey with lenders began with understanding their unique needs. We collected requirements on loan types, workflows, and integrations needed, which laid the groundwork for our platform’s design.
Moving into the build phase, we created a user-friendly borrower portal for loan applications and an admin portal for lenders. Integration with credit bureaus and banking systems was executed via APIs. Additionally, we developed a decision engine using risk models and rules, along with reporting tools for lending KPIs. Security controls and access policies were established.
During testing, we carefully ensured module functionality and compliance with lending regulations. Load and performance tests validated scalability. Bugs were identified and fixed before release to ensure a seamless experience for lenders.
With a solid foundation, the minimum viable product (MVP) was deployed. We diligently monitored the platform’s health post-launch, addressing concerns and ensuring uninterrupted service. Ongoing support included addressing bug fixes and implementing enhancements.
Beginning with borrowers, we deeply explored diverse loan types to create a comprehensive platform blueprint. Collaborating with clients, we designed a roadmap that guided the development journey.
Transitioning to building, we crafted a borrower portal for easy loan applications and document uploads. Integrations with credit bureaus and core banking systems were established. The platform featured a decision engine powered by risk models, along with reporting and analytics tools. Robust security measures were implemented.
Thorough testing ensured module reliability and compliance with regulations. Scalability was validated through load and performance tests, and any issues were resolved pre-launch.
The minimum viable product (MVP) was introduced, followed by vigilant post-launch monitoring to ensure platform functionality. Our commitment extended to supporting bug fixes and enhancements, ensuring a seamless experience for borrowers.
We used special tools and software to build the GovWins Web Application, making sure everything worked well together. Here’s what we used:
Imagine a lending landscape transformed by a 50% reduction in processing times. This is the reality for institutions that have optimized their loan approval process. The benefits extend far beyond speed, impacting both lenders and borrowers, ultimately driving significant business growth.
Surge in Approvals: A 25% jump in approval rates translates to a larger pool of qualified borrowers, fueling portfolio expansion by 50%. This translates to increased revenue and market share.
Cost Optimization: Streamlined processes deliver a 30% reduction in loan costs. This translates to better margins and improved competitiveness.
Fraud Prevention: Faster processing allows for more robust fraud detection, minimizing losses and protecting the lender’s financial health.
Regulatory Edge: Faster approvals and streamlined processes simplify compliance with evolving regulations.
Innovation Powerhouse: Reduced processing times free up resources for faster development and launch of new loan products, keeping lenders at the forefront of the market.
Speed and Convenience: Gone are the days of waiting weeks for a decision. With minutes-long approvals, borrowers secure funding faster, capitalizing on opportunities and managing finances efficiently.
24/7 Access: Real-time application tracking through online portals provides transparency and empowers borrowers to manage their loan journey with ease.
Increased Access to Credit: A higher approval rate translates to more borrowers securing the funds they need, fueling economic growth and fostering financial inclusion.
| Impact and Results | ||||
|---|---|---|---|---|
| Lenders | 50% faster loan processing | 25% higher approval rates | 30% lower loan costs | Faster new product launches |
| Borrowers | 15% more approved applications | Minutes for decisions | 24/7 access for tracking | Faster new product launches |
| Business Benefits | 50% portfolio growth | Reduced fraud losses | Regulatory compliance | Faster new product launches |
You can save 10% to 15% of costs if you hire offshore developers from QServices. You may calculate your estimated cost by visiting the QServices Pricing Calculator
To successfully hire offshore developers, you should have to pitch us on call, you must move forward through the proper procedure. As the maestros in building and hiring offshore teams, we believe that we’ve come closer than anyone else to mastering the technique. Hiring offshore developers include;
QServices is a well-known Software development outsourcing company for its exceptional support and services such as task management, project tracking, dedicated QA, dedicated project manager, free support in selected pricing modules, etc.
Communicating effectively is perhaps the most crucial part of mutual understanding. A team of QServices usually uses MS team, Skype, etc. Also, we’re ready to adopt any other communication platforms according to your preference.
On average, hiring an offshore software development team from QServices takes approximately of your 30 minutes to 60 minutes.
Our developers use project management tools such as GitHub, DevOps, and also we always followed Agile, Jira development methodologies which will directly or indirectly help clients to track the project’s success.
No, there is no other cost involved after the completion of hiring. We’re working on three engagement models such as;
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