In the rapidly evolving financial services sector, customer experience has become a key differentiator for success. To meet the demands of tech-savvy customers and streamline lending processes, financial institutions are leveraging customer portals to provide a comprehensive 360-degree view of lending, services, and automated underwriting decisions.
Ezycon implementation of a customer portal in a lending finance institution has revolutionized the customer journey, enabling instant decisions, informed product choices, and seamless contract completion. The Client aimed to provide customers with a user-friendly portal that would offer real-time insights into their lending options, facilitate instant underwriting decisions, and allow customers to track their application progress until contract completion.
Manual underwriting in high-risk lending scenarios has historically been a time-consuming process fraught with challenges. Some of them are listed below:
Process Opacity: Customers lacked visibility into their application status and had limited access to relevant information about available lending products.
Customer Interaction with business: Manual communication methods made it cumbersome for customers to track the progress of their application and contracts, often leading to confusion.
Suppressed business growth: Low performing applications, high investment in on-premises infrastructure not yielding expected result.
Process delays: Reviewing and verifying extensive documentation, including customer financial records, bank statements, and credit history, consumed hours or even days.
Drive to accomplishment
To address the challenges, the Client engaged Ezycon and embarked on developing an integrated customer portal that would provide customers with a seamless lending experience.
Leveraging new world technologies, the following solutions were implemented:
Instant Underwriting Decisions: Customers could input their financial information and lending requirements into the portal. The portal utilized automated underwriting algorithms to provide instant lending decisions, eliminating delays.
Product Comparison: The portal displayed a range of lending products with detailed information about interest rates, repayment terms, and eligibility criteria. This empowered customers to make informed decisions aligned with their financial goals.
Application Tracking: Customers could track their application's progress in real-time, from submission to underwriting to final approval. This transparency reduced customer anxiety and improved engagement.
Document Management: The portal allowed customers to securely upload necessary documents, manage their documents, streamlining the application process and reducing the need for physical paperwork.
E-Signature and Contract Completion: Once the lending application was approved, customers could review and sign contracts electronically through the portal, expediting the process and eliminating the need for in-person visits.
The Outcome
The implementation of customer portal yielded remarkable results:
Improved Customer Experience: The customer portal provided a user-friendly and efficient platform, allowing customers to access lending options, receive instant decisions, and track their application progress seamlessly.
Faster Decisions: Automated underwriting decisions reduced decision times from days to minutes, enhancing customer satisfaction and improving conversion rates.
Improved Transparency: Customers had complete visibility into the application and contract process, leading to reduced anxiety and improved trust in the lending institution.
Efficiency Gains: The portal streamlined document submission, contract signing, and communication, resulting in increased operational efficiency and reduced administrative overhead.
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Mobility Technologies
“With 58% of market share of the world, Mobile devices have surpassed desktop usage (39%) and became
omnipresent in all walks of our lives, also becoming the largest entry point for any person into the
technology ecosystem and your business in the world.”
Any small device which allows the user to do computing on the go with small form factor and an emphasis on
mobility comes under the definition of mobile technology, with 58% users share of the world, mobile devices
have come a long way alongside in surpassing the desktop users which currently holds around 30-40%.
So, it's no coincidence that in recent times mobile has been a major entry point for everyone into technology
with mobile devices coming in every price range as well as being omnipresent in everybody's lives.
And In these fast times, every business needs to have their mark on the audience digital footfall and to do
so they need to create their brand on web & mobile, web being device agnostic and mobile having different
operating systems like android & iOS.
We will help you choose and build the right solution for your need.
React Native
Developed by Facebook, react native is the most used framework out there with 40% share, it is safe to
say why it’s a fav. For native cross-platform development, it is ahead of frameworks like cordova, flutter
etc.
By building app with the react native, it allows the code to be used between platforms resulting in lower
dev. Cost and implementation time. With one code which works between android, iOS and web. With such a
device agnostic approach the code as well as the application becomes easy to access for user and for devs
to implement & modify.
Its cross-platform compatibility allows developers to use a single code base for multiple platforms.
While its modular structure supports seamless use of modules across several APIs, GPU instead of CPU
offers powerful application performance. At Ezycon, we provide a range of custom app development
services based on our customer requirements and support them to maximise ROI and reduce the onboarding
time allowing the companies to take advantage of usability and functionality.
Android
Developed by google and available under open-source model android is the largest mobile OS taking almost
+70% of the market share and available across wide variety of devices ranging from large devices to small
across price range from affordable to the highest in the class.
With such a large share of the market it is safe to assume building apps on android helps in reaching
larger audience in any market segment across the globe. With the native features these apps provide the
best UX, alongside a thriving ecosystem which works on the playstore of android, the audience reach is
immense.
Our Android application development services support seamless customisation and integration with existing
business software.
At Ezycon, we put our customers' business priorities and security at the heart of our development.
Therefore, our bespoke integrations, features and rapid and easy growth allow businesses to use the app as
quickly as possible.
iOS
Developed by apple and available only on devices built by apple, Apples’s iOS is 2nd largest(28%) mobile
OS in the market Mosty included in high end devices which are top of the class in their market segment and
also considered one of the best devices regarding consistency, experience and ecosystem implementation.
Considering android is the largest OS out there, but not all the markets have the largest android users,
in those markets building the iOS apps are a must to reach the largest audience.
At Ezycon, we ensure easy integration and scalability for your business application throughout the
development cycle.
We can support you with securing enterprise data, compliance, generating revenue through the App store,
and achieving ROI.
Our Technologies
Backend
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et ea.
Frontend
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Cloud & DevOps
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et ea.
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