Project Overview

Today, technology eases the way people seek financial support to fulfill their needs of funding, from meeting the needs of educational funds to personal installment. We are now living in a digital era where everything can be done practically with the help of technology and innovation. And, seeking financial support now can be found not only from a conventional bank but also from a financial organization that can help people get funding.

The client is a fintech company, a part of an Indonesian-based conglomerate who started the garment business and turned the focus to the bank industry. The company asked WGS to help them develop web and mobile applications which can simplify financiers and borrowers performing the lending process.

This application is developed for the purpose of providing a better and more efficient financial service to customers by using the advantage of the newest online technology. The system provides an ease to customers to apply for a financial service anytime, anywhere. The system backend will be used by admin, while the web and mobile application will be used by financiers and borrowers which covers the lending and borrowing submission through a bank transfer.

The Peer to Peer Lending platform covers three major roles, as follows:

1. Lenders
2. Borrowers
3. Admin 

We would like to share some interesting features in this application, as follows:

Web-based Frontend

1. Borrower Module
   This feature can be accessed and functions when it is used by the borrower user. The user can register as a borrower by filling complete personal data as an individual or corporate.
2. Loan Application
   On this page, the user can apply for loans and view funding confirmation from the admin after filling in the required loan data such as nominal, tenor, and payment method, and the funding approval will be sent through a notification from the system.
3. Lender Module
   This feature can be accessed and functions when it is used by the lender user. The user can register as a lender by filling complete personal data as an individual or corporate.
4. Funding
   On this page, the user can view the marketplace of borrowers who need funding and accept the loan request from the borrowers whether to fund partially or fully finance it.
5. Referral Program
   This feature provides opportunity for people who interested to earn additional income by referring the potential borrowers and lenders to the system.
6. Co-branding Lending Program
   This feature offers organizations interested in joining a partnership in the co-branding lending program to offer loans to their own customers with the capital provided by the system.

Web-based Backend

1. Loan Management
   This feature provides access for the internal staff (the loan officer) and the admin to view the customer's loan submission data in details and giving permits for selected data to be included in the loan marketplace in the system.
2. Payment Management
   This feature provides access for the internal staff (payment officer) and the admin to view the data of the loan nominal that is applied by the borrowers and the data of the lenders who give lending complete with the tenor details through the system.
3. Reporting
   This page grants access for the loan officer and admin to create a loan submission report which displaying the detailed data of the borrowers and the lenders, including the report of loan tenor scheme individually.

Mobile App

1. Borrower module
   This feature can be accessed and functions when it is used by the borrower user. The user can register as a borrower by filling complete personal data as an individual or corporate.
2. Lender Module
   This feature can be accessed and functions when it is used by the lender user. The user can register as a lender by filling complete personal data as an individual or corporate.
    

Business Issue

The development of microlending to individuals with few assets is increasing in developing countries while the number of social-minded lending entities is not enough to cover the demand of the market, therefore, the company offers an easy process for individuals to apply for small loans.

Business Solution

The company has developed the web and mobile application that offers ease for customers who seek for loans with a faster process anytime from anywhere without hassle to the conventional banks.

Lesson Learned

The growth trend in peer to peer lending is positively increasing over the previous year and if there are no massive obstacles, this business is going to make the small business owners cannot afford to ignore this beneficial platform.

Benefits

The tool can help a company to cut costs on physical infrastructure and operation costs since all processes are moving into online operations, while the customers can save time and avoid difficulties of applying loans to traditional banks.