We helped a leading auto lending software provider in the US to develop their loan origination software product.
The client develops SaaS based loan origination software solutions for small and mid-size, and large auto finance lenders. They are a leading player in the United States, catering to banks, credit unions, and auto lenders.
Through our partnership, the client was able to expand their product lines more rapidly and deliver their out-of-the-box solutions for their clients.
We ensured faster time to market by implementing DevOps and providing a dedicated team of experts.
The client was looking for assistance in setting up a dedicated team which will take requests for feature enhancements from their customers and manage processes and estimates through testing and delivery.
We provided the client with a dedicated product development team.The team would be engaged with the client for all of their product development needs. The team assisted the client in end-to-end product development including design, development, testing and support. The primary challenge was to transition from the existing vendor and quickly take over the development and enhancement requirements. We could mitigate this using a well-defined step-by-step service transition process. We started with a small 3-member onsite team for business understanding and project take-over from the existing vendor and later on ramped-up and extended the core team to a 50-member team over 4 months.
We followed a tried and tested methodology for setting up the dedicated team:
- Assessment: Understand objectives and goals, establish collaboration model, examine scope activities, Knowledge Transfer (KT) for application development, enhancements and support.
- Adapt: Establish steady state process set up, retain and scale up the team to bring into fully service delivery mode, evaluate and modify the operating model as required, fine tune collaboration model established in the previous step, gain in-depth knowledge and understanding of application for support and development.
- Accelerate: Setting-up product support and development teams, continuous process improvement, establish DevOps and acquire experience in jointly (client and RapidValue) performing the delivery process.
DevOps was established for continuous process improvements. By implementing DevOps, we were able to deliver the product at high velocity thus accelerating the time to market. With their product quickly in the market, the client was able to start generating revenue faster too.
How we built a hassle free loan origination system that offers lenders scale, flexibility and speed of implementation.
The loan origination system is responsible for generating loan applications and setting up the rules regarding sanctioning of loans. Lenders can easily fetch information they need through integrations with the industry’s most powerful third-party data sources such as DealerTrack. The lenders can also self-integrate using flexible APIs and the system is entirely configurable with users being able to set up their own decision rules. The front end of the system was developed using Angular.js, React.js and Razor while the back end resides on SQL server.
In just one and half years of time, the client achieved an annual savings of around $1.2 Mn with 45% faster turnaround time.
The LOS system provided lenders with freedom, flexibility and foresight to a successful lending future.
The RapidValue team interacted with the client’s top customers to ensure that the integrations are properly done so that the results achieved are always optimal. The system ensures that users have the flexibility on how they want to use it and also gives the users the freedom to configure it anyway they wish. Users have the freedom to:
• Automate as much or as little as they want.
• Change configurations on the fly without any coding.
• Easily analyze the data through dashboards and generate reports.
We have also ensured that the transferring and receiving auto loan documents are in compliance with the UCC9-105 requirements. We have become a trusted product development partner for the client. After the success of the LOS system, the client was very impressed with our commitment and dedication towards developing the best software product at the least possible time. The client has now engaged our services for the development of three other products to fuel their growth.
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