of financing per annum
The journey of Finance App
Chad Hutchison from Optimize Medical Inc, sought a team that would build a finance application to bridge the gap between loan providers, seekers and facilitators in USA. While Chad wished to focus on marketing of the application, he wanted to hire a dependable team that could develop a quick prototype for users. Team Vinfotech welcomed the challenge.
Can we create an app that would transform a traditional finance market which is today valued at $1 trillion?
In our attempt at finding answers to this question, we devoured business models in the fields of hospitality, medical, IT, startup offices and technology and realized that non-sanction of loans affected their businesses directly due to want of right equipment. We contacted these enterprises – our end-users – to take us through the loan process that we intended to ease out through the application. We decided to build an algorithm in which even if a user’s loan is rejected by a bank, the system would suggest another loan provider.
Client's challenges & our solutions
It’s a $1 trillion market which is run by 1980s model of working. We need to change the industry norm into a more modern and updated process.
We would create an app providing various means to borrower category of users and the vendors who help banks get more business (customers and vendors).
We are apprehensive about how the entire data would be managed and how fast would be the application.
We would find out about the best possible loan solution built to your needs and connecting you to the best deals.
How do we make the application easier for users? How do we ensure that they keep coming back to the app?
Our solution would enable you to create and manage the proposals in such a way that vendors could increase their sales in simplest of ways in the app itself while users would come back due to easily available loans.
Calculate EMI instantly
Finance app with its in-depth algorithm enables users to calculate EMI based on the loan amount or type. The EMI also gets customized based on the user.
This application enables users to practically see the entire flow of loans from vendor negotiations to commission, interest etc. They can also view docs being exchanged. There’s a complete transparency in dealings which empowers users with information.
Easy proposal format
Vendors can create proposals on finance programs right within the application and send it to borrowers.
I want to know the cheapest available loans in America for enterprise purchases.
I want to know which loan would give me benefit over others.
I want to easily connect with my potential customers quickly through trustworthy facilitators.
I want to have a common platform for loan programmes and be able to sell them and earn profits.
I want to manage my borrowing and finances easily at one place and be in touch with loan agencies.
I want to have access to loans for my business as and when required.
During our market study and client workshops, we realized that we needed to incorporate one important feature in our prototype in one go. It was EMI calculator. As we made user profiles, created scenarios and interacted with Team Optimize Medical Inc, we realized this one feature would be the axis of the application.
We found out that USA was not a market where banks necessarily reached out to the customers directly for several reasons. Vendors played a key role in connecting banks with customers especially with purchases such as medical equipment, technology assets, office assets, hotel furniture etc. But there was a dearth of a technological platform that would bring in transparency and swiftness.
Engaging With Users
We gladly engaged into active interactions with enterprises in the US looking for loans and funding for growing business. We studied their personal and business profiles, understood their needs for loans and the challenges involved.
Business Assessment Document
We then consolidated our finding and segregated goals for each of the stakeholders in Finance App. We listed the business goals of banks, vendors and customers and aligned them onto a concept that catered to each one of them.
We did a role-play with Team Vinfotech and Team Optimize wherein we asked people to list their priorities as – banks, vendors and customers looking for loans. This creative exercise got us all onto one page where we concluded that each party was looking for growth in their business.
We created, analysed and integrated multiple proofs of concept (POCs). We presented 4-5 wireframes to the client. We finally zeroed in on a white label product which would be provided as a Saas-based service.
Here we had a product that was extremely specific and crucial to business growth of users. Our designers came up with the most pleasant and UX-focused designs that would make navigation easier without compromising on the seriousness and transparency of the product.
We kept several quality parameters in check as we engaged into the front-end development of Finance App. Our challenge was to make a completely trustworthy and transparent finance mechanism.
Our developers kept user profiles and scenarios before their eyes as they were busy developing the various functionality and features of the application. We got instant feedbacks from users at this stage and incorporated some of their inputs.
We involved all the four important parties for testing the application – Team Optimize; bankers; vendors and users. Their first reactions and inputs helped us make some crucial changes that added to the robustness of the product. After the beta version, the final version was launched well within the deadline. Finance App is free for users while there’s subscription for vendors.