CreditBook - Loan Management System
The Loan Management System is a comprehensive solution designed to streamline lending operations. With a focus on efficiency and clarity, this system serves as a centralized platform for collecting and organizing data throughout the loan application process.
People Involved
1x Product designer
1x Software developer
Responsibilities
User Experience and Visual Design
Timeline
1 month
Existing Product State
A lengthy process, mostly being done through manual processes with low visibility.
Initially, the Lending Operations team managed processes through manual paperwork, resulting in difficulty tracking progress on individual applications.
The lack of a centralized database for collecting incoming data posed challenges, especially for a remote-first team.
The absence of communication logs, previous application history, and records of rejected applications further complicated operations.
These factors collectively extended approval times for financing requests.
Discovery and Insights
Since the main users were internal team members, I directly engaged with them to understand the issues they currently face. Following insights were also shared by them that resonated with previously stated limitations of the product:
Manual Verification Checks:
Many verification processes remained manual due to the absence of governmental-level infrastructure. While we could log them independently, automation was not feasible.
Difficulty in Process Tracking:
Lack of a central repository led to dependency on emails for communication in numerous processes. This included status updates post-KYC, loan disbursement, and repayment status, posing scalability challenges.
Problem Statement
The Lending Operations team needs a way to streamline the loan management process because manual procedures and scattered data are hindering efficiency and visibility.
Management wants a centralized system for better oversight, so we will deliver a Loan Management System to achieve enhanced operational efficiency and transparency throughout the financing journey.
Solution
We started with identifying the flow of information alongside the initial sketches that
served as the base for our high-fidelity designs.
Dashboard for High-Level Info - High Fidelity
With various financing products active, this serves as a unified source of truth to comprehend the specifics of capital invested and other operational details.
Loan Book - High Fidelity
The Loan Book, organized into three stages of financing verification, provides the Lending Ops team with a comprehensive overview of applications in the financing pool. With this structure, they can quickly assess the status and access other essential details with just a glance.
KYC & Verification Checks - High Fidelity
Through this interface, financing applications arriving via various products can be easily accessed and reviewed for information verification checks.
Assigning Different Loan Officer, Changing Financing Limits
Offering stakeholders and the Lending Ops team visibility and control over all processes.
What I learned:
Key Takeaways:
Engaging with backend processes provided me with a profound comprehension of the components essential for a product's success. Moving forward, some points to consider for the next iterations include:
As various products integrate with our backend systems, it's crucial to approach these systems with a service design mindset. This ensures a holistic consideration of all touchpoints, defining a service with standardized processes.
As our application pool expands, integrating AML/CFT checks and automation becomes imperative.
Enhancing data protection measures and refining account access levels are essential for better control and security.