About mBolsa
Our customer, mBolsa, is a micro-credit institution that serves the immediate financial needs of university students. They reach out to university students who want some additional help to buy the resources they want to complete their university education more easily. They also provide financial assistance to students who want to start a business while attending school. They want to provide flexible and customized interest rates.
Challenges Faced By The Client
Banks are often the first choice for university students looking for instant credit. However, banks require many guarantees from students who don’t have an income yet. mBolsa was interested in reaching out to these students, but they needed a platform that the students could use effectively.
- Security of financial and personal information was critical.
- Reaching out to university students easily
- Enabling easier loan application
- Automatic verification of student information
- Ensuring that the loan services are only available for students
- Providing an easy and flexible payment plan.
- Offering paperless loan applications while ensuring data integrity
- Student loans, so onboarding played a critical role in attracting customers.
- Integration with different types of services and their apis.
Our Solution
Mass Software Solutions has proposed to create an attractive mobile app that university students can download and get instant credit. We removed the need for paper documents, allowing students to upload documents and a selfie video. We have implemented the automatic Know Your Customer procedure to ensure they can verify credentials quickly. We had to do analyses and make a user-friendly integration flow We also provided a safe and secure payment gateway to disburse loans and collect loan payments. Since this is a fintech product and the security of the application is very important, we have developed numerous security features both in the API and in the cloud.
Benefits For Our Client
We offer several benefits to our clients:
- Higher download rate among university students
- Increased number of microloans requests
- Automated loan approval with minimal paperwork cut down loan disbursing time
- Personalized and flexible payment plans enabled students to pay back the loan without faltering
- Increased customer satisfaction with paper less loan system
- Improved business revenue through referral management
- Efficient customization of loan interest rates based on each loan application
- Integration with third part data insights tools
