Digital Transformation of a Leading Bank

Client Background- 

Our client is a leading Indian financial institution expanding its operations in Maldives. With a diverse portfolio of financial products and services, our client offers a comprehensive range of solutions such as housing loans, land purchase, and home construction loans, as well as flexible home renovation financing options.

Business Requirements- 

As the banking landscape evolved with the advent of digital technology,
customers’ expectations for convenient and seamless banking experiences left out our client at a disadvantage. Lengthy paperwork and manual processing of loan applications caused inconvenience and waste a lot of their customers’ time due to multiple visits to the banks.

Proposed Solution- 

The client realized that digital native customers long for self-service options
without the need to visit brick-and-mortar banks for their financial needs. They need everything in the comfort of their homes and at their fingertips. Therefore, our client embarked on a digital transformation journey with a focus on developing a digital ecosystem for their tech-savvy customers.

As their tech partner, Softude developed a mobile and web application to
address their challenges and meet the evolving needs of their customers.

Application Features- 

The mobile application developed by Softude serves as a comprehensive platform for customers to access various services conveniently. Key features of the mobile application include:

• Apply for loan applications
• Track the application status
• Pay EMIs, advance, and balloon payments against the existing loan
• Track loan and payment history
• Raise inquiries

Solution Impact-

Our applications streamline the home loan application and approval process, bringing several benefits to the bank and its customers.

• 70% faster loan processing
• 50% increase in employees’ productivity with less paperwork and errors
• Full visibility on loan applications and their status
• 100% customer satisfaction