Platform for Student Loans
About
OBJECTIVES
Our Client from the US reached CPCS with the request to design and develop a web platform for their Fintech project. The idea of the project is to connect private investors with future students, aiming to provide the latest with affordable loans for their educational needs.
CHALLENGE
The main challenge of the Client’s request was to integrate all the mathematical algorithms the Fintech experts apply to evaluate students’ loan applications and to group investment opportunities into diversified pools, within the internal logic of the platform we were to discover and develop.
SOLUTION
From the investor’s perspective, the platform is a resource to benefit from a diversified pool of smaller investments. Students in their turn can get more affordable private loans if the system evaluates their applications as credible ones. This business logic required intuitive interface for users with varied roles as well as a highly functional administrative panel capable to allow for cross-team collaboration flows.
CPCS crew started from the product discovery sessions with our US Client. It appeared obvious that investigating cases to develop the intuitive UI/UX for investors, educational institutions, and students was a worthwhile effort from the very start of the project. Our engineers worked hand-in-hand with the Client’s team to learn more about the inner risk evaluation workflows to design and develop the most suitable administrative panel with the features that would make the Client’s work more efficient. For instance, we learned that the Client’s financial experts apply definite insurance mechanisms in their evaluation processes, and our team enabled Stripe refunding with our system’s logic.
We also implemented a tracking feature that logs credit issuance and loan obligation fulfillment events. Together with a set of available analytical reports on the amount of loan applications, the platform’s traffic, most popular educational institutions and majors, the tracking feature helps our Client to make factual forecasts and perform marketing campaigns.
Another milestone of the project was the requested by the Client change in their mathematical algorithms. When the Client’s team came up with a few newer models for evaluating credibility of loan applicants and requested to incorporate that into the admin panel workflows, the administrative panel was almost ready. Technically, it meant the redesign of 80-90% of the inner logic of the system and implementation of additional algorithms. Although, our engineers coped with the system’s redesign in the most efficient and flexible way.
Technology choice
- Backend development – Java, Python
- Frontend development – ReactJS
Team and Duration
- 3-5 backend engineers
- 2 frontend designers
- 2 QA engineers
- 1 PM
- 1 BA
- 6 months for the MVP
RESULTS
In half a year, a team of software development engineers not only discovered but also developed the MVP of the Client’s platform that connects private investors and future students. The platform is an intuitive solution for end users, although it applies mathematical algorithms to solve the modern US problems: equal access to education, diversification of investments, and promotion of educational services among prospects.
This is still an ongoing project for CPCS and we are very excited about the system we have been creating together with our Client, a cutting-edge Fintech company from the US.
