Mobile Financial Services: Automation of Loan Processing and Issuance
Financial industry's dynamic development requires constant technological changes to streamline customer experience. Mobile solutions accelerate the execution of loans and simplify access to financial services. In this article, we'll look at their key features and impact on loan origination and processing.
Automation of lending process
Mobile apps offer a number of opportunities to automate lending processes. They provide easy access to financial transactions and simplify all stages of the lending process, from applying for loans to managing them.
To analyze risks, check credit history or monitor transactions, mobile apps use a variety of tools. These include AI and machine learning algorithms, blockchain, biometric technologies, digital signatures, etc.
Blockchain
Blockchain technology contributes to the security and transparency of financial interactions, as all transactions are recorded in a distributed database. Information on each transfer is available for verification by all network participants. This helps to avoid fraud risks and increases customer confidence in financial institutions.
Blockchain allows you to create smart contracts that automatically regulate agreements when certain conditions are met. This greatly simplifies financial services: loan repayments, insurance policy settlements and investment portfolio management.
Without intermediaries, the blockchain speeds up the processing of money transfers, currency transactions, payments for goods and services, etc. Bringing blockchain technologies to mobile apps helps to improve the efficiency, security and accessibility of financial services for users.
Verification and digital signatures
The introduction of biometric technologies expands the functionality of mobile apps and services. They streamline authentication and replace traditional passwords or pin codes with a more secure and easy-to-use method of identity verification. This increases the level of safety and prevents unauthorized access to users' finances.
Digital signatures ensure the integrity and authenticity of documents and transactions made in mobile applications. They guarantee data immutability by creating a unique code (hash) that cannot be changed without violating its integrity.
Key benefits of mobile solutions
Mobile apps offer a number of features that simplify the interaction between customers and financial institutions along with the loan origination and processing:
- Availability of financial services 24/7
- Fast processing of applications and transactions
- Electronic account management
- Automation of routine processes
- High level of transaction security
- Personal data protection
Case: Miloan.ua
An online microloan service that allows users to get a loan to their card within 15 minutes. When developing the Miloan.ua app, the FreshTech team prioritized the Mobile First approach, as 85% of the platform's traffic comes from mobile devices.
To improve the performance of the platform, we have implemented a multi-server structure. We provided reliable protection against attacks and integrated anti-fraud tools.
The service simplifies and speeds up the processes of filling out questionnaires and collecting information about the user for loan approval. An iterative approach to development allowed us to quickly launch the first version of the project and make changes based on the results obtained.
Mobile solutions transform traditional approaches to lending and increase the efficiency of customer service. If you'd like to create an app or online platform for financial services – leave your contacts in the form. Our manager will contact you and offer the best solution for your business.
