Blog: Fintech development
by DerekLewis

Creation of a mobile application for issuing a loan

Creation of a mobile application for issuing a loan

Date:   8/21/2022 12:43:34 PM   ( 5 mon ) ... viewed 50 times

Fintech, also known as fintech, is an emerging industry segment that has begun to really disrupt traditional ways of delivering financial services. Thanks to this, financial activities, which at one point were extremely cumbersome, have become extremely simple and flexible.

 

All thanks to next-generation cloud-based mobile applications, buying insurance, applying for loans or investing in financial markets has become a matter of a few clicks on a smartphone. Speaking of the ease provided by different types of fintech apps, the most popular financial services offered through mobile apps include loan-based products that help the masses get credit quickly and easily.

 

Individuals can simply download the app, verify their identity, and apply for a loan. If the verification process is successful, their loans are approved immediately. Thousands of customers have benefited from these types of instant loans with apps like Branch and Tala that offer these types of features.

 

Why do people prefer mobile apps to authorize their loans?

Historically, there has always been some hesitation and a sort of stigma associated with seeking loans. Traditional banks often require applicants to fill out several lengthy forms and answer intrusive questions asked by bank officials - only to be told that their loan application has been rejected. In addition, in many societies, seeking loans is associated with significant social stigma that makes many people reluctant to apply for loans in order to avoid judgment.

 

App-based lending services such as Branch and Tala are contributing to fill this gap, bringing ease to the process and providing the smart comfort of accessing simplified lending options. These applications offer instant credit without leaving home. With just a few taps on your smartphone or tablet, you can get a loan for any purpose, without any judgment. After all, technology doesn't judge.

 

These app-based simplified lending models typically refer to the Peer-to-Peer (P2P) lending market, which will grow significantly in the coming years. By 2022, the total value of transactions in the P2P lending industry is estimated at a staggering $292 billion.

 

While China, the US and the UK are expected to be the largest markets, Asia and Africa are not far behind. In fact, Branch and Tala are revolutionizing mobile app lending in developing countries in Africa and Asia. In these regions, the demand for loans is huge, but part of the availability is very limited. Mobile loans through these apps fill a critical gap as well as solve the problem of loan stigma through near-anonymous loan sanctions.

 

How do such P2P lending applications work?

The formula for P2P lending applications for quick loans is selective. Funds are obtained from crowdsourcing, which excludes third parties and directly provides loan products to the user. Loans are authorized based on the data exchanged by the user, as well as data obtained through algorithms that take into account various online and offline data sets. Some credit apps also require access to phone data. Repayments on these loans are guaranteed because they are linked to credit scores and clients are motivated to keep their credit scores high.

 

At the moment, it is safe to say that fintech applications have completely undermined the role of traditional lending institutions such as banks due to the rapid adoption of digital technologies. Despite the fact that the architecture of these applications is different, they can be customized to the smallest detail and created for both iOS and Android devices. Great user interface and self-banking features are usually the hallmarks of these apps that have made them very popular.

 

What are the common features of mobile loan applications?

Thus, FinTech lending platforms have some important features that are universal for almost all applications.

 

 

 

They include the ability to:

 

 

 

a.) Registering and Uploading Documents: Register for an account and verify your credentials by uploading ID cards and other documents.

 

b.) Apply for a loan: apply for a loan by filling out the form directly in the app

 

c.) Pay off a loan: easily make loan payments directly from the app by linking it to another banking service or card

 

d.) Contact customer service: Please contact customer service in case of any questions or complaints

 

e.) Attractive UX/UI: Loan amount, interest and balance amount are graphically displayed neatly.

 

If you plan to explore the territory of developing financial applications for the provision of financial services, there is an opportunity to add value and differentiate your new offering from the existing pool. The following section describes the technology options that you can use.

 

What functions can best apply for loans?

Applications like Branch and Tala are having a hard time gaining customers, and the results show that they have already carved a niche for themselves. The good part is that their existence and adoption validates the business model. The best part is that there are a few more options to take advantage of if you want to launch a similar improved loan app.

 

Some features that can improve the user experience and utility of a credit-based fintech app entrepreneur and help its owners gain a competitive edge include:

 

 Artificial intelligence. There are many opportunities to integrate artificial intelligence to make your loan application smarter and more intuitive. The first step is to consider using AI for a more accurate loan authorization process. The next step is to use natural language processing to better understand customers and their needs. The third step is using artificial intelligence to provide improved and automated support in the form of chats and virtual assistants.

 

Blockchain: Blockchain integration is also a very promising step. Smart contracts can help verify the identity and integrity of loan applicants much faster and more accurately. Distributed ledgers are already being used by financial institutions for identity verification and form processing. Smart contracts can be used to authorize loans automatically when users meet criteria set by your predefined algorithms.

 

Conclusion

In the fintech space, and in the loan lending app development theme, there are many interesting and practical features for those who want to create and run mobile applications. In particular, lending services are in high demand worldwide and P2P lending as a segment is expected to grow exponentially.

 

If you want to take advantage of trends and launch applications similar to popular ones like Branch or Tala, you can take your applications to the next level by implementing blockchain and artificial intelligence. In addition, you can focus on customer self-service and excellent customer support so that users can borrow and repay loans without intermediaries or stray eyes.

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