Microfin is the lead financial SME. Our contribution was to create the digital strategy of the business since the customer wanted to start granting online loans, as well as promoting their new credit card.
Even if there are many banks in the market, Microfin seeks to be different by approving or rejecting the loans and credit card applications immediately and online.
To grant or reject loans to Microfin customers in a fast and simple way through its website.
To establish the requirements a customer should comply with in order to obtain a credit card or loan. The loan application should be as fast and simple as possible, with few data requested to customers.
Obtaining the credit history of a customer is not an easy task. There are several sources to be checked, and the validity and sufficiency of many of the data entered are to be verified for their approval.
The variables that control the approval of a loan are many, including current income, ongoing loans with other financial entities, total current debt, work history, age, occupation, housing situation, etc.
Also, the flow control variables should function with dynamic filters that open or close the loan and credit card approval flow.
A control center for loans was established. Microfin can set the variables that make up its flow of loans as well as the values that approve or reject these variables to be complied with.
That is why, through a back office, Microfin’s credit risk department can control how simple or complex it is for a customer to obtain a loan.
The code of the solution implemented is dynamic and it adjusts the flow of loans and credit card requests based on the results entered by the risk department. Flows work like a water stream with open or closed faucets, where the faucets are the variables and values entered by risk.
Most of the credit information of Microfin customers and other financial institutions is saved in servers at Banco Central, making the implementation obtained fully decentralized from a single server. A web service was created for this purpose which exposes the logic hub of flows and can only be accessed from the company’s corporate website.