Ondeck Platform

A financial institution sought to modernize their business loan application process, which was heavily reliant on manual paperwork and long approval times. The institution partnered with Campaignsquat to create a custom loan application platform that streamlined the entire loan process, from application to disbursement, using cutting-edge technologies. By utilizing Angular, Node.js, and MySQL, we built a scalable, secure, and fast platform that reduced the loan approval time by 60% and significantly improved the user experience for business owners applying for loans.

Ondeck Platform

Client Background

Ondeck Financials is a lending institution that specializes in business loans to small and medium-sized enterprises (SMEs). Their original loan management system was outdated, and they wanted to provide a better experience for business owners who needed quick access to capital. Their objectives included:

• Streamlining the application process for faster loan approvals.
• Enhancing security to protect sensitive business and financial data.
• Providing a responsive platform for users to access from both desktop and mobile devices.
• Offering real-time application tracking to increase transparency.

The Challenge

Ondeck Financials faced multiple technical and business hurdles:

1️⃣ Outdated Loan Application Process

• The loan application process was entirely manual, involving paper forms and face-to-face meetings.
• Approval times were slow, and applicants frequently complained about lack of updates.

2️⃣ Inconsistent Data Handling

• Loan data was scattered across various manual spreadsheets and documents, making it prone to errors and inefficiencies.
• There was no system in place for automated background checks or credit score evaluations.

3️⃣ Security Concerns

• Handling sensitive financial information required robust security measures that were missing from their old system.

4️⃣ User Experience

• The old platform lacked a user-friendly interface, and was not optimized for mobile devices.

Goals

Our objectives for Ondeck Financials’ new platform:

• ✅ Automate and streamline the loan application process.
• ✅ Enable real-time loan tracking for both applicants and administrators.
• ✅ Enhance security with encryption and secure data handling practices.
• ✅ Offer a mobile-friendly interface to support applicants on the go.
• ✅ Integrate automated background checks and credit score evaluations to speed up approvals.

The Solution

Campaignsquat crafted a comprehensive business loan platform built with:

Technology Stack

• Frontend: Angular for an intuitive, dynamic user interface.
• Backend: Node.js & Express.js for efficient API management.
• Database: MySQL for secure, relational data management.
• Security: SSL encryption, token-based authentication.
• APIs: Experian API for automated credit checks, Plaid for business data verification.

Key Features Implemented

• Digital Loan Application Form: A dynamic form that adapts to the applicant’s information (e.g., business type, loan amount, etc.). Applicants can upload business documents securely using cloud storage integration.
• Automated Background Checks: Integrated with credit score services and third-party APIs for real-time background verification of applicants. Loan approval is processed within minutes, based on the automated evaluations.
• Real-Time Loan Tracking: Applicants can track the status of their loan application at every stage. Notifications are sent for each stage (submitted, under review, approved, disbursed).
• Admin Dashboard: Admins can easily review loan applications, manage approvals, and generate reports. Real-time notifications inform admins of new applications and required actions.
• Mobile-Friendly Interface: The platform is fully responsive, allowing applicants to apply for loans from any device.
• Secure Data Handling: SSL encryption ensures that sensitive business and financial information is transmitted securely. Multi-factor authentication is used to ensure only authorized users can access certain features of the platform.

Results

Post-launch, Ondeck Financials experienced significant improvements:

• 🎯 60% faster loan approval process: Reducing the overall processing time significantly.
• 📈 30% increase in applicant conversion: Due to the smoother and faster application process.
• 💳 80% reduction in manual work: For the admin team, thanks to automated background checks.
• 📱 50% increase in mobile applications: After the mobile-optimized design.
• 🔐 Enhanced data security: With encrypted transactions and secure data handling practices.

Testimonial

"Campaignsquat has been instrumental in transforming our loan application process. The new platform is fast, secure, and user-friendly. We’ve seen a huge increase in customer satisfaction and applications, thanks to their solution. They truly understand the needs of financial institutions."

Client

• 📣 David Harris, CTO of Ondeck Financials

Key Takeaways

• ✔ Automating loan processing improves operational efficiency and reduces human error.
• ✔ A mobile-responsive platform significantly broadens the reach to customers on the go.
• ✔ Security is paramount in handling sensitive financial information.
• ✔ Real-time data tracking and notifications improve transparency for both clients and admins.

Future Steps

• 🎯 Integrate AI to offer personalized loan terms based on applicant profiles.
• 🎯 Expand to new regions by supporting multiple currencies and localization.
• 🎯 Develop a loan comparison tool for users to explore different loan options.

🚀 Transform your loan application process with a modern, automated platform. Campaignsquat specializes in building secure, efficient, and user-friendly solutions for the financial sector.

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