Project: A marketplace enabler framework wherein consumer is offered the best loan deal by the various loan providers, based on his/her credit score.
Our client is a credit information company playing a critical role in India’s financial system. They collect and maintain records of an individual’s payments pertaining to loans and credit cards. This information is then used to create credit information reports and credit scores, which are provided to lenders in order to help evaluate and approve loan applications. The credit score and credit information report not only help loan providers identify consumers who are likely to be able to pay back their loans, but it also enables them to do this more quickly and economically. They empower both loan providers and individuals to see their world more clearly and, hence, make better and more informed decisions.
Our client wanted to offer a “marketplace of loans” wherein the consumer approaches the portal seeking loans while the members who are financial institutions post loan deals to consumers in need of loans. The marketplace portal would display best loan deals available based on the credit score value and other details like location and income of the client. The consumer would be able to select one of the five available loan types and the lead would be passed on to the financial institution. A rank-ordering logic would be implemented to display member loan deals to the consumer.
The technical solution was designed with the following in mind:
Consumer view of the portal
Member view of the portal
Back-end architecture view of the portal
Business process view of the portal
Client’s view of the portal
Operations team view of the portal
The most critical aspect of the portal is the rank-ordering logic based on which loan offers are worked out and displayed to the consumer.
With this offering, our client is going that extra mile by providing additional relevant information to consumers seeking credit scores and in search of good loan deals.
The credit score would help financial institutions in deciding what interest rate breaks and other benefits to be passed to the individual consumer. Thus, the score becomes a basic gate pass and an initiator in the loan process for the consumer.
Part of our value statement is “we value integrity, honesty, ingenuity, open communication, collaboration, personal excellence, constructive self-criticism, continual self-improvement, respect for each other, and respect for design.” Here are a few lies we won’t tell you.
WE HAVE A SOLUTION FOR EVERY COMPANY
One of the things I (Nate) dealt with in past jobs is creating an illusion for our customers that we offered a wide variety of solutions which we in reality did not offer. It was a smoke screen we put out there as a company to entice customers who were looking at other well known branded solutions to consider our primary solution.
Some people feel that offering a “wide variety” of solutions makes them look like a more experienced solution provider. In reality it means they are minimally experienced in many areas.
We focus on a few well known, and well researched solutions that we feel best meet our clients needs. That doesn’t mean we aren’t intimately familiar with other solutions or that the solutions we have selected will work best for all organizations. If our solution isn’t the right one for you, we are going to tell you and give you a recommendation of where you will find the best solution for your needs.
YOUR MARKETING STRATEGY IS GREAT
I say this sort of tongue in cheek because you might actually have a great brand and marketing plan. I like making people feel good. I would love nothing more than to tell you that your branding strategy and marketing plan is spot on! However, lying to you about the quality of your brand or marketing plan isn’t going to help anyone long term. Don’t feel bad though. I wouldn’t bring a criticism that I didn’t also have a solution to.
Our talent is taking a data driven approach to analyzing your current branding, technology, and marketing plan and maximizing your efforts to reach your audience and grow your organization!
YOU CAN'T DO THAT
This one is a little interesting. There may be many reasons why you shouldn’t do that or what you are asking for may not be something that we are prepared to do with our team, but we won’t tell you that you can’t do something. We’ll always be ready to explore the best option for what you are looking to achieve and at the very least, point you in the right direction.