Lending Software Development Services
ScienceSoft applies 17 years of experience in creating software for financial services to help lending companies build reliable loan management solutions.
Lending software development services are a way for credit providers to get efficient and secure software tailored to their specific workflows across loan management, risk assessment, debt collection, customer service, and more.
ScienceSoft offers end-to-end lending software development services to create robust solutions that help innovate and improve lending processes.
- Instant processing of consumer loan applications.
- Fast, analytics-based loan decision-making.
- Facilitated payment collection and debt recovery enabled by robust process automation.
- Convenient omnichannel communications with borrowers.
- Streamlined origination and servicing of various business loans, including syndicated and multi-entity loans.
- Intelligent assessment of business credit risks.
- Full traceability of commercial lending operations.
- Simplified compliance with the required regulations.
- Fast generation, secure sharing, and scalable storage of large-volume mortgage documents.
- Automated calculation of mortgage-associated fees.
- Streamlined collateral management, mortgage close, servicing, and foreclosure processes.
- Highly accessible and cost-effective peer-to-peer loans with no middleman services.
- Fast access to funds for borrowers and attractive investment opportunities for lenders.
- Support for crypto loans to reach the global audience, ensure lending transparency, and simplify repayments.
The Financial Times Includes ScienceSoft USA Corporation in the List of Americas’ Fastest-Growing Companies 2022
ScienceSoft is one of 500 companies with the highest compound annual growth rate in revenue. This achievement is a result of our unfailing commitment to provide high-quality IT services and find best-value solutions to clients' needs.
Loan origination software
- Automated borrower onboarding and pre-qualification.
- RPA- and AI-based processing of borrowers’ paper and digital documents.
- AI-powered assessment of borrower credit risks.
- Configurable loan terms (max amount, duration, interest rate, collateral type, etc.) for various borrower segments.
- Intelligent recommendations on loan approval or decline.
- Automated generation of loan agreements.
- E-signing of the lending documents.
- Automated transfer of the approved funds to borrowers.
Value: x2–x25+ faster loan origination, 15–20% increase in the loan origination volume with no additional staff, 20% decrease in operational costs, improved accuracy of loan-related decisions.
Loan servicing software
- Template-based creation of loan amortization schedules.
- Automated calculation of monthly principal and interest amounts and other loan-associated fees.
- Scheduled generation of invoices on due loan repayments and sending them to borrowers.
- Real-time tracking of loan repayments by status (received, due, past due).
- AI-supported assessment of loan portfolio risks.
- Automated workflows for loan extension, restructuring, refactoring, etc., upon the request from a borrower.
- Automated loan reporting to the required regulators in the compliant format (e.g., Metro2 format).
Value: Up to 300% increase in the productivity of loan servicing teams, 30%+ shorter loan cycle, minimized credit risks, compliant loan reporting.
Debt collection software
- AI-based suggestions on the optimal collection strategies for particular debtors and debtor segments.
- Scheduled and ad hoc omnichannel reminders on due loan repayments.
- Rule-based assignment of debt collection tasks to the debt recovery team members.
- Monitoring the debt collectors’ performance and debt recovery progress in real time.
- Forecasting cash inflow and delinquency rate based on the analysis of borrower performance.
- (for mortgage providers) Automated forbearance and foreclosure workflows in case of a mortgagee’s inability to repay debts for a particular period.
Value: Up to 65% reduction in debt collection costs, x8 faster debt collection processes, 40%+ cut in DSO, 20% decrease in bad debt.
Loan pricing software
- Scenario modeling and what-if analysis for various loan pricing strategies.
- Real-time monitoring of competitors’ loan prices across relevant public sources.
- AI-powered analysis and optimization of loan prices.
- Automated calculation of prices for various types of loans based on a user-defined pricing strategy.
- User-defined rules for loan price segmentation.
- Scheduled and ad hoc updates of loan prices across the customer-facing platforms.
Value: 1–8% increase in profitability, more than x3 faster loan repricing, enhanced visibility of the loan price performance.
P2P lending software
- Criteria-based search of the best-fitting loan offerings for borrowers and investment opportunities for lenders.
- A comprehensive loan calculator for borrowers.
- Automated loan underwriting and servicing processes.
- Instant processing of loan-related payments, including payments for the platform services.
- End-to-end traceability of P2P lending activities.
- Trend-based forecasting of P2P lending demand and financial gains from the platform operations.
- (optional) Immutable record of all lending transactions in the blockchain.
Value: An opportunity for P2P lending companies to achieve prompt and high ROI with a highly demanded lending solution.
Customer-facing lending apps
- Automated generation and submission of loan applications.
- Automated loan repayments via the selected payment method.
- End-to-end audit trail of the user account activities.
- Geography-based KYC/AML verification for the app users.
- Multi-factor authentication, including biometric authentication (e.g., facial or fingerprint recognition).
- AI-powered fraud detection.
- Instant messaging.
- An AI-powered chatbot to help users solve technical, transactional, and security issues.
Value: Increased customer satisfaction and the opportunity to expand the client base, which results in higher financial gains from lending activities.
Get Effective Lending Software Hassle-Free
ScienceSoft’s team is ready to build a reliable lending solution that provides robust automation of loan management processes, offers comprehensive lending analytics, and ensures full visibility and top-flight security of lending transactions.
Lending Software Integrations ScienceSoft Helps Establish
- Accounting software.
- Customer-facing apps (e.g., a customer portal, a company website).
- A BI solution.
- Case-specific systems, such as core banking software.
External data sources
- Credit rating platforms of the selected credit bureaus (e.g., Experian, Equifax, or TransUnion for the US).
- Bank accounts.
- Financial data marketplaces.
- Payment gateways of banks or independent payment service providers (e.g., PayPal, Stripe).
- Messaging services.
- Authentication services.
- Reporting and productivity tools.
NB! We can also develop ready-to-use APIs to enable seamless integration of lending software products with the internal systems of their end users.
- Since 2005 in software development for the financial services industry.
- Practice-proven expertise in designing and building lending software with complex business logic that smoothly handles even the most complicated, highly-specific lending operations and ensures 100% accuracy of loan-related calculations.
- IT consultants and project managers with experience in long-term digitalization projects for Fortune 500 companies.
- In-house compliance experts with 5–20 years of experience to guarantee lending software compliance with CCPA, CECL, CCAR, FCRA, FCBA, ECOA, FDCPA, GDPR, other required global and region-specific regulations.
- Proficiency in advanced techs: AI, big data, blockchain.
- 19 years in cybersecurity to ensure world-class protection of lending software.
- A mature quality management system and customer data security backed up by ISO 9001 and ISO 27001 certifications.
Explore ScienceSoft’s Success Stories
Development of Custom Loan Management Software
- Automation of loan underwriting, servicing, reporting, and debt collection workflows for a financial company with 50+ US offices.
- Smooth integration with the required corporate and third-party systems.
- Convenient UX and UI for the company’s employees and clients.
- Advanced security of sensitive data.
Customer’s benefit: Optimized project budget, streamlined lending processes.
Development of Consumer Loan Management Software
- Loan origination, servicing, and analytics tools for the lending team.
- A web app for borrowers to access multiple credit accounts in different banks and conveniently create loan applications.
- Scalable storage for lending-related data and documents.
Customer’s benefit: Increased employee productivity, enhanced transparency of lending operations, improved borrower experience.
Mobile Lending App Development
- Building a cross-platform mobile lending application for the clients of a P2P lending company.
- Implementing self-service functionality for the app’s users to navigate the banks’ loan offerings, automatically generate loan applications, and quickly contact customer support.
Customer’s benefit: Optimized project costs, increased client satisfaction, the opportunity to extend the client base.
Development of Credit Analysis Software
- Development of a full-featured credit analysis system in 7 months.
- Functionality for the real-time verification of borrower data and documents.
- Integration with the internet banking systems of multiple banks in different countries.
Customer’s benefit: Fast product launch, facilitated software maintenance and support.
Technologies & Tools We Use
Machine learning platforms and services
Machine learning frameworks and libraries
Machine learning algorithms
Neural networks, including deep learning
Convolutional and recurrent neural networks (LSTM, GRU, etc.)
Autoencoders (VAE,DAE, SAE, etc.)
Generative adversarial networks (GANs)
Deep Q-Network (DQN)
Feedforward Neural Network
Radial basis function network
Modular neural network
Smart contract programming languages
Frameworks and networks
Optimal cooperation model
We can offer the cooperation model that suits you best: full outsourcing of lending software development, a dedicated team to take over a part of your development project, or team augmentation with our best talents.
A mature collaborative approach
We employ established practices of joint planning, decision-making, and problem-solving and maintain transparent, KPI-based collaboration to maximize the long-term value of our service. We are eager to invest in the resources and domain-specific expertise important for the project success.
We can provide an MVP of lending software in 3+ months and consistently grow it to a full-featured solution with major releases every 2–4 weeks. We guarantee a quick project start (1–2 weeks) and apply well-established Lean, Agile, and DevOps practices to ensure fast and smooth implementation of your lending software.
We ensure compliance with AML/KYC regulations, CCPA, CECL, CCAR, FCRA, FCBA, ECOA, FDCPA, Basel III, the Dodd-Frank Act, GDPR and PSD2 (for the EU), and other relevant global and regional standards and regulations.
Focus on security
We implement intelligent fraud detection algorithms, multi-factor authentication, authorization controls for APIs, and other powerful cybersecurity mechanisms to ensure the protection of your lending solution and the sensitive data it stores.
Driving ROI with advanced techs
Having proficiency in cloud, AI, big data, blockchain, we are eager to share our expertise and assist in selecting and implementing cutting-edge technologies that can deliver additional value across your unique lending management processes.
Consulting on lending software implementation
We introduce the optimal feature set, architecture, and toolkit for your lending solution and advise on the project cost optimization opportunities. You also get consulting on security and compliance and a detailed implementation plan to minimize project risks.
End-to-end lending software development
We promptly design and develop your lending software, run the necessary quality assurance procedures, and provide after-launch support. You benefit from the software's smooth integration with the required systems. Also, we can conduct user training in a convenient format.
Lending software modernization
We advance the functional and non-functional capabilities of your existing lending solution to help you generate more value with a legacy tool. Compared to software development from scratch, you get a modern lending solution faster and at a lower cost.