Money Lending App Development

Our consultants thoroughly explore the important aspects that define functional and non-functional requirements for the app and lay the basis for creating a unique selling proposition. Particularly, we analyze:

• The client’s business specifics and the lending app vision.
• The app’s target audience, its pains, needs, and behavioral patterns.
• Key market players, their weaknesses and strengths.
• Recent market trends: popular business models, innovative technologies, UX and UI perks, etc.
• Global and local compliance requirements for the target markets where the client is planning to operate, e.g., KYC/AML requirements, PCI DSS standards, CCPA regulations for the US, GDPR for the EU.

• Defining the type of a money lending app (web, mobile, or both).
• (for mobile) Deciding on the approach to app development – native or cross-platform.
• Suggesting an optimal feature set for the application, including value-adding functions powered with advanced techs (e.g., AI, OCR, big data, blockchain).
• Prioritizing features based on their importance for the target audience and potential to drive a fast payback.
• Designing the scalable and sustainable architecture of the application.
• UX and UI design for the required user roles (borrowers, lenders, app admins, etc.), which covers UX research and prototyping, usability testing, and creating UI mockups.
• Introducing a plan of integrations with the required internal and third-party systems (e.g., loan processing software, accounting software, payment gateways, credit rating platforms, financial data marketplaces, etc.).

We compare possible techs and tools in the context of the client's priorities (e.g., fast development, minimized project cost, etc.) and define an optimal tech stack with the client’s goals in mind.

An accurate, all-encompassing plan for app development helps significantly reduce project timelines and prevent operational and financial risks. A typical project plan by ScienceSoft comprises:

• Objectives, KPIs, and milestones for the project.
• Project deliverables, duration, and budget.
• Team composition and collaboration workflows.
• A strategy and a plan to mitigate possible project risks.
• TCO and ROI estimations for the lending app.

The development of a lending application with ScienceSoft usually includes the following stages:

1. Establishing automation environment: configuring CI/CD pipelines, setting up container orchestration tools, introducing test automation, etc.
2. Coding the app’s back end and developing APIs to integrate the app with the required systems.
3. Creating role-specific user interfaces.
4. Quality assurance of each app component in parallel with development.
5. Eliminating possible vulnerabilities and logic errors and fixing the identified code defects.

ScienceSoft configures the lending app’s infrastructure, backup and recovery procedures and deploys the solution in the production environment. After that, we integrate the app with the client’s corporate systems and relevant third-party tools and perform integration testing to guarantee proper functioning of the integrated solution.

ScienceSoft can also assist in designing a landing page for app promotion or uploading the money lending app to the required web or mobile app stores to streamline the app release.

ScienceSoft offers continuous monitoring and optimization of the money lending app to ensure its stable performance, top-flight security, scalability to serve a growing number of users, and ability to provide smooth user experience. We can create and release new functionality according to a lending company’s or end users’ evolving needs.