How BusinessMatika deployed BPMN process for decision making system for issuing loans

Platform
Web

Technologies
Java, Integration technologies, Database technologies, Security
technologies

Industry
FinTech

Client

Freedom Finance Bank is a leading financial institution offering a wide range of banking services, including loan facilities

The objective of the project was to develop a decision-making system for issuing loans that would automate and streamline the loan approval process. The system aimed to improve the efficiency and accuracy of loan evaluations, reduce processing time, and enhance the overall customer experience.

Objective

Challenges

01

Client needed orchestration of a dozen services

Constant tweaking and reworking: The project required continuous adjustments and refinements due to evolving requirements and changing regulatory guidelines

02

03

Working in an environment of constant change: The banking industry is highly dynamic, with frequent updates to lending policies and regulations. The system needed to adapt and accommodate these changes seamlessly

Engagement Model

Outsourcing

Duration

Approximately 2 months (development phase), followed by ongoing maintenance and updates throughout the product's life cycle.

Team

Two backend developers, Business analyst, BPMN expert, QA

Key Steps

Requirement gathering

The team conducted detailed discussions with the client's business and technical stakeholders to understand their loan evaluation process and identify pain points

01

Based on the gathered requirements, the team created a process diagram using BPMN notation to visualize the loan approval workflow. The diagram included decision points, user tasks, and integration points with other services

03

02

The team implemented the initial version of the decision-making service, integrating it with a minimum required set of services. This allowed the system to perform basic loan evaluations and approvals

04

As the product evolved, the team continued to add more services to the orchestration architecture, incorporating additional functionalities and improving the overall loan approval process

05

07

Rigorous testing and quality assurance processes were followed to ensure the system's reliability, security, and performance

The team provided ongoing maintenance and support, addressing any issues, implementing updates, and adapting the system to new regulatory requirements

06

The decision-making system was deployed on a web platform and made accessible to the bank's loan processing teams. User training and support were provided to ensure a smooth transition

Results

1. Created a comprehensive process diagram and a service for loan decision-making.

2. The service was successfully launched, orchestrating the minimum required number of services to facilitate loan evaluations and approvals

3. As the product developed, additional services were added to the orchestration architecture, enhancing the system's capabilities

4. The system improved the loan approval process by automating tasks, reducing manual errors, and providing faster and more accurate loan decisions

5. The project laid the foundation for further expansion and integration of new services into the existing architecture

The decision-making system developed for issuing loans played a crucial role in the overall loan processing workflow at Freedom Finance Bank. Without this orchestration piece, the loan approval process would have been inefficient and error-prone. The successful implementation of the system enabled the bank to streamline operations and enhance customer experience

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Conclusion