Alternatively, our client, a perceived social collaborator, wanted to assist defaulters with an easy-to-use loan repayment mobile application. It was soon evident that the user failed to have the necessary knowledge for their part and the procedures involved in loan repayment. The client also saw it wise to have a mobile app that will assist in managing the whole process of loaning through the agreement and repayment.
More so, the app aimed to help the defaulters comfortably make the loan payments they cannot afford to make when due. The user registers and uses the app to repay the loans using a small amount and, in return, offers the app a small fee. This is why our client has chosen Blockchain Consultants team as the partner for the timely and trouble-free development of a mobile app that will showcase both a solid mobile payment background and the latest technologies.
BFSI
Mobile Banking & Financial Applications
Our team began with requirement gathering as the clients were new to the experience in the IT industry. We aligned them with the step-by-step development cycle, project workflow, methods, strategies, and business methods used. We also provided an understanding of how our IT solutions complement the business models and much more. To design the system, we followed an iterative model of development, where every module was developed, tested, and thereafter checked to see whether the finalized system worked as intended when all the modules were put together. Due to the proper time spent on planning and conducting research for the selection of prototyping the model, we ensured that it was run by the norms of the government and the banking institutions. Furthermore, the above approach made it possible to avoid the development of an application that only exists as a mobile application but cannot sync with other banking applications. We had different version control and code repositories and some disaster handling mechanisms to make the app run impeccably even in the worst cases. To validate the produced data and to provide data security, secured hash algorithms and internet protocols for encryption or decryption were employed. It was also tested by our experts for sandbox and production environments.
In many ways, the overall conception of the project was kicked off by a set of requirements gathering sessions led by our team with the client. Chemical precedence and decision tree aided in defining the development phases, milestones, and their deliverables.
As the project requires flexibility, the agile development framework was adopted to attain flexibility during development. They have divided the developmental process into various phases of development, testing, and feedback to add improvement to the developed app.
Lots of tests were carried out in the sandbox and the production environment was also used. The QA team of Blockchain Consultants tested the app to its full potential to learn that it was fully functional, performed to the expected capacity, and was impervious to hackers.
Deployment of the app was done in a staged manner where code transfer was done from the development environment to the production environment. Establish a record of how the application should be deployed, along with information on how to do it, how to successfully configure it, potential problems, and guidelines on how to go about fixing them.
We were contacted by an inspiring businessman who wished to provide ubiquitous consumers with an application with such elements as to repay loans. The application was supposed to coordinate the services and commissions to be provided to various stakeholder groups of the system and was not easy. All have their own set of implementation and encryption protocols. Beyond these challenges, the overall structure of the app was to be made flexible and compatible.
Security was the real issue, more so owing to the nature of the data involving people’s money. Meeting these requirements together with other regulation issues and the adoption of strict security measures were not easy tasks.
Managing the app together with the problem of its deployment so that it does not have high downtime and performs well was challenging. Involvement of IT teams where goodwill to help with setting up servers, databases.
The Ministry of Corporate Affairs, SEBI, different NBFCs, and the government financial department jointly developed and approved a simple and integrated mobile application.
The app enabled users to make cashless and secure repayments of loans online, thus putting financial responsibility in the hands of users.
This process lasted for some time, during which we expanded the cooperation with new banks, e-wallet platforms, and merchants.
The client got commendation on the launch of the app while at the same time solidifying their position in the current market as well as improving the perception of the market towards it.
Blockchain Consultants
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