Fincorp is one of PNG’s leading financial institutions, leading the way with personal and business lending across PNG.
The business is currently undergoing a significant digital transformation program to modernise all internal systems and processes to better improve the customer journey of Papua New Guineans wanting to access finance from FinCorp.
As part of a major digital transformation strategy, FinCorp undertook a complete review of their existing lending processes.
Their current lending application and approval process was paper-based, cumbersome and lacked the required security of sensitive data. There was no ability to capture information from loan applications, nor was there any ability for FinCorp to access detailed data relating to loan applicants or loans created by 3rd parties and partners in a digital format.
This lack of data was a source of frustration for the business as they were unable to make data based decisions on loan applicants or make informed changes to loan policy and procedure.
FinCorp engaged Orange Digital to work closely with the digital transformation and risk management teams to develop an innovative and customised lending platform that enables a paperless future.
FinCorp required a platform that could be used internally to process loans, and externally by partners to create loan applications in realtime. The ability to enable external partners to access their own loan application portal that is fully customisable to their business, is a significant differentiator for FinCorp from other lenders in PNG.
The first step was to complete a full review of FinCorp’s requirements from which a detailed Scope of Works document was developed. The next step was design, we commenced with wireframes of the entire platform, after approval we then moved into design mode delivering a prototype of the platform. This enabled FinCorp’s UAT team to review and provide detailed feedback throughout the design stage prior to any code being created.
Once development was underway, Orange Digital undertook an agile development process enabling FinCorp to provide ongoing feedback and implement numerous improvements and additional functionality through the platform build process.
A long-term project with significant investment, Orange Digital has delivered to FinCorp a fully digitised workflow solution for all lending. For the first time FinCorp can now complete loan applications online after receiving loan applications from their partners and other 3rd parties.
This was a highly bespoke design and build project and final result delivered FinCorp a platform that provided a real-time reporting dashboard, ability to view loan applications via a loan pipeline, communicate in real-time via in-app messaging and notes and the ability to approve or decline loans.
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