As more individuals and organizations shift from net savers to borrowers, the demand for related services has surged. The market has witnessed the rapid proliferation of lending technologies, known as "LendTech," catering to the needs of retail and commercial financial institutions. LendTech companies leverage real-time data in this competitive landscape to gain an edge. Emerging technologies empower lenders to make informed decisions by intelligently balancing risk factors and growth opportunities, transforming the loan origination and servicing industry.
Client Challenge
The evolving LendTech landscape requires swift product updates, but the client's product enhancement cycle lagged behind market needs.
High developer attritiondisrupted consistent product development.
Developers were not focused on innovation, leading to slower platform advancements.
Software defects post-release compromised user experience and stretched resources.
Prolonged development cycles hindered the client's timely response to industry shifts, allowing competitors to gain an edge.
Approach
Product Management, delivered capabilities to meet reporting requirements for the servicing of government loans (e.g., Fannie Mae, Freddie Mac, VA, etc.)
Cloud Services, established a new environment for development and product hosting. Platform Modernization, assumed full end-to-end dev responsibilities for loan origination, servicing, and default management products
Quality Assurance, expanded and streamlined processes related to performance, usability, functionality and accessibility testing
Why Azure?
Provides a broad range of cloud services, including computing, analytics, storage, and networking
Offers scalability and flexibility to handle large quantities of data
Improves collaboration and enhances the user experience
Provides a cost-efficient platform with its pay-as-you-go pricing model
Enhances and implements backup and disaster recovery
Offers comprehensive compliance coverage
Uses multilayered, built-in security controls and unique intelligence to detect and protect against rapidly evolving threats
Improves infrastructure and insights
Integrates with other tools (e.g., Memcached and Mule Services).
Azure Solution
ASP.NET web applications are hosted in Azure App Service (Platform as a Service) to provide a scalable and managed platform for delivering web applications to users.
Azure SQL Database (Hyperscale Service Tier) handles a high volume of concurrent transactions with high scalability, security, reliability, and availability.
GitHub helps implement DevOps best practices like version control, collaborative coding, automation, CI/CD, security, and team administration.
Azure Event Hubs help ingest and process real-time messages and communicate to external systems in a scalable and secure manner.
RabbitMQ in Azure communicates between applications and microservices.
Azure Web Application Firewall (WAF) on Azure Application Gateway protects applications from common exploits and vulnerabilities.
Azure for Healthcare delivers better health insights with improved clinical informatics and operational insights, including Hybrid Cloud, Mixed Reality, and Artificial Intelligence.
Results
Significant improvements to product development throughput and quality
Brought schedule and defect variances to below 1%
Increased story points per release by 22%
Experienced lesser developer turnover
Enjoyed better continuity and preservation of intellectual property
Saved money and reduced capital expenditures within seven environments by using more than 95% Azure PaaS services from development through production.
Achieved several business objectives, including handling loans from 500K in on-premises servers to millions in Azure Cloud.
Productivity
Developer Attrition
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