SOS Credit automates consumer loan management with InGain
The InGain loan management system (LMS) enabled Czech consumer loans company SOS Credit to automate both broker connections and employee workflows. Automating these processes allowed the business scale rapidly by acquiring and processing customers more quickly and efficiently. SOS Credit was able to implement the no-code tech solution within one week.
“The InGain system was so easy to customise and adapt to all of our lending business needs. By automating the way we attract and process new and existing customers, we can offer both a faster and more reliable service,” says SOS Credit CEO Jekaterina Stukalina.
Challenge
SOS Credit needed a more efficient way to attract new customers and scale the existing business. Without an in-house IT product development team, they were looking for a reliable, experienced fintech partner to automate their loan management processes. SOS Credit needed a solution that would not only provide a seamless connection to brokers, but also be able to handle the full lending lifecycle. In addition, any technological solution would need to be able to change along with the growth of the company.
The consumer lending market was already quite crowded when SOS Credit entered the scene. If they were to be successful, the business model would involve the company receiving thousands of loan applications a month. This leaves little resources for time-consuming manual process completion. An automated loan management system would be able to streamline end-to-end processes. Inevitably, with the success of this business model, the technology would also need to be easily customisable to accommodate changing business needs.
Solution
The lending industry changes quickly when it comes to products, competition and the regulatory environment. InGain has a flexible core system that could fulfil SOS Credit basic requirements during the MVP stage and facilitate customisation to accommodate future business growth. InGain offers a customisable loan management system that could provide all the functionality SOS Credit would need in the future, along with the ability to adapt to meet evolving business needs.
The existing core InGain loan management system supported around 99% of SOS Credit needs, meaning the model could be quickly adapted with minimal costs involved. With support from the IT team, SOS Credit is able to launch a new product within one month. InGain structured and managed the entire onboarding process and provided SOS Credit with regular consultations on how the existing core framework and systems could be adapted to their specific market and business needs.
Results
SOS Credit was able to use the InGain loan management system to create a direct connection to brokers via an application programming interface (API). The solution also contains modules that enable the automation of employee workflows, including registration and scoring, as well as communications, such as reminders and newsletters. To complete the lending lifecycle, the LMS also connects with brokers and affiliates to facilitate the debt collection process.
“Working with the experienced InGain team has been an integral part of the success of our business. Their system has enabled us to scale the company at the pace with which we can attract new customers, without feeling constrained by resources,” said Stukalina.
According to alternative investment marketplace Peerberry: “Despite strong competition, in just a few years after launch, SOSCredit has established itself as one of the key players in [Czechia] and is highly rated by its clients.” Since launching in 2015, SOS Credit has cumulatively issued almost 20 million euros in loans and currently has a loan portfolio of close to 2 million euros.
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About InGain
For over 10 years InGain has been supporting the consumer finance industry, fintech companies, and banks with an out-of-the box, yet fully customisable loan management system. On top of the core system, the company also delivers system integration services and custom feature development. InGain has executed hundreds of projects with more than 50 global clients across a variety of sectors.
The loan management system caters to both secured and unsecured business and retail loans, including instalment loans, auto leasing, mortgages, line of credit, buy-now-pay-later, payday loans, invoice factoring and more.
About SOS Credit
The young and dynamic company has been operating in the Czech market since 2015. SOS Credit provides short-term non-bank loans. The company ensures fast online loans – no visiting branches or waiting in queues. Filling out the application takes a maximum of 10 minutes. SOS Credit is powered by an automated business process system that enables it to perform a qualitative assessment of each client using a scoring system developed by the company’s IT department.
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