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Case Study
Wysetek helps A leading NBFC transform their Loan Origination Application with MongoDB
Challenges
- A leading NBFC Loan Origination System utilized MongoDB Community Edition to store customer data, but the compliance team raised security concerns due to its limited controls.
- Repeated failures impacted customer experience and business operations. The team of 30+ developers wrestled with maintaining MongoDB and lacked essential skills.
- Additionally, scalability and stability issues hampered the loan processing speed for the application that supports 20 million users every year
Wysetek & MongoDB Solution
- A leading NBFC Loan Origination System needed to seamlessly scale 10 stages in the process like pre-qualification, loan application, application processing, underwriting, credit control, etc, therefore a move to EA was suggested.
- Leveraging its strong relationship with the leading NBFC, Wysetek recommended MongoDB EA with enterprise-grade security and tooling as an effective solution for migrating the application from community to EA and streamlining the entire lending process.
- MongoDB EA was found to be the perfect fit with enhanced security features such as authentication, authorization, encryption at rest, and auditing. This helps in meeting compliance requirements and ensuring data protection.
Impact
- The leading NBFC is highly satisfied with the post-onboarding process, prompting discussions on additional use cases.
- At the leading NBFC app failure rates decreased to less than 5%. The loan fulfillment process now operates twice as fast.
- MongoDB EA ensured high security and reliability, effectively addressing all compliance and regulatory concerns.
- MongoDB EA’s advanced features helped with scaling loan users with features such as optimizing performance, sharding and query optimization.
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Mumbai-400063. India
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