From lag to lightning speed: A success story of how we effectively transformed the loan processing of one of our clients by successfully migrating their on-premise LOS to the cloud
Overview :
The client is an online company that provides short-term loans to individuals who may have difficulty accessing traditional forms of credit. Their existing systems were implemented using legacy technology and ran on-premises on the lender’s infrastructure.
The client approached Insight Consultants, intending to replace their old legacy system with a more agile solution. They plan to use a cloud-based platform to deliver an improved, tailored experience that meets their customers’ evolving expectations.
Expertise Delivered
- Legacy System Modernization
- Comprehensive Need Analysis
- Integration Proficiency in Diverse Systems
- Performance Optimization
Insightful Cloud Migration
Insight Consultants took a holistic approach to migrating client’s loan origination system to the cloud, ensuring a seamless transition while maximizing benefits. Our approach began with strategic planning, involving a comprehensive analysis of the client’s requirements.
Our Solution
We re-architected the legacy system to embrace the modern cloud era, adopting a microservice architecture for enhanced reliability, scalability, and flexibility.
Recognizing the importance of continuity, we executed an Iterative Migration process. This phased approach minimized disruption, enabling the existing system to remain operational throughout the transition. Leveraging Microsoft Azure, a robust Cloud-Native Architecture was created. Modern .NET microservices were implemented to ensure seamless scalability and adaptability to meet evolving demands. Integration of a Payment Gateway Service facilitated the handling of all loan disbursements and installment payment collections.
Thorough testing and deployment were conducted to guarantee a smooth transition. Each component of the new system underwent meticulous testing and deployment in the Azure cloud, maintaining reliability at every step.
Results Delivered
The client achieved a streamlined, end-to-end cloud-based lending system, positioning them for sustained success.
Matrix Impacted
Business KPIs
- Cost per funded loan
- Time to market for new loan products
- Customer acquisition cost
Operational KPIs
- System uptime and reliability
- Processing time per loan application
- Compliance adherence
