Leap in Retail Banking Streamlining Loan Application Processes through API-Led Connectivity
LEAP, an innovative Retail Loan Application,
revolutionizes the loan processing system for a
leading financial institution. To ensure efficient
and seamless functionality, LEAP integrates
multiple systems such as a Web Application,
Oracle Database, Salesforce, and various
third-party APIs, including CIBIL bureau and
Equifax. This case study examines how API-led
connectivity optimizes the loan application
process, enhancing user experience, risk
assessment, and decision-making while meeting
stringent time constraints.
Integration complexity involving diverse systems and databases.
Ensuring real-time data processing within a 10-second response time limit for the web application.
Coordinating data retrieval from multiple sources such as Oracle Database, Salesforce, and third-party APIs.
Establishing seamless communication between different modules like Remark, Deviation, Risk Console, and more, while ensuring data security and integrity.
API-led connectivity serves as the linchpin for LEAP's diverse functionality. Leveraging iPaaS, the integration streamlines communication between the web application and various back-end systems, allowing for rapid data exchange and processing.
Bank had most of its business logic written in Oracle as stored procedures, making it difficult to maintain and manage. For any new enhancement, they were required to perform a lot of regression.
API-led connectivity facilitates seamless
integration between the Web Application,
Oracle Database, Salesforce, and
iPaaS’ ESB (Enterprise Service Bus) acts as
the communication bridge, orchestrating
data flow between different modules
API-led connectivity enables secure and
efficient communication between diverse
systems, ensuring data consistency and
iPaaS’ robust error handling mechanisms
guarantee uninterrupted service and data
integrity, even during peak processing
Key functionality modules
Allows users to input remarks during file review and appraisal.
Facilitates tracking of deviations based on predefined norms.
Risk Console Module
Highlights risk assessment results for credit appraisers.
Customer Loan Relation Module
Enables efficient management of customer data and relationships within the application.
Facilitates seamless capture and analysis of customer creditworthiness.
Double Checkers Dashboard & Approver Dashboard
Provide a comprehensive overview of the loan processing status for respective stakeholders.
High Level Architecture
Enhanced user experience through seamless integration and improved data accessibility.
Accelerated loan processing and decision-making through efficient data retrieval and analysis.
Improved risk assessment through comprehensive data aggregation from various sources.
Streamlined communication between different stakeholders, ensuring faster approvals and reduced turnaround time.
Scalable architecture facilitating future enhancements and integrations.
The successful implementation of API-led connectivity in LEAP underscores the importance of robust and
scalable integration solutions in modern banking applications. By seamlessly integrating various systems
and modules, LEAP optimizes loan processing, ensures data accuracy, and enhances customer experience,
setting new standards for efficiency and reliability in the retail loan application process.