Debt management solution for bank customers

FINANCIAL SERVICES

About the client

Industry

Banking

Location

Poland

In 2020, we started cooperation with one of the largest Polish banks (a part of the Global Bank) to build a solution for restructuring customers’ debts. The application was ready to be delivered to users in less than a year. Here’s how the project was developed.

Services

UX/UI design
Software maintenance

Business need

The team at Spyrosoft is currently responsible for maintaining and providing post-sales service for existing products, as well as implementing new functionalities. We serve as programming support for our partner as the company itself lacks a dedicated software development department. The Spyrosoft team has unique competencies, combining knowledge of state-of-the-art hardware solutions and the ability to write high-quality software. Our client wanted to provide their customers with a full post-sales service, implementing software improvements and creating personalised functionalities. The Spyrosoft team successfully addressed these requirements and additional needs as they arose.

Solution description

The product is an online self-service platform for debt restructuring. It is a place where a user can manage their debts. Depending on a particular debtor and their payment history, there are options to submit an application to postpone their instalments or modify the payment schedule.

Those processes can be either automated or semi-automated depending on an individual case. Either way, there’s always an option to sign an annexe or agreement online. Additionally, users can settle overdue debts using alternative payment methods, such as a different account or card, through an integrated payment provider.

Users can also request contact regarding a particular product using an active form. This really helps the Bank’s representatives handle such requests, as the form collects data at an early stage of the process.

The most crucial element of this project was integrating our solution with an online banking platform and various bank services, facilitating data flow across other systems in the Bank. Thanks to these integrations, a customer stays within the same system and can use restructuring options as online banking features without leaving the Bank’s website. Moreover, a user is not obligated to undergo additional registration or log in. Such an approach increases a user’s sense of security, and they are more willing to use the Bank offer. This also helps Bank representatives guide users through the whole process without additional user identity authorisation.

Our solution meets all the accessibility standards and is built using responsive web design for better usability. Given that a significant portion of users access the Bank through the mobile banking app (where mobile devices constitute approximately 70% of total use), our solution is seamlessly integrated with it, allowing users to benefit from the Bank’s offerings anywhere.

Our responsibility

The project started in the summer of 2020 with the UX/UI design process based on the Bank’s guidelines. The first stage of the development was business process modelling, project set-up and tools adaptation. Although the CI/CD and the start environment were provided by the bank, we developed the product’s architecture in a way that would work best in the microservices ecosystem. Throughout the project, we leveraged common backend and frontend technologies and utilised existing products on the market, including a workflow engine.

Results of collaboration

This debt management solution project was a great example of close cooperation with the client, which is key to success from our perspective. Our day-to-day work in a positive atmosphere, coupled with our commitment and the client’s trust, resulted in a solution that really helps the Bank take care of its customers.

The solution enabled the Bank to carry out the entire restructuring process without the need for a single visit to the branch. It resulted (even at this stage of the product’s life) in approx. one-fourth of the restructuring decisions being taken online. The time needed to complete the entire process was shortened from about two weeks to as little as seven minutes (the option to repay overdue debt takes even less time).

According to the Bank’s feedback survey, the solution has a very high rate of 4.5 stars. Users assess their experience with the portal as positive.

If you want to see how debt management and collection software works in practice, check out DebtPro, a fully customisable platform created by and for financial experts. See more details and book a free demo.

Case Studies