Creditex

The Interactive Payday Loan Provider

case study 5 minutes

CREDITEX & CO SRL is a Moldavian start-up that ensures fast access to payday loans to retail consumers and ensures lead acquisition to the greatest micro-financing provides. The company’s purpose is to ensure delivery of best crediting options to Small and medium enterprises, retail buyers and shops delivering financial options for their customers. The company has selected EBS to build its online credit processing platform based on their previous experience with financial systems that were deployed across several financing partners they’ve started the Idea with. Since the proof of experience was there CREDITEX did not hesitate with their choice of the technical provider:

“We found out about EBS from one of our partners that were already making use of ABAC – a financial management system that has been tailored specifically for payday loan and credit delivery enterprises. Based on their feedback, we understood that EBS would be the best company to build our interactive crediting system”

– stated Mr. Nicolae Lungu, CEO of CREDITEX & CO SRL.

The Challenge

One of the main challenges Creditex experienced was delivering an option that does not discriminate against loan providers and ensures the most convenient financing options for its retail consumers. Another head scratcher was building an easy-apply model that does not imply hundreds of fields to be filled-in. Since there are no credit-score tools available on a local level, the above-mentioned challenges gained in complexity and required an “out of the box” approach that would aid payday loan providers and their market consumers. In addition to the above, CREDITEX-es technology choice has been also a key factor since it required process automation at several levels while using a PHP framework.

The Result

Right from the beginning, EBS focused on understanding the business to act in line with the challenges defined by the client’s vision: “When we sat down for our first meeting, we thought that we’ll need hundreds of hours to deliver the system’s structure. What pleasantly surprised us, was the ease of their understanding and their valuable input for each of our system modules.” – Stated Mr. Nicolae Lungu, CEO at CREDITEX.

After understanding the complexity of the platform EBS delivered the best-fit solution for each challenge outlined by the platform’s design.
To ease the loan application process, EBS built a simplified questionnaire for each stakeholder reducing the number of manual fields to a minimum. Instead of 4 different application forms, each stakeholder could now benefit from a unique, multi-purpose form, that sped up both: the loan application and approval times. In avoiding discrimination amongst loan providers, the team built a queueing algorithm that distributed applications evenly across all of the active providers, ensuring a fair lead flow. The same algorithm ensured consumers aren’t disadvantaged, delivering them the most suitable credit option delivering an instant choice amongst several payday loan providers.
To solve the credit-score dilemma, the platform features a crowdfunded database that calculates credit scores for retail consumers, based historic records feed by each provider, in a secured environment, available only for a loan provides.

All of the above resulted in the creditex.md platform, a tool that processes (on average) 3224 loan applications quarterly and delivers loan options to each applicant in as little as 10 minutes per request (compared to the usual 1,5-hour term).

The Result

Here’s a sneak-peek of the platform’s looks after it’s release:

Customer Feedback

EBS exceeded my expectations with every step of the way and I am confident that they can build the right-fit system for your financial needs

Mr. Nicolae Lungu

CEO at CREDITEX & CO SRL

The new software has streamlined employee tasks, improved internal communication, and reduced the need for administrator engagement. EBS Integrator implemented a detailed, accurate project plan that allowed them to remain on schedule and within the proposed budget.

Valters Grobins

CEO at Cloudscheduling.se

Even though they’re on the other side of the world, it seems like they’re right down the hall. Users are impressed with the technology made available through the site. EBS Integrator is able to translate ideas into a product, effectively using their resources to respond to the client’s feedback. The team is communicative and available.

David Drake

the Innovator behind Donate Smarter

Our new platform is more effective than some of the solutions put forth by the giants in our industry. Site response times are trice faster, while cost savings driven by efficient resource usage average around €13,000 per quarter. EBS Integrator was as proactive, efficient and responsive as an in-house team.

Nicolae Buldumac

Director at Global Database LTD

EBS Integrator produced top-notch development work with few delays. Their technical expertise, systematic processes, and organization made for a smooth workflow.

Axel Lagercrantz

CEO at Hastnet

Because we were so happy with how they worked, we didn’t reach out to anyone else for our second project. Both apps receive positive feedback from users and were delivered with very few bugs. They make you feel like you are their only client.

Makan Amini

HKS insight and Second Opinion Product Manager

EBS Integrator met the beneficiary’s standards and produced the product within the timeline. Their team was prompt and approachable. Expect a team dedicated to delivering the best for their clients.

Alexandru Platon

Program Manager, Institute for Public Policy

The 80% user retention rate is the most prominent KPI of the app, while the net promoter score also boasts a positive metric. EBS has a professional team who is willing to provide honest and proactive feedback, and it’s been apparent how much they truly care about the end product.

Eyass Shakrah

Product Owner for Learn2Drive

They were serious about the project. The website was launched successfully at a reasonable price. The EBS team was diligent and organized. We’ve successfully launched our startup. They delivered a high-quality web application.

Lionel Kayser

CEO & Founder, My Simple Pharma

The app has numerous downloads and positive ratings in both app stores. The team’s efficiency and diligence made the project a success. They were polite, professional, and extremely skilled at all aspects of project design and execution.

Itay Naftaly

CEO at NFO LTD

Due to their functionality and straightforward UI/UX, both apps have attracted praise from customers. EBS Integrator’s concise communication, transparent billing methods, and prompt turnaround time make the partnership rewarding.

Richard Tella

Founder of Qwids