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Pre-Eligibility: Streamlining the Home Loan Process with IoT
Technology Category
- Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries
- Cement
- Equipment & Machinery
Use Cases
- Building Automation & Control
The Challenge
The process of securing a home loan is often a tedious and complex task for customers worldwide. The Pre-Eligibility team identified this challenge and sought to create a solution that would simplify the process for both customers and service providers. The team needed a platform that would allow them to build a web application from scratch, without the need for extensive coding knowledge. They wanted to create an online self-assessment tool that would allow customers to check their loan eligibility instantly, without having to approach a bank or financial institution. Additionally, they wanted to provide a platform for service providers to perform instant calculations, create customized reports, and keep records of prospective and existing customers.
About The Customer
The customers of Pre-Eligibility are individuals seeking home loans and service providers involved in the home loan process. The individuals can use the platform to check their loan eligibility instantly, without having to approach a bank or financial institution. They can also run simulations by changing their demographic or financial details and generate a personalized report. The service providers, such as experts, agents, and brokers, can use the platform to perform instant calculations, make customized reports, and keep records of prospective and existing customers. The platform also allows customers and service providers to connect with each other, facilitating the loan process.
The Solution
The Pre-Eligibility team found their solution in Bubble, a no-code platform that allowed them to build their web application from the ground up. The Pre-Eligibility app allows customers to sign up by providing demographic and self-declared financing information. The platform then performs real-time calculations based on pre-built criteria and provides the customer with their eligibility outcome. Customers can also run simulations by changing their demographic or financial details and generate a personalized report. Furthermore, the platform allows customers to connect with service providers such as experts, agents, and brokers, who can facilitate the loan process. For service providers, the platform acts as an on-the-go tool to perform instant calculations, make customized reports, and keep records of prospective and existing customers.
Operational Impact
Quantitative Benefit
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