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Prosper: Automated Loan Management System

Prosper:
Automated Loan
Management
System

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Client

Prosper

Industries

Financial services & Banking

Services

Software development

Technologies

Microsoft

Introduction

Prosper is one of the first peer-to-peer lending marketplaces in the United States. The company offers various financial services focusing on personal loans, credit cards, and home equity lines of credit. Since its inception, Prosper has facilitated more than $23 billion in loans to more than 1,4 million clients.

Challenge

Prosper’s goal was to make the loan application and approval process as simple as possible. It should allow borrowers to apply for a loan by simply entering a few pieces of information. The request would be approved within hours, improving and optimizing the improved lending experience, making it completely different from that of traditional banks

Solution

Loan management system

Prosper started the P2P market in 2005. Initially, it had no loan management system, and Prosper’s employees had to manually review and approve each loan. Avenga assisted our client with a custom and upgraded solution to manage all loan-related activities within a single system, thus making the loan-granting process simpler and more efficient..

User experience

The technology behind Prosper’s marketplace facilitated billions in loans first of all by making use of the simplified application process and quick lending decisions. Prosper had Avenga build a document workflow management feature into the system. The improved user experience helped Prosper to grow into one of the biggest global players in P2P lending.

“We’ve been working with Avenga for over a year on Prosper.com development and the supporting back-end services. We can count on Avenga to understand the business requirements and meet the delivery expectations. The quality of their services and their dedication to our business needs has been outstanding.”

Scott Strait, CTO

Results

Faster loan granting, thanks to an automated loan management system.
Reduction in cost over domestic engineering rates.
Prosper and Avenga continue to work together to enhance the application as a core business layer to make it more attractive for users and easy to use.

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