Accelerating loan compliance system (fintrack)

Abstract

Banks and lending agencies are under pressure to keep their loan products updated and comply with constantly changing regulations. Traditional methods to check compliance are slow and have various inefficiencies and issues related to manual processing. To solve these problems, this research examines FinTrack, an automated, web-based loan management system. FinTrack was implemented using a combination of technologies, including AngularJS, HTML5, CSS3, Java Spring Boot, and MySQL. Elapsed time in compliance reporting, audits, and validation will significantly reduce. Super users of FinTrack will be able to manage loan portfolios more efficiently, validate compliance through automated rule-based validation, and control the status of each loan with advanced dashboards. The automated nature of the system will significantly reduce the manual effort involved in massive migrations, while eliminating the inefficiencies, and improving quality of the loan portfolios. In all, the system appears seamless without alteration of standard operating procedures. The deliverables of this research will be a contribution toward financial automation that will impact all financial systems and institutions.