Multipurpose loan platform developed for
Paralucent was asked to rebuild a set of calculators to include more features for loan officers and to improve user interface using a cloud-first architecture. Along with app development, Paralucent provided UI/UX prototyping, business analysis, project management, development and quality assurance.
Why the client partnered with Paralucent
The bank wanted both the technical abilities required to design and create the loan platform in a new application and with new features, but also the ability to manage, advise and facilitate collaboration among multiple stakeholders.
The bank’s online borrowing calculator, used by thousands of employees, was created by another vendor and was outdated and not compliant with the bank’s technology and requirements.
Paralucent brainstormed with the client teams to determine the full scope of what was needed and the best desired outcome. This was a period of intense collaboration and iteration of the project. When the technology team joined the project, they asked for the platform to be developed with angular UI, although the first set of calculators had been already developed in .mvc. The project team started working closely with both the bank’s business and technology teams and included all their asks in the design document.
The project took a team of five almost one year for the first phase, which included daily deployments to accommodate an ask from the technology.
The calculator was launched in August 2022 and is used by 900 branches and the contact centre for a total of 10,000+ users to process all mortgage renewals, and to help with various processes like loan amendments. Despite the complexity of the project, there were no issues or updates required after launch—the project was a complete success, which is a rarity. (See Forbes “3 Main Reasons Why Big Technology Projects Fail,” which cites research that says 70% of digital transformations fail. )