MVP for a scalable loan aggregator APP

Objective: Develop a cross-platform mobile application using React Native that allows users to search, compare, and apply for personal loans from multiple banks. The application is designed with future scalability in mind to support additional financing products like mortgages, credit cards, and auto finance, as well as to accommodate multilingual capabilities, including right-to-left (RTL) languages like Arabic. Key Features to Develop: 1. User Registration and Onboarding: • Data Collection: • Collect essential user information necessary for initial eligibility checks: • Full Name • Mobile Phone Number • Email Address • Date of Birth • National ID Number or Residence Number • Employment Status (Employed, Self-Employed, Unemployed, Retired) • Employer Name (if applicable) • Monthly Income or Salary Range • Obtain user consent for terms and conditions, privacy policy, data usage, and data verification. • Verification: • Implement mobile phone verification via OTP (One-Time Password). • Implement email verification by sending a confirmation link. • Integrate with government APIs for data verification: • MOI API for National ID verification. • GOSI API for employment and salary verification. 2. Data Verification Mechanisms: • Integration with Government APIs: • MOI API: Verify the validity of National ID or Residence Number. • GOSI API: Confirm employment status and salary details. • Saudi Post API: Verify national address information during the loan application process. 3. Loan Search and Comparison: • Search Functionality: • Allow users to search for loan products based on criteria such as loan amount, interest rate, and loan term. • Enable filters and sorting options to refine search results. • Comparison Tool: • Allow users to select multiple loan products and compare their features side by side, displaying key metrics like interest rates, fees, and terms. 4. Loan Details Viewing: • Detailed Information: • Provide comprehensive information about each loan product, including terms, conditions, eligibility criteria, and required documentation. 5. Loan Application Process: • Application Form: • Develop multi-step forms to collect necessary information in a user-friendly manner. • Implement dynamic fields based on the user’s employment status and other criteria. • Collect additional information required by banks: • Address Details (City, Postal Code, Street Name, House Number) • Financial Information (Existing financial obligations, property ownership status, salary bank) • Desired Loan Amount and Preferred Loan Term • Data Verification: • Verify address details using the Saudi Post API. • Further employment verification via the GOSI API. • Confirm the validity of the National ID using the MOI API. • Consent for Data Sharing: • Present clear consent statements before submitting the application, obtaining explicit user consent to share their data with selected banks. • Document Uploads: • Allow users to upload supporting documents if required by banks or in case of verification failures. 6. Application Submission and Tracking: • Submission: • Enable users to submit loan applications directly to selected banks. • Provide a confirmation message upon successful submission, including a reference number. • Tracking: • Allow users to track the status of their loan applications in real-time through a user dashboard. • Implement notifications for status changes, additional information requests, or decisions. 7. User Dashboard and Profile Management: • Dashboard: • Provide an overview of the user’s applications, statuses, and notifications. • Profile Management: • Allow users to update personal information, change passwords, and manage account settings. 8. Notifications and Communication: • Mandatory Communications: • Send essential notifications related to account activities and loan applications via in-app messages and email. 9. Administrative Tools: • Management Features: • Develop tools for administrators to manage banks, loan products, user accounts, and oversee data verification processes. 10. Legal and Compliance Requirements: • Legal Review: • Ensure the application complies with all applicable laws and regulations, pending a legal team’s review. • Policies and Consent: • Update the Privacy Policy and Terms of Service to reflect data collection, verification, and sharing practices. • Implement explicit consent mechanisms for data collection, verification, and sharing with banks. 11. Localization Support: • Preparation for Multilingual Capabilities: • Design the user interface to support both left-to-right (LTR) and right-to-left (RTL) text orientations. • Externalize all text strings using localization files to facilitate easy addition of new languages like Arabic. • UI Adaptability: • Ensure UI components and layouts can adapt to different languages and text directions without significant rework. 12. Future Scalability for Financing Products: • Data Model Design: • Create a flexible data structure to accommodate future financing products such as mortgages, credit cards, and auto finance. • Modular Architecture: • Develop the application using modular components that can be easily extended or modified to support additional products. Technologies and Integrations: • React Native: For cross-platform mobile app development (iOS and Android). • Government APIs: • MOI API: For National ID verification. • GOSI API: For employment and salary verification. • Saudi Post API: For address verification. • Bank APIs: • Integrate with participating banks’ APIs for real-time loan product information and application processing. Out of Scope for Current Phase: • Additional Financing Products: • Implementation of mortgages, credit cards, auto finance, and other financing products beyond personal loans. • Accessibility Features: • Features to accommodate users with disabilities will be considered in future phases. • Communication Preferences: • Allowing users to select preferred communication channels (e.g., SMS, phone calls) is deferred. • Data Usage for Analytics and Marketing: • Using user data for analytics or targeted marketing will be implemented in future updates. • Comprehensive Testing and QA: • Extensive testing activities like security testing, usability testing, and performance testing are deferred. • User Feedback Mechanisms: • In-app feedback forms or user surveys are planned for future phases. • Security Incident Response Plan: • Development of a formal security incident response plan will occur in a later phase. Project Goals: • Deliver Core Functionalities: • Focus on essential features that enable users to apply for personal loans from multiple banks efficiently. • Ensure Data Security and Compliance: • Implement necessary security measures to protect user data and comply with legal requirements. • Prepare for Future Expansion: • Design the application with scalability in mind to support additional financing products and multilingual support without significant rework. Conclusion: The development project aims to create a robust, user-friendly Bank Loan Aggregator Application that simplifies the process of finding and applying for personal loans from multiple banks. By integrating essential data verification mechanisms and designing for future scalability and localization, the application is positioned to meet current user needs while being adaptable for future enhancements. The focus in the current phase is on delivering core functionalities efficiently, with plans to incorporate additional features and improvements in subsequent phases. This summary outlines what we want to develop based on the BRD, focusing on the key features, technologies, scope, and objectives of the project.