Developing a Closed Group P2P Finance App
A Few Words About The Project
- Industry
- Region
- Client since
- Fintech
- Bahrain
- 2018
The client wanted a full-proof mobile app solution that would support its ambition of empowering people to build closed personal groups for financial needs. Conceptualized on P2P lending model, the client’s idea was to bring out a solution that would give users the power to create personal groups and ask for financial help from their friends and family members.
The client’s model required a seamless portal that would ensure easy group management and flawless recording of monthly payments. The client contacted Sufalam to create a solution that would facilitate users to join the financial group and help them streamline their deposits and withdrawals to the group.
Solution Offered
Team Sufalam understood the client’s concept of floating a platform to host groups where users would be required to pay a monthly fee for joining the group and in return, they can ask for financial assistance, in need from the group. Also, at the end of a specific maturity period, users would be provided with a fixed sum.
As the model involved a lot of interdependent financial transactions, Sufalam devised a detailed workflow and structure for inclusive management of all the aspects. A cross-platform mobile app was designed and developed, as a result. User-friendliness and intuitiveness were focused immensely to help users take advantage of the benefits offered by the mobile app.
Objective
- Manage different groups and group participants along with their transaction related data and bringing them to central management and a monitoring dashboard.
Key Features
- Cross-platform compatibility
- Monthly payment schedule management
- Swap request handling between users for payout dates
Solution Benefits
With the help of an integrated management solution, client was able to manage monthly installment schedule of every user in all the groups. Also, all the data was brought to a single platform for ease-of-access.
Tools Technologies Used
Various tools and technologies are employed in developing applications, enabling efficient workflows and enhanced user experiences.
MySql
Javascript
Bootstrap
