Banking systems are probably the most composite of the IT systems we have. They encompass a whole range of banking services like – bank accounts, credit cards, debit cards, loans, stocks, transfers, international transactions, funds, payroll, payments, etc. The core business model has evolved so much that there are already “Online/internet only” banks. A few aspects of banking systems are:
With this vertical focusing increasingly more on empowering the customer in terms of personal financial management, we are bound to see lot of scope for change. That is why iiT Workforce is dedicated to providing software and IT training to prepare you for the continually changing banking industry.
iiT WorkForce Banking Project:
Our Banking Project is a “Mortgage Application” is a web based application which caters to the needs of customers from loan application process to loan approval process and making mortgage payments. The application communicates with different services like Credit Bureau, Banks and Credit card services. The workflow of the application is:
The client applies for the loan. The application interacts with various services like credit bureau, banks and credit card services to check for the validity of client’s bank accounts, SSN and credit history. Then after the positive response from these services the loan application is submitted. The loan approval process is as follows:
Pre loan: The user applies for the loan and based on your income, credit history and debts the bank understands how much loan can be approved/ availed.
Pre -Approval: Then the pre-approval process is based on salary, down payment and credit history.
Loan Submission: In loan submission all the details are taken from the client about how much would be the down payment, property details, loan amount he/she wants, and the loan APR.
Loan Approval: Then for the loan approval required documents are submitted to the mortgage bank/company.
Underwriting: Loan costs and additional costs are calculated.
Finally after the loan is approved, it is closed. Checks are then released to the client and a mortgage account is created. Once the account is created, the user sets up the payment method to pay the monthly loan installments, either manually or by automation. If the user chooses the auto method, the bank account/ credit card has to be linked to the Mortgage account. The user can generate the bill, manage the account, and update information.
Mortgage Application is implemented as a Java based UI, Soap and REST Service calls and a MySQL database. It is an end to end, independent solution that uses mock services to create data and UI to process loans.