Central Bank Reporting Management (CBRM)
Loan applicant verification on different private and government banks in Bangladesh was manual job. When an application is submitted for a loan, bank management has to verify all of the current and old record of this applicant. Bangladesh Bank(central bank) has all the information like credit rating, defaulter, discrepancy during loan period. Because all banks have to submit all of the current loan holders information to Bangladesh Bank. Moreover, Bank management has to invest a lot of time to collaborate with the central bank to get the information of loan holders. There are other departments who are responsible for getting criminal records from the police department and loan collections have to submit discrepancies of any loan applicants by visiting in person to the loan applicants home or office.
To complete the full process, it will take lots of time and human resources with highest dedication. It was a 6 members team and I was working as a software engineer to develop automated loan management and reporting called CBRM and dedicated to handle the data processing module, fetched from banks hub and Bangladesh Bank and processed it to a meaningful information which solved all of the above problems and process loan with 50% less time. This has created a specific data format to process loan applicant information which was highly appreciated by Bangladesh Bank and with the suggestion of Bangladesh Bank, other Bank has adapted as well. Operation cost for banks loan management department has reduced nearly 13%.
Automated loan management system creates an impact on the banking industry by reducing lot's of manual processing loan application verification and process of loan disbursement, specially the credit rating and defaulter information from central banks.
Together Initiatives releases this loan management system as a product so that other banks can adopt this system and reduce a lot of operating cost and simplify the loan process. HSBC was the first multi national bank for which we have developed CBRM system later it was adopted by multiple local bank in Bangladesh.
Difficulty of the Project
It is a millions of financial transactions, raw data from bank central HUB which are needed to be formatted to get meaningful information. Moreover, multiple service nodes from the central bank need to be synced with the history of loan applicants which includes credit rating, defaulter information.
As the system was based on service oriented architecture, every micro web service has to get the data with proper format and save into the database. Data parsing and formatting was a difficult job especially when the data comes from different banks. Not only that, but also there are lot's of single entry duplicate or redundant data which was very difficult to identify and track down manually.
Innovative& Unique Methodology
When we have started developing this project, cloud was a growing technology. As this system will be used in a banking system with sensitive financial data, we had to design and develop full service oriented architecture from scratch with the java enterprise edition.
It was a micro service based service delivery platform, where every web service has its own responsibilities to get data, then apply business logic and store it in a database. We had developed customized protocols payload inside REST based protocol and encrypted with SSL so that the data channel is secure over the network. To ensure data integrity we had to implement
unique and complex financial data separation and sorting algorithm.
Relationship to International Scope
Central Bank reporting Management created unique and optimized ways to exchange data between central bank and other private and government banks. Multiple banks embraced this product and improved their loan application validation and reporting mechanism with the central bank.
My prior experiences on developing this large scale distributed service delivery platform and client from beginning to end, have created clear dependencies on loan and reporting processes of different financial institutes. As a software developer who has in-depth knowledge in financial data transmission over secure mediums, can contribute to the stock market and other finance institutes in the United States.