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Security Deposit Account System for a Large Nordic Bank

A user-friendly application streamlined the process of setting up security deposit accounts

Client: Large Nordic Bank
Industry: Banking & Finance
Location: Scandinavia
Size: 10,000+ employees

Client Background

A Nordic bank that employs over 10,000 people and provides universal banking services, such as traditional corporate transactions, investment banking and trading as well as consumer banking including life insurance.

Business Challenge

The Nordic bank wanted to streamline the process of the security deposit setup with a custom application.

A fairly popular service among bank’s clients, a security deposit is a payment, given as a proof of intent to a property owner by the tenants. Depending on the terms of rental contract and specifics of local legislation, the security deposit can be used to cover the unpaid rent or possible damage to a rented apartment. The security deposit is commonly held on a separate deposit account. Setting up such an account along with all the necessary documentation and agreements between the tenant and a property owner required a considerable amount of paperwork and resource-consuming manual effort from the bank.

Solution

The Infopulse team developed a new digital solution for our customer, which provides a wide variety of functions to facilitate the process of security deposit setup between the property owners and tenants:

  • The custom-made platform for security deposit is integrated with a number of internal systems and 3rd party services.
  • The application allows to maintain lists of agreements with tenants, create and electronically sign new agreements, create security deposit accounts, manage payment limits and release amounts, and more.

Besides, in the course of the project, another banking application was extended and adopted, allowing tenants to become customers of the bank and sign agreements.

Technologies: AngularJS, RESTful services, Jetty, Spring

Business Value

  • The developed solution introduced a new digitalized process that significantly improves user experience, saves time for both bank employees and its customers while extending the bank’s business and stimulating growth.
  • The application components were developed in a flexible, reusable manner utilizing microservices architecture, considerably reducing the maintenance costs.

Download Case Study in PDF format