Abstract:
The banking sector in Egypt is striving towards digital transformation and internet banking in specific. This project will be tackling the banking sector where it is solving a problem related to loans and providing a third-party digital platform for easing the loaning process. The main motive of the proposed system is to ease the loaning process for drivers belonging to a service provider (Uber, Careem, SWVL, etc.) by providing them with proof of having a stable monthly income which is a necessary criterion for applying for a loan in any bank in Egypt. The system will work in collaboration with a bank where the bank provides loans to these drivers. In the initial phase of the project, the system will be applied on one service provider system and one bank, however, it is subject to becoming a multi-tenant system in the future.
As mentioned, this system will provide a third-party platform (web application) where the driver inputs his service provider credentials, the system will calculate his credit score that determines whether he is approved on the stable monthly income criteria of the loan application process. The driver score will be calculated using variables like number of trips per month, net income per month, average working hours per month, and average customer rating that will be extracted from the service provider’s database.
The driver score calculation will also use variables like the highest speed that the driver reached, and the number of times that the driver did maintenance to the car which will be tracked through sensors embedded in the car. This project assumes that all devices embedded to measure driving behavior exist before the driver loan application process by at least 1 year.
The system will assess these variables through a predefined algorithm and calculate the driver’s credit score which determines whether or not he fills out the stable monthly income criteria.
The system also provides the drivers with the facility to book the bank appointment through the web application to submit their legal documents and will notify the bank that the driver’s “monthly income” criteria is approved for the desired loan amount.
