Efficient data aggregation for gathering real-time mortgage data

The Business Need

Our client, a US based fintech company, wanted to enhance the credibility of their offerings and initiate digital lending using advanced analytics. They were looking for ways to consolidate mortgage data in real-time from different online lending marketplace sources with incredible precision.

They wanted an automated solution to gather the data and update their dataset with the most recent and relevant data. Our customer was looking for information on interest rates in order to optimize their interest rates and pricing based on market trends. They intended to lend money to credible clients in a convenient manner by understanding the market trends and competitors.

The company approached Xtract.io to streamline their data integration process with accuracy. It aimed to make informed decisions instantly with zero risk elements.

Challenges

Our customer needed to aggregate large amounts of data from numerous sources on a regular basis. Their manual data aggregation approach wasted both time and money, and inaccurate data resulted in poor conclusions.

A traditional data handling approach made it difficult for them to integrate recent technology into their existing system. They had a tough time finding a data partner that could ensure their information security, which is the most important concern for any financial institution.

How we solved the problem

We designed a customized data aggregation solution that can fetch mortgage data from numerous online sources as bank and government portals in a scheduled manner. Due to our scalable solutions, our client could collect mortgage and lending data to derive the right insights. For automated data aggregation, we employed site-specific custom bots to gather the data. Using these bots, we gathered 30,000 input records every hour.

Extracted data was uploaded into a database for deduplication, and automatic progress reports were sent out every four hours. Due to the year-round working environment, we aggregated data seven days a week to ensure we didn't miss any important information for their next move.

Our easy deployment option and 24/7 customer support and maintenance enabled them to integrate data aggregation processes into their existing systems. We integrated an API, which allows the user’s browser and the server to communicate on a regular basis. Used program-readable JSON reports to get visibility into the data pipeline and detect any bot-related issues, allowing it to be halted, fixed, and relaunched within an hour.

Results

Our clients gathered data with an accuracy more than 95%. Our automated data aggregation approach helped them streamline their data flow and enabled them alter lending rates to enhance profitability. They leveraged our advanced data aggregation technology to identify market demands and opportunities by gathering financial data and other macroeconomic data. Our live interactive dashboard helped them receive live inputs about the market changes for informed decision making.

With overall enhancement in their data ecosystem they enhanced the speed of their decision making and planning process. This helped them optimize the spending of their resources by 75% within a time span of two months. With reliable customer data and their past behavior information, the company could lend out their money to credible customers. The firm was able to eliminate poor loans and fraudulent transactions as a result of this.