If the boom of 2020 taught us anything, it’s that we need to build a better tech stack. We learned that one size can’t fit all, legacy systems can’t keep up, and that expertise can’t be robotized. (If only we could lessen the sway of buzz words – a topic for another post.)
Looking to other industries that manage multiphase processes, we noticed a trend that enabled asynchronous capabilities: the component tech stack. Let’s explore why a component tech stack is better suited for a loan manufacturing infrastructure.
Another benefit is you can build to suit without months (or years) of customization, which equates to tens of thousands in development cost savings and makes time to market faster.
Never Overpay
End-to-end systems are rigid, and charge for services you don’t need. For example, when you receive an income waiver and don’t require income calculation, an end-to-end system has the fee for that service baked-in, forcing you pay for something you don’t need. That’s like paying for the entire buffet when all you want is a muffin.
Rapidio’s FlexStack Components empower your team to choose – and pay for – only those services needed.
Loan Level Cost Control
Components allow your team to use only the tech needed based on your staff levels, the scenario, and exceptions to keep margins intact. This is what allows your team to scale during seasonal or rate-driven markets.Modular Development
One of the key advantages of a component tech stack is its modular nature. Loan manufacturing involves various interconnected processes; income calculation, credit analysis, property valuation, title, and so on. A component stack allows each of these processes to be conducted asynchronously. This modular design allows for flexibility, scalability, and easier maintenance. Any changes or updates can be made to specific components without disrupting the entire system, reducing development time and minimizing risks.
