With the recent increase in demand for loans today, the access and approach to the loan process are changing. The procedures are becoming more convenient for everyone in need of cash.
Without a doubt, Konduit is leading the way by providing a truly complete resource for borrowers and banks to leverage today’s top fintechs. . Konduit connects banks with fintechs to offer their customers the modern financial apps and experiences they have come to expect.
Konduit is a no-code platform which makes it easy for banks and credit unions to integrate with the world’s top fintechs. The platform aims to lower the bar for small and mid-sized banks to stay competitive for today’s customers.
The platform helps banks and fintechs connect to and use the world’s most popular fintechs, with a no-code integration. Instead of investing time and resources to connect to individual fintechs, Konduit allows a suite of options all in one place.
Konduit provides a way for banks and credit unions to stay competitive among the bigger banks and high-tech neobanks. HIstorically, these local banks are the backbone of local economies and communities, providing the hands-on customer service and community connection many customer have come to expect. Now, these financial institutions can provide the digital tools and experiences today’s consumers expect, too.
Not only can banks and credit unions deliver top-notch digital experiences for their customers, but can also accomplish much more of their digital transformation goals. For example, financial institutions can provide loans, set up an online rate check, try new and novel underwriting techniques, or even send their application declines to another platform for funding.
What is powering such an amazing platform? The development team behind Konduit used the Amazon Web Services (AWS) infrastructure to create the financial services platform.
AWS is a cloud solution with over 200 fully-featured services from data centers. Moving existing applications to the cloud with the AWS infrastructure is easier and more convenient.
Konduit’s front-end architecture deployment uses an application programming interface (API) gateway, simple storage service (S3) bucket, and lambda functions. The front end is also deployed using a serverless framework.
The deployment system allows Konduit devs to use custom domain names and SSL/TLS certificates from the AWS Certificate Manager.
IVY also uses unique techniques and tools to debug applications. It allows developers to manually update state and call methods. Through Angular 9’s compiler, it is easier to repair bugs on the Konduit site.
The back-end application of Konduit features a set of enclosed services.
Developers implement these services using lambda functions exposed using API gateway. This provides a serverless back end that’s used by the front end, which is deployed using the serverless framework.
The API gateway also has multiple stages which give the development team separate environments to test the code before going to production.
The AWS Web Application Firewall (WAF) and custom authorizer safeguards these back-end services against malicious actors. WAF is a solution that protects web applications against exploits and bots. It can also guard systems against threats that may affect site availability or consume excessive resources.
With AWS WAF, Konduit developers have complete control over how traffic reaches the web application. The firewall enables the developers to create customized security rules and implement them without any trouble.
AWS WAF also allows developers to control bot traffic and recognize common attack patterns, like cross-site scripting.
The firewall protects the back-end services of the Konduit application.
The database of the Konduit app features a combination of a Relational Database Service (RDS) instance that hosts MySQL database, DynamoDB, and S3 bucket.
Amazon RDS features a wide selection of instance types optimized to suit different relational database use cases. With the RDS instance, Konduit has the flexibility to choose the right mix of resources for the platform’s database.
The RDS instances allow site developers to scale their database to the requirements of their target workload.
Amazon RDS also has various features to allow Konduit devs to deploy, scale, and manage database workloads.
It allows users to choose between Fixed Performance Instances and Burstable Performance Instances. The latter offers a baseline level of central processing unit (CPU) performance with the ability to go beyond the limit.
Amazon RDS can maintain high CPU performance as long as a workload requires it. Konduit stores business-driven information in the RDS instance.
Meanwhile, MySQL is a type of relational database management system. The open-source system runs on various platforms, including Windows, Linux, and UNIX.
Site developers can use the system on various applications. Still, MySQL is almost always associated with online publishing and web apps.
With MySQL, Konduit developers can enforce security and support systems for transactional processing. This feature is crucial, especially in protecting money transfers from clients.
Konduit keeps configuration data, user activity data, and analytics info in Dynamo DB, a fully-managed NoSQL database solution.
Dynamo DB enables the Konduit platform to have fast and predictable performance with seamless scalability. The solution lets users reduce the administrative burdens of operating a distributed database.
With Dynamo DB, users do not have to worry about the following processes:
- Hardware provisioning
- Hardware setup and configuration
- Hardware replication
- Software patching
- Cluster scaling
DynamoDB also has an encryption-at-rest feature, which reduces the operational burden of protecting crucial data.
The solution enables the creation of database tables that can store any data. The tables can also serve any level of request traffic.
Additionally, users can change the scale of the tables’ throughout capacity. They can even do this without experiencing performance degradation or downtime.
Dynamo DB allows Konduit to manage configuration and user activity databases smoothly.
Konduit uses an S3 bucket to store other digital resources, like icons and data from the Kinesis Data Firehose delivery stream.
In a world where digitalization and technological implementation are more crucial than ever, it should come as no surprise that these technologies have become more familiar. The combination of all these technologies ensures seamless transactions at the Konduit platform.
Konduit promises a frictionless experience for people looking for the best loan options with credible front-end features, secure back-end services, and a fully-managed database.
Konduit makes lending processes easier and provides a complete set of lender information in a consumer-friendly interface. This technology will evolve to give the people a best-in-class solution to finding a lender they genuinely care about.