NetLS LLC

ABOUT THE CLIENT

Our client is a team of talented students called INKVI. They won a grant from Upshift, a global program of the United Nations Children's Fund, and with their support, created 2pnk, an educational website for developing knowledge in physics and mathematics. This platform was developed by interns from the NetLS .NET Full Stack Engineer Boot Camp and became their final practical assignment for the end of their programming course.

CHALLENGES

The real challenge for us was the budget and time constraints. In less than 2 months, NetLS specialists had to train the trainees in all processes and ensure that they knew and worked with all the necessary technologies in practice. We had to organize the boot camp approach to learning programming in a C# course so that their skill level was sufficient for the project. 

HOW THE WORK WAS CARRIED OUT

SELECTION OF THE DEVELOPMENT TEAM

We took a responsible approach to the selection of future developers. The company's specialists carefully selected candidates for the Boot Camp.

Firstly, candidates were told about the terms of the internship and asked general questions to understand whether a particular person was a good fit for us.

After that, they were tested on their written English and math skills with the help of Olympiad-level tests. The final stage of the selection process was an interview with a .NET specialist and HR, where candidates had the opportunity to demonstrate their technical orientation and soft skills.

As a result, the top four out of almost a hundred people were selected to start a three-month free training program under the guidance of experienced professionals. The internship involved the trainees in short-term projects of medium complexity to improve their knowledge and skills for further work on long-term and more complex projects.

TRAINING ACCORDING TO AN INDIVIDUAL PROGRAM

Before starting the project development, the interns were given the necessary theoretical material with practical consolidation. They began to adapt to the culture of their customers, which always guarantees the best result by working in a single direction.

For the successful training and development process of the 2pnk website, NetLS provided all the necessary conditions and constant supervision from the outside:

• Mentor
• Project manager
• Technical lead

Also, before starting the project, a roadmap with step-by-step stages was drawn up to organize the work. This allows us to maintain discipline and efficiency.

DEVELOPMENT PROCESS

The mentor distributed tasks for the interns to Back-end, Front-end, and testing, according to their capabilities. The server side of the site (Back-end) was written in C#, an object-oriented programming language, using AspNetCore MVC for web applications and Entity Framework for database access. Thanks to this, the internal part of the site has a flexible, modular implementation. The use of these tools is cheap, affordable, and of high quality, so the site works quickly and correctly. The public part of the site (Front-end), with which the user can interact, was created using React, a JavaScript library for creating user interfaces. It allows developers to create dynamic interfaces that are easily updated when data changes. The external part of the site is user-friendly, as users prefer a clear system that they can understand on their own. The development team organized daily meetings to monitor progress and weekly demos of the platform to customers following the Agile methodology introduced by the project manager.

RESULTS OF WORK

The 2pnk project fully meets the customer's requirements and fulfills all its functions. Students can solve problems, get points for correct answers, and compete with other students.

NetLS, in turn, has its own Junior-level developers who have been trained under a special curriculum and gained experience on a real project. These developers are involved in working on other projects for our clients under theDedicated Development office setup cooperation model. This model involves the involvement of juniors with experienced specialists while maintaining an effective team layout with a minimized blend rate.

For the client, this model is good because it is one of the cheapest on the market. Due to the low-cost price of Juniors, the work of the entire team does not rise sharply, and this does not affect the quality or efficiency. Younger developers increase their competence and gain experience, and accordingly, they grow in value. That's why the development team has rotations, where Junior Developers without experience take the place of experienced Junior Developers to keep the price low for the client.

Learn more:

https://blog.netls.com.ua/en-us/case-study/netls-boot-camp-development-of-the-educational-platform-2-nk

Today, on May 24th, we are delighted to announce the beginning of our partnership with Vasyl Stefanyk Precarpathian National University. Together, we aim to create new opportunities for development and innovation in the field of information technology. This collaboration reflects our belief in the powerful potential that lies ahead and establishes a foundation for change and progress.

In collaboration with Vasyl Stefanyk Precarpathian National University, we commit to the following initiatives to enhance the quality of education and professional preparation in the IT field:

1. Conducting lectures at the university:

Recognizing the rapid advancements in technology, we understand the importance of continuously updating educational programs and supporting students in their professional growth. Therefore, we have decided to initiate regular lectures for university students, delivered by our top IT specialists, once per semester.

2. Іnternships for graduate students

We acknowledge that graduate students require not only theoretical knowledge but also practical skills to effectively learn and contribute to the younger generation. We will support them by providing opportunities to apply that knowledge in practical projects, startups, and research work. We will equip the interns with the necessary practical skills to implement innovations and align the educational process with the current market demands.

3. Adaptation of the university's curriculum:

Our goal is to assist the university in adapting its educational curriculum to meet the modern requirements of the IT industry. We will provide professional expertise and consultations to improve the content and update the program, ensuring its alignment with the needs and trends of the industry.

4.  Mentoring student startups:

We will support students in realizing their ideas and help them develop their own businesses. Our experts will serve as mentors and consultants, offering valuable advice and guidance to students throughout their entrepreneurial journey.

This partnership opens up new horizons and possibilities for both the university and our company. Together, we can establish a strong foundation for learning, innovation, and success in the IT field. We are confident that by joining forces, we can achieve remarkable results and make a positive impact on the world through innovation and technology.

We look forward to the initial outcomes of our collaboration with Vasyl Stefanyk Precarpathian National University. Stay connected as we share the latest news about our joint achievements and other exciting events. Together, we will make the future even brighter and more efficient!

Learn more:

https://blog.netls.com.ua/en-US/news/advancing-technology-and-education-together

NetLS IT Company and Ivano-Frankivsk National Technical University of Oil and Gas (IFNTUOG) signed a cooperation agreement to develop the competencies of teachers and students in mastering modern technologies in the IT industry and creating new educational disciplines.

NetLS is one of the most successful Ukrainian IT companies and has been actively involved in educational changes over the past few years. According to the cooperation agreement, teachers, postgraduates, and students of the IFNTUOG IT Institute will be mentored by NetLS, learning from the company's experts and gaining practical work experience in IT.

Ivano-Frankivsk National Technical University of Oil and Gas proudly bears the title of one of the best Ukraine higher education institutions in the oil and gas field. More than 10,000 students receive knowledge in more than 13 departments. The educational establishment is responsible for pre-university and post-graduate studies and a physical and technical lyceum and IT institute.

The Institute of Information Technologies of Ivano-Frankivsk National Technical University of Oil and Gas provides high-quality education in the IT sphere for more than 1,000 students in 7 departments. The institute's study programs are designed for those who want to get a higher education diploma and become a professionals in the IT industry. Now students can increase their skills, get new knowledge and prestigious qualifications, get answers to their questions from teachers and experienced IT specialists, and participate in scientific developments.

Therefore, the benefit of the cooperation between NetLS and one of the best universities in Ukraine is mutual. In the future, the company will have highly qualified specialists, and the university will receive more interested students who have created their first projects already during their studies. In addition, the parties plan to hold joint events to popularize information technologies. This also affects the rating of the educational institution.

In the age of information technology, high-quality education is a primary tool for social transformation. Cooperation with the university aims to improve young people's educational needs and ensure the progressive development of Ukraine's IT structure and economy.

Learn more:

https://blog.netls.com.ua/en-US/news/netls-company-and-ivano-frankivsk-national-technical-university-of-oil-and-gas-signed-a-cooperation-agreement

Each year, over 2000 students graduate from King Danylo University, 300 of them with degrees in IT. Our company wants to unleash the potential of students from local universities and direct their development in a certain area of the IT sphere that is relevant today. To this end, we signed a cooperation agreement with King Danylo University on October 06, 2022.

Why did our company decide to take this step?

Everything is really simple here. We need self-sufficient, talented professionals to grow the company. It's easier to bring young professionals up to speed if they've received a sufficiently strong theoretical foundation. And it becomes easier for them to acquire practical skills.

It's also of interest for us to communicate with the future IT professionals who are studying at the senior courses at the university. And to attract the most promising of them for internships in our company.

What does this step mean for the university?

First, the university receives speakers who are professionals in the IT field. These professionals can give detailed accounts of what each of them does, highlighting all the complexities and curious moments of their work. Explain the intricacies of the work of a web developer and tester, project manager, and business analyst.

Second, the university gets the opportunity to receive up-to-date and timely information about the needs and state of the IT market both in Ukraine and around the world.

What benefits will the company's customers receive?

For the company's clients, it means that only the best, proven, and passionate professionals will work on their projects. Moreover, if necessary, we can quickly set up a new team with highly qualified personnel.

NetLS believes in the bright prospects of students, our long-term cooperation, and conquering the market side by side with King Danylo University.

Learn more:

https://blog.netls.com.ua/en-US/news/netls-unleashes-the-potential-of-king-danylo-university-students

NetLS is recognized as a critical enterprise for the Ivano-Frankivsk region and the Ukrainian economy. 

NetLS develops software and provides a wide range of digital services. The dedicated team started its journey in 2007, and we have been constantly developing software applications for the financial industry. As of 2024, our leading services are a Dedicated Development team, App migration to the cloud, and Digital transformation. After numerous contributions to the development of the city of Ivano-Frankivsk in the form of:

1. Export of IT services to our foreign clients (usually the USA, Canada, Germany, UK, Israel): 

• NetLS offshore development center from Ivano-Frankivsk provides export services of IT solutions abroad, developing the brand of Ukraine as a reliable contractor; 
• the company will support long-term cooperation contracts with a foreign client to provide development and support of clients' IT solutions, which ensures trust and reliability, as each contract is based on industry expertise and an operational team;

2. Helping to support the economy even in difficult times:

• bringing foreign currency to Ukraine; 
• the company provides jobs and salaries that exceed the average salary in Ivano-Frankivsk;
• employees and the company pay local taxes;

3. Cooperation with the best universities in Ivano-Frankivsk:

• NetLS specialists conduct regular educational lectures and workshops, which guarantee the development of the IT industry in Ivano-Frankivsk and a significant contribution to the knowledge of students;

4. Free internships in a high-tech environment:

• every year NetLS provides free three-month training for people who want to start a career in IT;

5. Improving the educational system in Ivano-Frankivsk region's educational institutions related to software engineering by conducting lectures to improve the skills of teachers;

6. Participate in the development of IT Cluster projects in Ivano-Frankivsk;

7. Helping medical workers and the Armed Forces of Ukraine with special clothing and equipment, as well as donating funds to the Red Cross;

8. Strengthening the professional competence of the company's employees who are citizens of Ukraine:

• the company always contributes to improving the skills of its employees, providing the city and the nation with competent developers and more;

9. Receiving prizes and awards:

• the company regularly participates in educational and work-related events or competitions;
• NetLS LLC received the "Choice of Country 2021" award according to FinScore and MarketScore; 
• NetLS products were presented at the Collision and Websummit product and technical conferences;

The Ivano-Frankivsk Regional Military Administration granted us the status of a critical enterprise. Every day we do quality work and try to do our best. Thanks to the status of a critical enterprise, our highly segmented technical leaders will be able to reserve and participate in roadshows, and events organized to present their products, services, or technologies at foreign customer locations. This will allow the company to increase interest from potential customers and bring advanced IT technologies and new clients to Ukraine. 

We are constantly striving to be useful, so as a result, we have become necessary.  

Learn more:

https://blog.netls.com.ua/en-US/news/netls-recognized-as-a-critical-enterprise-for-ukraines-economy-in-2024

Our client is a financial company that specializes in providing financing to small and medium-sized businesses in the US. They operate in the high-risk lending segment with an average decision time of 2 business days. The client approached us to improve the underwriting process by integrating various third-party applications to collect and validate data, and further implement machine learning (ML) tools.

Underwriters process numerous digital and physical documents, and dozens of online data sources, and enter the collected information into the system. They also conduct a complex and lengthy process of risk assessment of a potential client. They determine whether the client is solvent and whether it is worth entering into a loan agreement with them. After that, a decision is made to accept or reject the application. Because manual underwriting is a rather time-consuming process, several employees usually work on processing applications simultaneously.

Because manual underwriting is a rather time-consuming process, several employees usually work on processing applications simultaneously. 

Parallel processing reduces audit accuracy due to the usual human factor. The probability of error and loan default increases, but at the same time, the cost of the entire process increases due to the high cost of human labor. In summary, time, price, and poor quality were the main challenges to success. 

Overall, the customer default rate was about 24%, which was normal for this type of company, but not enough for rapid growth. To solve this problem, it was decided to implement an ML model and automation ETL technology (Extract - Transform - Load) in the underwriting process to improve the accuracy of credit recommendations and default risk mitigation. 

The developed ETL solution extracts public records, banking, financial, tax, and other data from open sources due to the data binding with third-party platforms. After that, it processes information and saves it to the storage in the identic format in the storage. This solved the problem of the length and resource intensity of the underwriting process.

Based on complete, structured, and classified information, artificial intelligence can quickly identify the risks of granting a loan. Machine learning makes it possible to identify an insolvent client with better accuracy. ML is excellent at identifying patterns in large data sets, thus solving the problem of accuracy and reliability of the proposed loan recommendations.

The accuracy of the results has also increased due to the minimization of the human factor in the process. 

The underwriting process has been shortened, and with it, the number of low-skilled employees has been reduced. For example, the “Data Entry” stage had about 50 specialists, and after the introduction of the automated system, it was completely removed. At the Data Review stage, 21 employees were working on applications, and now this number has been reduced to 7 when recalculated for the same number of applications.

The ETL platform was used to integrate 7 third-party services in just 9 months. This allowed our client to reduce costs by 55.5% compared to the classical method of integrating services. The introduction of artificial intelligence and machine learning technologies in credit analysis has improved the determination of the optimal default risk rating based on a wide range of data. Our client received a reliable and fast underwriting system that can make informed decisions based on comprehensive data analysis. Also, thanks to this solution, the total number of applications processed in 1 month increased by 144% over two years, the cost of operating expenses per application decreased by 47%, and the credit default rate decreased significantly. According to McKinsey&Co statistics for May 2023, the combination of artificial intelligence and other automation technologies can add from 0.5% up to 3.4% to productivity growth annually. Due to the implementation of these technologies in our customer's business, we managed to reduce the client default rate from 24% to 14%, which is within the range of the norm in the North American financial industry.

Learn more:

https://blog.netls.com.ua/EN-US/case-study/implementation-of-ai-ml-scoring-system-in-fintech