FinTech Solution
We made a one-stop solution for linking and managing multiple bank accounts to provide ease of financial transactions, as expected by our client. This platform fosters financial stability, allowing customers to gauge their expenses, make investments and increase savings. It is a cloud-native solution that undergoes constant up-gradation to maximize security and efficiency and it was deployed using Amazon Web Services.
Client
Our client is a financial firm that offers a bouquet of services, including – management of financial information (bank accounts, investments, IRA), automated savings, and applications to smoothen individuals’ fund management. It is a trusted enterprise that focuses on financial literacy and helps professionals and people of all ages to make profitable monetary decisions. Extreme security measures across all levels and reliability form the foundation for this platform.
Business Challenges
The client identified that almost 70% of Americans don’t have enough money saved for emergency purposes. They hardly have 1000$ in their bank accounts for contingencies. Hence, there was a need to make people realize the power of savings and simultaneously give a platform to earn reward points for the money saved.
For this, we prepared a common platform so people can link their multiple bank accounts to one place, maintain funds transfer and get reward points to save their money.
Technical Challenges
Sigma helped develop software that integrated various banking services to provide easy access to customers. With this banking platform, they can successfully log in to their accounts and carry out transactions. However, we faced a transaction status update issue on the beta website. The update notification wasn’t reflecting on the site, which was fixed by configuring the URL. Another major challenge that is still going on is – most of the customers are not able to link other accounts to this platform after connecting one of their bank accounts.
Solution
We developed a FinTech solution where a customer can safely connect to all his/her banking accounts and carry out the transactions. So, the project was kicked off with 2 developers working consequently on the front end and backend of the software. Firstly, a sign-up page was set-up through which the user can register and login into their respective accounts. A blueprint page was also subsequently created to collect the users’ information.
Once the design was prepared using ReactJS and NextJS for the front end and NodeJS for the back end, Dwolla was then integrated into the blueprint page to create the user’s account and link it to different bank accounts to carry out real-time transactions. The platform also allows users to opt from various account types, namely – check-in account, savings account, IRA, credit card account, Investment Brokerage, and loan account.
Next was to let users control their transactions between their accounts. Plaid was integrated into the platform to enable the software to connect with the user’s bank accounts and carry out the transactions. Plaid integration allowed them to transfer money from check in to savings account and vice versa. Transactions between other account types, however, were not enabled.
Though the transactions were completed within 2-3 business days, there was an issue with the notification part. The transactions’ summary was not getting updated. The users could not gauge the deposit or withdrawal notifications which led to confusion. But, the development team scouted through the code and finally configured the URL that fixed the issue.
An additional feature was also integrated to schedule the transaction daily, weekly, or biweekly. With a fixed source account, the user can schedule the transfer on a specific date of the month. Also, they have the option to segregate the amount into two or more linked accounts. A content management system (CMS) was developed, which was then segregated into admin and sub-admin sections. The sub-admin feature enables users to edit or delete their inactivated accounts to organize their finances properly.
Apart from this, the client also wanted to provide a marketplace to their customers where they could look for various bank offers, make investments and save money.
The marketplace was created with an intention to help people make better financial decisions in the future. It also serves the purpose of spreading awareness among customers regarding the importance of good savings.
To realize this vision, a feature of ‘reward points’ was also added to lure users into saving more money and getting offers accordingly. However, this project is still in its updation phase to integrate more features required from the client’s end.
Result
The software solution we provided to our client is a collation of all the Financial Service Providers. It’s a simplified portal that helps users to manage their bank accounts, investments, and finances through a singular platform. Using this platform, customers can transact between their accounts and earn reward points accordingly.
Apart from this, the marketplace feature of this portal helps the customers to compare and choose the most preferable services offered by various financial service providers. Moreover, all these procedures are performed in a completely secure environment that guarantees confidentiality and no real-time breaches.
Key Features
Blueprint
Blueprint was prepared to gather and streamline all the user information for data management and transactions.
Control Centre
Users get access to maintain transactions between their linked bank accounts.
Market Place
Accessibility to various offers provided by different bank accounts.
Reward Points
Credit points to save the money in the accounts. Greater the savings, more the reward points to avail bank offers.
Tools and Technologies
- Dwolla, Plaid, ReactJS, NextJs, NodeJs, MySQL, AWS, Firebase
Team Composition : 5 members
Client Name : FinTech Company
Duration : Ongoing
Country : USA
Industry : Finance
Services Provided : Software development, UI/UX Design, Web Development, API Integration, and Software Testing