The client: an award-winning fintech startup aiming to revolutionize money management. The team to make it happen: CHI Software. The result: a comprehensive, intuitive, and interactive financial planning platform. The fintech solution that we created for our client shows people how their decisions and events in their financial history affect their economic situation throughout life and provides recommendations for better outcomes.
For one of our recent software development projects, the client started out knowing that they had a winning idea: their experience in finance had shown them that offering comprehensive financial planning would help customers achieve economic security and independence. The challenge was that many users still saw the process as too difficult, boring, or inaccessible. Existing fintech solutions at the time also lacked essential features. Our client needed just the right tech solution that would bring their idea to life.
The goal was to develop a financial planning platform people would enjoy using because it’s easy, interactive, and fun. It needed to show customers everything they should know about the prospects of their household’s financial well-being, taking into account costly life plans and “what if” scenarios.
To bring this ambitious project to life while solving a number of technical challenges along the way, the company decided to hire the CHI Software team. Our experts partnered with them throughout the active development stage, helped to release the project, and continued assisting with maintenance for years after the product launched.
The primary goal was to create financial planning software that people actually wanted to use, making a positive impact on their lives. This would also make the platform attractive for financial institutions and advisers aiming to boost client engagement.
The simple-to-use, interactive, visual-driven solution offering extensive insights about the users’ financial status and prospects would provide the benefits of financial planning without the usual headaches, making customers happy and increasing sales.
Our client needed their fintech solution to smoothly scale up, as they expected the number of users to grow quickly. They also planned to offer this tool to banks, insurance companies, and other financial institutions – for whom scalability is crucial.
Security was absolutely the top priority of the project, as it would deal with highly sensitive data concerning clients’ personal and financial details. That meant the most stringent security measures would be needed to make sure all data would be properly protected.
Our client wanted to create a one-of-a-kind fintech solution that offered unique benefits such as enhanced interactiveness, visualization, and an all-encompassing approach to financial planning, with the aim of becoming a leader in their market.
– Graphical representation of the users’ financial status for each year of their life expectancy, based on advanced data analytics.
– Assessing diverse financial parameters, such as savings, net wealth, and cash flow, to show the complete picture.
– Ability to add future goals like property purchases, education, or planning a trip or relocating abroad to the user’s financial plan.
– Financial analysis for the whole household, including family members such as children and spouses.
– Feature to add sudden adversities, like unemployment, illness, or death, so users can plan to mitigate their financial upsets.
– A simple drag-and-drop approach to adding events to the financial planning platform’s graphs for maximum user convenience.
– Multi-currency support, letting users choose the main currency for the account and dedicated ones for different items.
– Simulated investment scenarios that show users what they can expect from projected values and payouts.
– Recommendations for users on ways to improve their economic situation through personalized financial product offerings.
Starting from fintech solution development and on through maintenance, our team helped the client to expertly handle some difficult challenges:
– Refactoring the codebase, which was huge and cumbersome, made the code cleaner and more maintainable, improving performance and simplifying future growth. It also helped to identify defects and vulnerabilities more easily, contributing to seamless work and better security.
– Thorough unit test coverage was important to assure timely and reliable detection of bugs before they caused problems. This ultimately led to better software, happier users, and increased sales.
– Migration from monolith to microservices architecture ensured smooth scalability of the solution and efficiently sped up release cycles, testing, and updates. It helped to deliver more value to customers faster, while maintaining high reliability through all the new features.
– Migration from an obsolete to an up-to-date technology stack improved performance, security, and efficiency and future-proved the financial planning software.
API integration with third-party services (Stripe, Twilio, etc.) and internal platform components guaranteed that customers had stable access to all the features they needed for effective financial planning. Our team also implemented best security practices to make sure the integrations are safe.
Realizing the absolute importance of security for a fintech solution, the CHI Software team took the most stringent and robust security measures to protect sensitive data, customers, and the platform itself from cyber threats. Our efforts helped the solution to become SOC 2 compliant, proving its adherence to the best-in-class security practices.
Taking an active part in the platform’s front-end development, our team helped it achieve one of its main competitive advantages: an interface that people came to love using. We contributed to the signature visualization of the solution, its ease of use, and highly engaging nature. Combined with reliable, holistic functionality, this user interface helped the platform stand out.
The financial institutions implementing the platform report that its usage increases customer engagement by 60% thanks to the tool’s visual and interactive nature.
The financial advisors and insurers adopting the solution have 20% higher sales because of the boost in user engagement and satisfaction.
Our client claims the efficient optimization made it possible for the financial planning platform to smoothly scale up by 80% as the user base grew.
Strict security measures we implemented helped the fintech solution to achieve SOC 2 compliance, strengthening customer trust by 60%.
The financial planning software we helped to develop allowed our client to win the prestigious Most Innovative Startup award.
Because of the high quality of the platform, the client succeeded in standing out in the market, and attracted several high-powered European investors.
Thanks to the superiority, scalability, and adaptability of the financial planner engine, our client’s business expanded from Asia to Europe, with ambitions aimed at conquering the U.S. market.
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