Comprehensive Personal Finance Management Tool

Business Challenge

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Our client, a HK based FinTech Company that provides personal finance platforms, decided to build a comprehensive application for its customers to track, report and control their financial health. The objective was to develop a unified platform to help bank customers set financial goals and to create and implement an actionable strategy to achieve it based on money flow and account balances.

Our client decided to restructure their development processes and integrate quality assurance practices in their existing system in order to inspect the existing infrastructure and implement up-to-date technologies to deliver a feature-packed platform.

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Solution Delivered

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• Transformed client’s platform into a centralized tool for categorizing expenses and controlling budgets. Also created a unified finance coach handle user’s money streams and expenses. Application controls each account and offers budgeting based on categories and time periods, and allows financial goals setting.

• Implemented two-factor authentication (2FA) based on defined regulations. We developed a highly secure authentication algorithm by fully encrypting and protecting bank clients’ personal data.

• Intuitive UX that allow app users to check their daily card balances and define the categories they spend the most on.

• Automatic precise categorization of spending based on upload list of transactions through third-party vendors integration.

• Developed a budgeting tool which helps to plan user’s budget for the upcoming month based on data collected during previous months based on algorithm.

• Opportunity to integrate accounts with external financial institutions. This feature allows users to set up recurring payments within the application, such as for Netflix subscriptions and monthly utility fees.

• Developed an algorithm that allows users to track their financial health score and budget planning.  Reflect health score based on monthly spending, saving, investment and credit card use.

• Tapped gamification to give users points for specific achievements. Based on statistics collected in a time period, users receive bonuses and can make it to the list of top app users.

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Customer Advantage

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• Completely revamped existing application to develop a comprehensive personal finance management tool

• Developed both iOS and Android versions of the application to cover the lion’s share of the market.

• Also built QC and QA process from the ground up to ensure the newly developed system works faultlessly and offers a positive user experience.