A leading fintech company specializing in providing innovative technological solutions for the financial services industry was tasked with building a next-gen application for the wealth management platform. In addition, it needed to have the flexibility to have customizations by user/customer.
The Problem
As is common in the banking industry, legacy user interfaces with multiple systems and manual spreadsheets led to a suboptimal user experience and added efforts for the team. Our client identified this market gap and sought to build a platform solution that would serve as a single source of truth for all stakeholders and provide a seamless product offering to their clients.
The Approach
To achieve this, we leveraged Unqork’s front-end integration capabilities, which allowed for easy configuration and seamless integration into the existing application workbench. We also integrated third-party vendors such as Equifax and LexisNexis to perform real-time KYC/suitability checks and consolidate document requirements, validations, and other related tasks for a faster turnaround time.
At the core of the platform is its ability to maintain a single instance of a customer record across different relationships and roles, eliminating data redundancy and providing a seamless experience. We also integrated an external legacy system, to automate approval workflows and tracking for new client/account opening processes. Our engineers also built event-driven push notifications for real-time status updates on client/accounts for agents. The platform was designed with configurable rules to support different client, account, and relationship types, providing a flexible and scalable architecture.
The Results
The result was a remarkable speed to market for the client. The platform is customizable for any client within months, and due to its scalability factor, the client was able to execute its plan to white-label and launch the product to multiple new customers in a subscription-based model, resulting in future revenue.