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Client

A Wealth Management Firm

Fibonalabs engineered a digital platform to empower the  Financial Advisory Ecosystem.

Industry:
Finance
Services:
UX Design, Component-Based Development 
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laptop image

business
Objectives

This wealth management firm approached us with an objective to build a secure, robust, and simplified digital platform using latest technology through which financial advisors can manage their clients, increase their share of wallet, and also offer multiple products through one platform.

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Value Delivered

fintsobusinessobjective
04
Digital Products
fintsobusinessobjective
26000+
Retail Clients
fintsobusinessobjective
600
Different Locations in India
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$300
Million of AUM

challenges
To Overcome

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Strategize goals and product roadmap for their team to build a financial advisory solution.
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Digitalization of the manual financial processes.
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Improve the communication between the advisors and clients through the platform.
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Showing the real-time data from the ecosystem in a simple way for easy understanding.
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Solution
Approach

We followed a human-centric design approach to create innovative solutions for the end-users of our client. As the first step, we interacted with stakeholders and understood the kind of space they were in, and what kind of services they wanted to provide to their end customers. After a few discussions, we suggested a suitable strategy to the client.

The strategy consists of two phases:

Design Sprint

It was an intense process carried out by our team along with the key members of the wealth management firm to channelize the goal, set the roadmap, identify challenges, and explore possible solutions. This helped us to ideate and prototype in the beginning stages.
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Product Development

We followed the agile methodology to build the web and mobile applications for the wealth management firm. Based on the priority of the use cases, we divided the complete project into sprints and developed them accordingly.
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3-day
Design Sprint

We conducted a Design Sprint for 3 days with the core team of the wealth management firm. It helped them to validate ideas and envision the goal of developing the platform for financial advisors. The design sprint allowed us to channelize the goals to focus on, and streamline the 6 months roadmap to craft the design vision for the project
Day 01
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Understand

Day 02
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Ideate

Day 03
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Select

Day 01
Understand
The sprint started with lightning talks which gave us an understanding of the business perspective from stakeholders. With the ‘How Might We’ activity, we were able to discover potential solutions and related risks. For informed user experience, we explored the financial advisors’ pain points.

We were able to define personas - financial advisors, end clients, and back officers. Conversations with business owners and stakeholders helped us to understand the needs and behaviour of the defined personas. We managed to map the user journey for all three personas.
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fintsounderstand
Day 02
Ideate
On the second day of the design sprint, we reviewed the user journey, goals and HMW’s to come up with various ideas. We worked together for the Crazy 8 activity; in which each member sketched 8 different solutions for the identified problem.
Day 03
Select
On this day, from the stack of solutions, the best solution was chosen; which had the maximum chances of achieving the long-term goal. By the end of this design sprint, the wealth management firm’s team was able to select a single direction to focus on.
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Design Sprint Outcomes:

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Identified the personas
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User journey mapping
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Areas to focus on and innovate
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Roadmap for the business

product
Development

We divided the complete project into sprints of 2 weeks each. Following the agile methodology, we were able to build modules and iterate according to their requirements. The developers worked parallelly with the designers to deliver the project features on time.

Interaction Design

We worked on wireframes to visualize the functions and navigation of the applications. Each wireframe was analysed and multiple iterations were done for further improvements.

On the basis of wireframes, we created the colour palette and components for the mobile and web applications to come up with visually appealing designs. These visual designs were converted into workable prototypes for the development process.
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Component-Based Approach

With the help of off-the-shelf components that are reusable, we developed custom software systems. This approach ensured a consistent user experience across all the four products we developed for the wealth management firm.

We were able to improve the efficieny and quality of the produts with minimized expenditures.

technology
Stack

Web Application Front-End Development

The platform required a seamless end-user interaction in the UI. To build a fast and scalable platform, we used ReactJS. It leveraged the speed of Virtual DOM. To understand the difference and update the real DOM seamlessly, React creates an in-memory data structure cache.
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iOS & Android Applications Front-End Development

We opted for React Native for the cross-platform mobile app development. We used one of the key features of React Native, which is a single code base for developing the Android and iOS applications. This ensured same quality of performance outcome without any additional changes.

Through the AWS CloudFront CDN, quicker loading of applications in the browsers was possible. To maintain uniformity, we used Single UI for both Android and iOS platforms. Code sharing between React and React Native improved productivity. To crunch massive data and render it on the screen optimally, we built a dashboard framework.

Back-End Development

We supported the wealth management firm’s back-end team in developing a huge architecture that scales over time.

These are the tools and technologies involved:
python
Python
cognito
Cognito
lambda
AWS Serverless Lambda

key
Features

Digital Platform & Application For Financial Advisors

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The developed web platform helped advisors in managing a larger number of clients.
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With the help of the dashboard, advisors were able to view all the client's updates, monthly cash inflow, and products used by them.
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The advisors were able to compare different financial products on the platform and offer the best advice to their clients.
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Through this application, financial advisors were able to save time and it resulted in improved efficiency.

Application For End Customers

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The end clients were able to connect with financial advisors anytime through the developed app.
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They could keep track of their investments. The dashboards let them compare different products according to their investment money.
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It helped them to easily work with their advisors and invest wisely.
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It educated them about new financial products.
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It made the investment in the global stock market easy on a unified platform for clients.

Admin Panel

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With the help of the admin module, the admins of the wealth management firm were able to instantly resolve issues raised by financial advisors.

value
Delivered

The application is successfully being used by a large number of advisors to communicate with and provide financial advice to their clients. It helped advisors to diversify their offerings and become more efficient in providing the best products available according to the end customer's needs. The platform also helped them to democratize their knowledge of various financial products.

fintsoValueDelivered
fintsobusinessobjective
04
Digital Products
fintsobusinessobjective
26000+
Retail Clients
fintsobusinessobjective
600
Different Locations in India
fintsobusinessobjective
$300
Million of AUM
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