Custom FinTech Services for Digital Banking

Business challenge

Our FinTech client introduced the first digital-only banking services to the German market. Their innovative banking solutions include Banking as a Service, Payments as a Service, SaaS core banking platform, and FinTech mobile payment services. Setting the FinTech standard for next-generation banking, our client has developed a transparent, community-focused API and a unique banking platform.

Along with traditional online banking services, our client provides many innovative banking solutions including crowdfunding, social landing, multi-currency eWallets, cryptocurrency trading (Bitcoin, Litecoin, Ethereum, Dash, and other altcoins), direct money transfers to Facebook friends list and phone contacts, as well as contactless smartphone payments. Investors are even able to store virtual currency as securely as precious metals and cash.

As the first provider of digital banking services in Germany, our client has a rapidly growing customer base. They’ve developed a large online community of users who receive financial rewards for evaluating new financial products and services. Today, this community has over half a million registered participants, who use the client’s payment services, and every fifth is a full-service client of the digital banking platform.

Thanks to the easy integration of accounts with Facebook, Twitter, eBay, Xing, and other business and social networks, demand for our client’s services is growing exponentially. The bank provides round-the-clock support for its users through online chat and forums without owning any physical offices.

To meet increased demand for custom digital banking solutions from their end clients’ businesses, our client needed to extend their Ruby development team to meet growing engineering needs. That’s when they contacted Intellias about establishing dedicated delivery teams to work on several end customer related products. Our expertise in complex solutions for the financial and investment management domains and experience in lending marketplace development perfectly matched for addressing our client’s challenge. 

Technology solution

Within the first four months of our partnership, Intellias, a trusted custom software development firm, established three dedicated teams to provide innovative digital banking solutions to our client. We started working on three projects to customize a core banking platform and get the most out of existing solutions for end customers.

Our first team is now developing a backend component for the online and mobile FinTech digital banking system. This system will let clients withdraw cash and replenish card accounts at supermarket cash desks, make contactless NFC payments with mobile phones, and use cards abroad. It will also guarantee the safety of online purchases.

Our second team is working on a web solution for one of our client’s partners, a global mobile operator, to extend its web presence and complement an existing application with a new web API.

Our third team is creating a data platform that allows end customers to effectively aggregate and store a great volume of data from many sources, then rapidly process it for future customization of services, tapping on the benefits of artificial intelligence for trading.

Business impact

Right now, our cooperation is continuously growing. Both our client’s in-house engineers and our client’s end customers have successfully transferred knowledge to our dedicated teams to help us better understand what digital banking solutions the client needs the most. This collected knowledge is a prerequisite for developing successful user-centric SaaS solutions for online banking, mobile banking, and payments. The Intellias team has delivered best-in-class innovative digital banking solutions talent to meet our client’s development needs, diversify their product portfolio, and empower third-party platforms with valuable features.

Services provided by Intellias help a digital-only bank to empower its core banking platform with:

• User-friendly front-end layer for using white-labeled responsive online and mobile application
• API layer for an easily adaptable management system to connect to any third party services
• Money transfer system to cover Instant SEPA, ACH Payments, and various country-specific transfers
• Credit solution that includes credit cards, emergency loans, and social lending
• Community platform to encourage deep users engagement with the end-customers’ brand
• Real-time dashboard that gives valuable insights into customer needs and behaviors
• Five-minute digital on-boarding through video, ID scan, or post-identification via a third-party vendor
• Marketplace which offers access to innovative online solutions and products in FinTech, InsurTech, and TradeTech via partners services 
• Third party integration with SCHUFA for assessing customer history via different banks, credit history, and scoring
• Implementation of a microservice architecture due to geographic diversifications
• Variety of deployment models, based on country regulation and client’s preference (on-premises, SaaS, AWS, or private cloud)
• Customizable loyalty & rewards program to fit any industry, offering air miles, free data, or any preferable reward customers appreciate from a service provider