Digital Wealth Management Platform
The client was looking for a a full-cycle developer with good understanding of Fintech domain to build an entirely new wealth management solution to streamline their internal and external workflows as follows:
- Get the ability to see all their financial and non-financial assets and analytics in one place, in real-time, to make data-informed investment decisions on the go;
- Provide real-time data on consolidated balance sheets and net worth statements (including private and liquid assets).
Armada Labs stepped in with an independent team to design the new interface, operational and reporting modules of the platform.
- Our client was a top US-based wealth manager, providing services to households in the US and overseas
- A web platform was developed from scratch
Together with the client, we set the following goals for the project:
- Adopt not less than 70% of the client’s internal operations to digital, including inbound management, quarterly/monthly reporting;
- Make all data collection processes centralized so that all the collected information is well-structured and presented in a single format;
- Provide automated recording of all the activity on the platform for easier financial audits and due diligence.
In an attempt to enable fast and convenient onboarding and information supply, we carefully designed UX and UI elements and adapted the user interface to mobile devices.
Next, we improved the collaboration process between the responsible firm’s staff members more efficient by providing cloud-based tools for seamless internal communications.
From the very beginning, the project was approached according to Armada Labs’ best practices in creating custom fintech solutions for high-risk and security- and time-sensitive wealth management applications:
- During the first four weeks, we reimagined the client and onboarding experience from a digital perspective by breaking down 60 user stories into 560 functional and technical requirements;
- We designed, developed and implemented the platform and added a cloud-based API for access to 3rd party software tools;
- Selecting the tech stack that would be viable in the long run according to the expected software performance indicators and the client’s infrastructure and security limitations;
- High emphasis on secure development process according to the client’s overall security compliance policies;
- The Head of client’s R&D had full transparency into the team’s activities and results through daily meetings and detailed reporting;
- High coverage of functionality and code with auto-tests (e2e tests, unit tests, integration tests) aimed at reducing regression and testing costs;
- Meetings: daily stand-ups, bi-weekly sprint plannings, sprint reviews, retrospectives, demos;
- Minimized duplication of efforts and thorough review of the solution by the outside compliance and legal consultants.
- Separate unified dashboards for client’s internal management;
- Interactive tools, including built-in secure messaging, collaborative, real-time document editing, e-sign, and video calls;
- Full compliance with GDPR, PSD2, and SOC III with self-generating mandatory regulatory reports for government regulatory purposes;
- The possibility to assign separate roles and permissions for company clients, in-house staff, account managers, vendors, and others in the same system.
Over eight months, we developed and delivered an MVP for a new wealth management solution to the client. The solution consisted of two modules customized to the client’s needs: the portfolio management module providing a holistic overview of the client’s portfolio and communication with company’s clients and the module that automates multiple internal operations, including bill payments, bookkeeping, business intelligence, accounting, payroll, and more.
- Real-time insights containing a comprehensive overview of all the client’s business and personal assets;
- On-the-go family portfolio management with real-time notifications and alerts;
- Advanced reporting and analytics for more informed, meaningful decisions;
- Better efficiency, quality, and speed of operations with automated accounting (bill payments, account reconciliation, bookkeeping, and other procedures).
“ The solution gave us a competitive advantage in providing quality service to family clients and day-to-day management. The team was highly dedicated and experienced and worked tirelessly with uncompromising integrity on our project. Hopefully, we will stay in a long-lasting partnership with Armada Labs as they showed themselves as true forward-thinkers in wealth management and valued co-workers. ”
As a result of the solution implementation, the client managed to:
- Gain better visibility into their portfolio, performance, and potential risk exposures and make their back-office operations more efficient with 100% of data located on the same platform;
- Make data retrieval 2X faster (customer reports, manager and fund snapshots, recommendation memos, etc.);
- Increase cost-efficiency and reliability of alternative investments processing (thanks to improved decision algorithms), which resulted in a 35%+ reduction of administrative costs and an 80%+ reduction of trade processing ones;
- Provide a better service to over 3,000 US families and around 10,000 worldwide, with an average of 500 new clients acquired per week.
Overall, from the moment of the solution’s delivery, the client could focus more on strategic decision-making instead of mundane data management (that was left in the past).