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Investment Platform
Achieving Business Growth in Financial Consulting: How We Transformed a Basic Website into a Successful SaaS Investment Platform
100K
Leads in a year
3x
Active users growth
Sweden
Country
FinTech
Industry
About the client
Our client is a Swedish savings company that provides financial consulting services. The company offers stocks and pension funds to allow their clients to grow their finances safely.
Our client’s business relied on an office-based model where employees reached out to potential customers through cold calling and then consulted them on how to purchase suitable financial products. Such a traditional system that relied on calls and offline communication limited the company’s growth and hindered efficiency. To attract more customers and speed up the processes, our client decided to build a website and go digital.
The website was static and served as a catalog of their services with the possibility to contact service providers. This digital catalog was a step forward in bringing in new clients, but it soon became obvious it wasn’t enough to achieve their business goals.
So our client decided to create a more advanced platform that would allow them to efficiently promote services and attract new clients while reducing the number of operations performed by their staff. Looking for a dedicated team with expertise in fintech, our client conducted several interviews and chose EVNE Developers. By leveraging our data-driven approach, we got down to work and started building a versatile investment solution.
Challenge
Our client had a vision to upgrade their website with new functionalities such as a blog and multiple access options. We evaluated the current website and identified the potential to add more advanced features that would attract more customers for our client. We suggested not only displaying their services in an accessible way but transforming the website into a full-fledged SaaS solution that would display the products of other companies as well. The client approved the idea and we started implementing it into reality.
We had to build an online store for financial products that would allow the company to provide their clients with better service while bringing in new customers. By turning an existing monolith website into a full-fledged platform based on microservices architecture, we aimed to deliver a scalable and flexible tool and make the investment process as convenient as possible.
Solution
The new platform had to match the established brand identity of the business. We collaborated with our client on the UI and UX design, aiming to preserve the existing clients, migrate them to a web portal, and appeal to a new customer base. We created an experience that was familiar and consistent with the already known.
After we approved the look and feel, the next step was to define the functionality of the desired solution. The client gave us a detailed brief on what features they wanted to see on the platform and we further enriched this information through thorough user research.
To build a user-friendly portal, our business analyst and UX architect did detailed UX research that allowed us to create a seamless experience for the users. We defined what exact features are needed and how to implement them in the most convenient way.
Result
Finally, based on our research, we successfully delivered a versatile SaaS solution with the following features:
Products catalog
The main feature is a catalog of available stocks and funds to invest in. Starting with the top options at the moment, the catalog presents ratings of products set by the users themselves. Enhanced with search and filters, it allows users to easily find the right options based on specific parameters.
Stocks statistics
A user can view detailed stats on any stock. This info includes its past performance, with historical data showing how it’s gone up or down on average during a certain period.
Calculator
To help users see the probable outcomes of their investments, we added a calculator where they can input their investment sum and calculate an approximate profit percentage. Based on historical data, the calculator estimates returns over a needed period, from several days to 5 years.
We faced several challenges while developing and deploying these features. Discover how we managed to find the right solutions and deliver the final result.
Scaling a monolithic website into a microservices web platform
To enhance a weak website into a scalable solution, we first had to improve the architecture. Being based on a monolithic architecture, the existing tool lacked the flexibility that would allow us to add more features and improve the website. To solve this challenge, we started scaling the architecture, gradually turning it into a microservices-based structure.
By transforming the static website into a flexible solution, we prepared the foundation for further development, making it possible for the platform to scale cost-efficiently and almost without limits.
Implementing calculator for predicting probable investment outcomes
The first feature that we had to build was a calculator that would show users how much money they can get after investing a specific sum. The calculator uses analytics and historical data to provide results with high accuracy. The user can enter the amount they want to invest in a product and see the projected returns for up to 5 years.
Besides forecasting, the calculator can be used to find a product that can help users earn the desired sum. For example, the user enters specific parameters such as the sum they’re going to invest, the desired outcome and the period of time. Based on the market situation, the calculator shows a list of products for potential investment. As market stocks can be hard to predict, we implemented three types of products that have different quotes and interest rates:
1
Fixed interest rates, which include deposits such as retirement or insurance, and give a small, but guaranteed profit.
2
Flexible quotes, such as stocks. To forecast the price of stocks, the tool calculates a historical average of investment rates and recommends users contact brokers that can give more information.
3
Fixed quotes + interest rate. In this case, there’s a guaranteed minimum quote and a possibility to earn more depending on the market situation, which is one of the most popular options.
The user can choose between different types of investment, each with its own trade-off between risk and reward. Higher returns are possible but less likely, while lower returns are more stable but less profitable. In each case, the platform warns users about all possible outcomes so that they can make an informed decision. For retirement funds, the probability of getting an expected return is around 95%, for stocks it’s around 75%. Leveraging the calculator and the dashboard that shows detailed statistics, users can decide on how to invest their money while avoiding unnecessary risks.
Leveraging two-factor authentication and encryption for data security
The next challenge we had to tackle was data security. Working on a fintech solution, we had to ensure that the personal data wouldn’t get leaked. We also had to make sure the platform collected only essential information that was necessary for its functionality.
We made sure that all the personal data collected was securely encrypted and depersonalized so even in the case of a cyber-attack there was no risk of leaking any personal info.
We used the data we collected to create a system that can track and understand user behavior. This helps us to improve the platform and make it more user-friendly. Though the user data is anonymous, it gave us insights into what filters are used the most and what products are the most popular. Based on it, we continued to refine the solution, making UX more intuitive and seamless.
To secure the collected personal data, we leveraged such practices:
- Two-factor authentication to ensure the security of accounts beyond just a username and password.
- Data encryption to protect information by using mathematical models that transform it into a form that only the key holders can access.
- Regular database backups to safeguard data against various threats, providing a reliable means to restore data.
- Obfuscation of personal data, which allows data to be used for legitimate purposes while protecting the privacy of individuals’ sensitive information.
- Depersonalized statistics to ensure that individual identities and sensitive personal information remain concealed.
We made sure that all the personal data collected was securely encrypted and depersonalized so even in the case of a cyber-attack there was no risk of leaking any personal info.
We used the data we collected to create a system that can track and understand user behavior. This helps us to improve the platform and make it more user-friendly. Though the user data is anonymous, it gave us insights into what filters are used the most and what products are the most popular. Based on it, we continued to refine the solution, making UX more intuitive and seamless.
Rating system for assessing financial products
To facilitate product search and their comparison, we implemented filters that help users find the most suitable products. Users can set filter options such as financial conditions, the stock’s position, the growth of product capitalization and so on.
To help users share their investment experiences, we allowed them to rate the products they invested in. Based on the rating, the platform shows what products are in demand right now, which helps to decide whether they’re worth investing in or not. Through user ratings and filters, we managed to build a transparent system that helps users easily compare and choose financial products.
Adding an API to include products of third-party companies
When we started working on the platform, it was designed to offer only the company’s own services. But after we started the development process, it was decided to move to the SaaS model, our client started developing partnerships with other financial services. To allow third-party companies to add their products to the platform, we enabled data sharing through an API.
We created a platform that lets users pick any pension fund or investment option in Sweden, with a wide range of services tailored to their needs. The platform became an independent solution that attracted numerous customers and helped our client to scale their business even further.
Value Delivered
The investment platform we built allowed our client to reach both goals: it improved the experience for current customers while also drawing in a multitude of new clients by providing them with the ideal solution to effectively manage and grow their savings. Now our client has an in-house team that continues to work on the platform, adding new features and transforming the platform into a social network where people can invest, earn and share their experiences.
100% user base increase within a year
The new solution we developed helped our client double their user base in a year, growing from 150K to 300K users.
10K sold products in the first year
The platform we built quickly became popular in Sweden and allowed our client to sell more than 10K products in the first year.
Scalable SaaS platform
By enhancing the existing website and shifting to a microservices architecture, we turned the platform into SaaS that continues to grow.
5.0
Alec Öberg
Business Development Officer,
Savings Management Company
“They are dedicated to quality and high-grade service…”
“EVNE Developers is proactive, responsive, and have a versatile team to tackle the diverse needs of a project in the financial domain. They take into account overall dependencies for successful project operation instead of just doing the tasks assigned. Thinking about the product’s future is one of the core points they took into account when making important decisions. They are honest and upfront about any issues and always come up with solutions, not problems.
Looking to build a successful SaaS solution?
EVNE Developers can help you build a cost-effective yet scalable product that will allow you to meet user needs and grow your business. Tell us about your goals and we’ll gladly discuss possible solutions that align with your vision.
