Our client is an independent wealth management firm that helps its customers simplify wealth management and make effective financial decisions. The company focuses on building a relationship based on trust, personalized service, and uncompromising integrity with its customers. They offer tailored investment strategies designed to align with each client’s unique goals and risk profile.
Operational Inefficiencies
The organization was technologically struggling, and most executives were switching between multiple solutions for their day-to-day tasks.
While all of this caused operational inefficiency in the business and created problems with internal communication, a lot of time was exhausted on mundane and insignificant tasks. The client was using three different applications and a user-facing software for their customers- all of them not talking to each other.
The client wanted to set up a seamless and efficient application to help its employees complete their day-to-day tasks efficiently and also provide its end-users great user experience.
1. Identified Areas of Improvement
Our team of 11 seasoned experts worked closely with the client to identify sections for improvement in the present structure to propose a solution. We followed an agile approach, including multiple stakeholder meetings and design workshops where we delivered approximately 55 Figma screens to derive the best ones. With rapid prototyping, testing, and alignment with the client, we continued advancing towards the final product.
2. Designed Wealth Management Solution
Our team designed a Wealth Management solution with three modules- Tax Advisory, Wealth Management, and Client Module, primarily a desktop-based application. However, the client module was a mobile-first module to help customers access it on the go. We designed a single platform for all business processes and revamped manual billing to automated.
We created a microservices architecture using NodeJS that provided speed, scalability, and transparency without overloading the infrastructure.
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We produced the interactive prototype & a modern microservices based solution for wealth management for the client. Our solution was built on React and leveraged Redux for handling application state management. Additionally, we used Figma for prototyping, designing, and wireframing.
We used Node.js for the backend technology to deal with server-side operations for all services for the client.
For storage and management of data, we used Postgres SQL because of its high performance and transaction security.
We used AWS ECS service for building container-based applications on-premises or in the cloud with Amazon ECS to store data anywhere and for reliable tooling, management, workload scheduling, and monitoring across environments.
Tech stack used: JavaScript, Figma.
-Reduced cloud infrastructure cost and license fees with a single application built on Microservices.
-18% improvement in operational efficiency with maximized utilization of wealth and tech advisors.
-Better user experience and fewer screen abandonment instances.
-Faster release cycles and easier maintenance due to modular architecture and independent service deployment.
-Enhanced scalability and performance, allowing the platform to handle increasing user loads without compromising speed or reliability.
