Wealth Management Solution for Data Sanctity and Improved Operations
About the Client
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.
The fragmented and disparate systems of the client were coming in the way of them being able to serve their customers. The information in multiple systems varied, leading to data inconsistencies and ineffective decision-making.
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.
Our Approach and Solution
1. Identified Areas of Improvement
Our team of 11 seasoned experts workedclosely with the client to identify sections for improvement in the presentstructure to propose a solution. We followed an agile approach, includingmultiple stakeholder meetings and design workshops where we deliveredapproximately 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 microservices architecture using NodeJS that provided speed, scalability, and transparency without overloading the infrastructure.
We produced the interactive prototype & a modern integrated 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. The microservices architecture provided the client the agility in operations without adding costs. We only required a small team of developers to build aNodeJS-based application in a short duration.
For storage and management of data, we used Postgres SQL because of its high performance and transaction security. It also provides features to strengthen the database for preventing cyber-attacks and security breaches.
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.
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Team members involved
Highlights of the Solution
User Management feature
This feature of the solution helps the client maintain user-based license compliancy. We featured various aspects of User Management for them as - Users, roles, and teams.
Client Management feature
The client can oversee, coordinate and measure interactions with its clients and potential clients.
Customer Relationship Management
This feature helps trace the leads and track their journey to identify upsell and cross-sell opportunities.
A built-in reconciliation mechanism helps with seamless reconciliations and corrections for efficient operations and better visibility into actual wealth consumed.
Integration with Investment Application
The application was also integrated into an Investment Application, with the full range of investment products.
Reduced cost of infrastructure 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.
The client’s yearly investment on tech infrastructure and tools was reduced by 62%.