Capital Numbers was required to create this FinTech app end to end. We had to take care of both the frontend and backend development of this project and host it on the requested server.
Our first challenge was to make it easier for people to connect their bank accounts to the app for easy bill payments.
Secondly, we had to incorporate a solution that extracts the credit histories of customers. It was essential to get this data for better credit monitoring.
Besides, we had to ensure that the app automatically rounds up bill payments to the nearest whole number with the extra money diverted to savings for future expenses. We needed to help customers build savings by setting aside spare change from daily payments.
Our developers had to incorporate custom algorithms, study API guides, and even tweak some of these guides to tackle these challenges effectively.
The idea was to keep all bills in one place so that users can view their future outflows at a glance.
- Front-end Dev
- Back-end Dev
After penning down the above priorities, Capital Numbers kick-started this project.
Our tech team discussed ways to simplify the flow of billing information for customers. We also had to add a solution to process all bill payments without data loss.
We noted down each point and started developing the app using the following techs:
Capital Numbers’ solution-minded approach was crucial for the successful rollout of this FinTech app.
There were tricky problems related to using techs like Plaid and Experian. However, we overcame all bottlenecks and released an app that behaves as envisioned.
We majorly contributed in areas such as the following:
A Reliable Finance App
Capital Numbers designed a highly reliable finance app that streamlines bill payments and automates saving through ‘round-ups.’
Primary User Verification
Our well-designed customer onboarding process requires users to sign up with their names, contacts, security questions, bank details, etc., and ensures the legitimacy of each account.
We moved beyond the primary verification process and implemented an OTP system via SMS to further authenticate users.
We provided extra layers of security by displaying only the last four digits of every user ID (like card details) so that attackers cannot try combination keys to guess passwords.
Centralized Bill Information
Our app takes the hassle out of timely payments by centralizing all bills (past and future) within a single space.
We even configured the backend to send monthly reminders to users about their upcoming bills and due dates.
We embedded custom algorithms to allow users to multiply their rounded-up amounts by 2X, 3X, or even 10X, depending on how quickly they want to save.
The multiplier automatically turns cents into centuries by rounding up extra pennies, providing an effortless way to save.
By stashing a bit of cash with every round-up, the app also encourages small investments among young adults who may have otherwise not thought of saving at all.
Increased Financial Literacy
Apart from encouraging a good savings habit, our app offers valuable articles on financial topics to help users improve their financial literacy.
Optimized Credit Score
Our Experian-supported credit score card shows whether bill payers qualify for desired loans or the best credit cards.
Seamless ACH Transfers
We massively simplified interbank transactions for the users with the Plaid API that supports smooth ACH transfers.
We specifically kept the subscription models auto-renewable to let users enjoy uninterrupted access to the app.
All Bills in One Place
With all these integrations, Capital Numbers rolled out an app that makes it easier for people to save and spend mindfully. Our custom FinTech product serves as an ultimate dashboard for all bills.
A Next-gen FinTech Solution
Capital Numbers’ long-standing experience and solid technical expertise allowed it to power up this digital finance infrastructure as planned.
Our solution currently helps millennials and marginalized communities:
- Pay off debts without delay
- Re-invest their round-ups
- Build FICO score
- Stay on top of their financial health