Accelerating a US Fintech Startup's Time-to-Market by 75%.
Overview.
Coforge partnered with a US-based fintech startup to develop a mobile app aimed at helping millennials and boomers save for the future and support charitable causes. Leveraging our agile delivery model and extensive experience in outsourced product development, we minimized time-to-market and reduced costs. The app offers features like micro-saving, personalized offers, and a holistic view of financial health, providing users with a seamless and engaging financial experience.
The client faced significant challenges in achieving their goals. Rapid development was essential to attract funding and market entry, while maintaining cost efficiency.
Rapid Development: The startup needed to quickly transform their concept into a minimum viable product (MVP) to attract further funding and enter the market.
Cost Efficiency: Operating with a limited budget, the client required a cost-effective solution to maximize investment.
User Engagement: The app needed to offer personalized features, such as micro-saving and curated offers, to engage users effectively.
Technology Integration: Integration with the right technology partners and service providers was essential for fast and efficient development.
Risk Management: Maintaining the speed and agility of a startup while controlling IT-related risks using industry best practices.
Solution.
Coforge provided a comprehensive solution to meet the client's needs. We utilized advanced methodologies and technologies to ensure a swift, efficient, and high-quality product development process.
Agile Delivery Model: Utilized a global agile delivery model with a mix of onshore and offshore development teams to accelerate development and maximize investment.
UX Services: Conducted user surveys and mockup trials to ensure user experience was integral to the product from the start.
Technology Consulting: Assisted in integrating with the right technology partners and service providers to build the solution faster.
Quality Control: Maintained high standards of quality control throughout the development process up to production.
Cross-Platform Development: Leveraged the Xamarin framework for cross-platform development, significantly reducing time and effort to extend the iOS-based app to Android.
The impact.
The implemented solution had a profound impact on the client's operations and goals, significantly improving efficiency, reducing costs, and enhancing user engagement.
Reduced Costs: Achieved a 15% reduction in total cost of ownership by using AWS-based cloud infrastructure and an open-source technology stack.
Faster Development: Reduced time-to-market by 75%, enabling predictable and frequent releases from weekly to daily and on-demand.
Increased Efficiency: Saved 80% of the time required to extend the app from iOS to Android.
Enhanced User Engagement: Implemented features such as data analytics-powered lead generation, personalized offers, and a holistic financial view, driving user engagement and acquisition.
Improved Collaboration: Increased collaboration and communication between development, testing, infrastructure, and operations teams, leading to more efficient and predictable releases.
