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The story

The Fintech SaaS startup operates in the Credit Union industry. The fundamental challenge in the sector is that Credit Unions have membership restrictions regarding who can become a member and leverage their financial services. Such restrictions create challenges for credit unions to acquire new members, and for customers to figure out which Credit Unions they can join. In most cases a customer must physically visit a Credit Union branch to figure out if they can join and, in many cases, they are not eligible to join.

The Fintech SaaS startup’s ambition was to build a fully automated eligibility validation engine that can validate information about a prospective customer and determine which credit unions the prospective customer is eligible to join.

Additionally, such a solution opens the door for this Fintech SaaS startup to build many revenue generating derivative products around this core platform. At the time, there was no such solution on the market with the level of sophistication and accuracy needed.

Varyence took full ownership of product development, data digitization, and data management – delivering a SaaS leads validation and acquisition engine that met all desired business objectives. This provided our Fintech SaaS startup with a competitive advantage, garnered over 15,000 qualified leads for them within the first year, and enabled creation of three derivative products to date plus two more planned products. The solution has already been adopted by 60+ Credit Unions with total assets of $80,000,000,000.

After this solution was launched onto the market, Varyence continues to enhance it based upon market feedback, as well as maintaining and supporting it with over 99.95% service availability.

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Project overview

Varyence developed a recommendations engine for providing recommendations of Credit Unions that users are eligible to join based upon their individual profiles and data inputs.

Customer Location
USA
Team Location
Ukraine
Team Size
5
Project Length
2016 - ongoing

Client challenge

  • Help users save money, save time, and live better lives by gaining access to the right financial products at Credit Unions
  • Enable users to leverage advantages that Credit Unions have to offer over traditional banks
  • Increase client’s brand awareness within the Credit Union industry
  • Help Credit Unions grow by providing them with a flow of warm leads that are interested to join

Our approach

We utilize industry best practices & leverage our global delivery capabilities to ensure successful business outcomes for our customers.

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Solution delivered

Varyence developed:

  • a comprehensive, configurable, and easy to integrate survey for collecting information from potential members
  • recommendation engine capable of determine credit unions that end-user is eligible to join based on collected information about the end-user and eligibility rules of most Credit Unions across entire United States
  • self-service administrative role for Credit Unions to configure and manage surveys, as well as find comprehensive reports about all end-users that participated in surveys
  • tools for data mining Credit Union’s eligibility rules from disparate government and public sources of information

Technical components

Business and requirements analysis, software architecting, software development, quality assurance, cloud infrastructure architecting and hosting, DevOps, project management, SEO.

Solution impact

60,000+
Hours of end users’ time saved
15,000+
Leads generated for Credit Unions
  • Reduced the amount of time each end-user needed to find financial products and Credit Unions – from 4 hours to 5 minutes on average
  • Increased brand awareness for our client within the Credit Union industry
  • Adopted by 60+ Credit Unions representing over $80 billion in assets

Why Varyence

Varyence can help you drive growth, transform your business, and reduce risk.

You have many choices of who to trust with your budget, business reputation and business objectives and we take that responsibility very seriously.

Since we take this responsibility very seriously, we are selective regarding new clients with whom we engage. This helps us maintain high quality work for our customers.

As a trusted business technology partner for over 10 years to customers worldwide, below are some of the reasons they chose to place that trust in us

Excellent ratings from clients
Passionate problem solvers
Global delivery capabilities
Best practice approach
Consistent results
Business savvy
Industry expertise
Technical know-how
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