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The story

Our customer operates in the FinTech domain and provides consulting services as well as data analytics products. One of the biggest challenges in this industry is selecting the right technology stack to run their financial institution.

The stack generally consists of a number of products that cover various aspects of the business, starting from the central ledger of all members, home banking, loan origination systems, and account opening solutions. Selecting the correct technology stack is a difficult and expensive endeavor.

There are long setup times and it’s very difficult to replace certain parts of the technology stack once they are implemented. Therefore, choosing the right technology stack for a financial institution is fundamentally important to the success of the business.

This platform enables financial institutions to navigate, analyze and compare possible solutions that are right for them, based on the nature and size of their organization. They can do this prior to entering into a sales cycle with the vendor, as well as communicate with direct clients of the vendor, to learn more about strengths and weaknesses of the vendor’s products. 

There were a number of challenges our customer faced in how the software should be designed, implemented and integrated into their existing suite of products.

Varyence designed and implemented a solution covering the needs of the platform that included (but not limited to): 

  • Collecting customer satisfaction surveys to build a knowledge base of existing products, vendors, and related strengths and weaknesses of each vendor product
  • Forum where financial institution users could interact safely with vendor representatives and existing clients anonymously, to collect valuable feedback about the vendor products 
  • Vendor profiles pages providing data about the vendor products, the vendors organization, and the clients of the vendor 
  • An automated solution that gathers and maintain awareness of what products the financial institutions utilize. The solution employs various data mining techniques and maintains a unique dataset, offering a competitive advantage and delivering value for both Financial institutions and vendors

Varyence took ownership of all software design, development and hosting, as well as project management, QA and design activities. This enabled our customer to more quickly release their product and onboard a number of clients, gaining even more recognition in the fintech industry and leveraging this market penetration to fund and offer other derivative products.

Even after this solution was launched onto the market, Varyence continues to enhance it based upon market feedback, as well as maintaining and supporting it.

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Project overview

Varyence developed a SaaS research platform for financial institutions to gain insights into IT vendors being used within the industry, so that financial institutions could make data driven decisions, prior to engaging with vendors, and determine which IT vendors best fit their needs.

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Client challenge

  • Develop a proprietary dataset of all IT vendor products being used within the Credit Union industry and their relationships between every vendor and Credit Union 
  • Provide data and insights that help financial institutions make critical business decisions about which IT vendors to use so they can provide better service to their members 
  • Dataset must be always up to date with the relationships between the financial institutions and IT vendors, providing insights and analytics into who is using what vendor products and services
  • Dataset should be focused on these product types: Core Processors, Internet Home Banking, Mobile home banking, Online Account Opening, Loan origination systems and others 
  • Implement a comprehensive data mining solution capable of collecting data from over 30,000 financial institutions to analyze data and determine which vendors these financial institutions rely on 
  • Fintech platform should allow financial institutions to perform research and find the best vendors and vendor products for their organization, considering their size, type, and geographic market
  • Fintech platform should have the ability to engage with current customers of the vendor to share information and learn from each other about the vendor’s strengths and weakness
  • Platform should provide access to metrics the organization can use to evaluate vendor products used by current customers 

Our approach

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

Solution delivered

Varyence developed:

  • As data is updated, the solution finds patterns that identify vendor relationships 
  • Web dashboard provides financial institutions with the capability to research and analyze IT vendor products and vendor relationships with other financial institutions 
  • Tracks and maintains awareness of over 500 vendor products used by over 4,000 Credit Unions and over 25,000 other financial institutions  

Technical components

Varyence provided all aspects of technical services: executive technology leadership, requirements analysis, software architecting, software development, quality assurance, cloud infrastructure architecting and hosting, security vulnerability scanning, project management, UI/UX design, live technical end user support, compliance automation implementation, and SOC 2 Type 2 compliance consulting. 

Solution impact

Credit Unions use SaaS platform
  • Increased brand awareness of client 
  • Client is recognized as a thought leader in the industry 
  • SaaS platform is used now by over 200 Credit Unions, representing over 10,000,000 members, and over 90,000,000,000 in total 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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