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The story

It’s difficult for Credit Unions to expand their financial services to new customers and new areas due to how highly-regulated their market is.

Our Customer, while already providing analytics services to credit unions, collected market feedback and realized a need in the market for an interactive recommendation engine that can provide credit unions with growth suggestions on new markets and new members, taking into account their specific business situation and all federal guidelines.

Varyence took full responsibility for developing the solution and, by following agile practice and incorporating market feedback, developed four major versions of this market expansion recommendations engine.

The success of the product was transformative for our customer and enabled them to grow by 800%.

Even after launching four major versions of this product, Varyence continues building and maintaining the product based upon market feedback.

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Project overview

Varyence developed a solution that performs fully-automated analysis of US demographics and financial institutions datasets in order to provide product recommendations to Credit Unions on the most beneficial way to expand markets for their services, while taking into account all federal regulations.

Customer Location
USA
Team Location
Ukraine, Croatia
Team Size
5
Project Length
2017 - ongoing

Client challenge

  • Help Credit Unions find the most beneficial markets to launch new market present for their service, based upon total population they can serve, while staying within complaint with regulatory requirements
  • Achieve the highest level of automation possible to create a competitive advantage for customers and enable quick market expansion decisions for customers
  • Implement comprehensive interactive mapping for visualization of crafted market expansion scenarios as well as enriching them with demographic and regulatory datasets

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:

  • Interactive Mapping solution for data visualization and analysis of crafted market expansion scenarios
  • Market expansion scenarios crafting automation tool. The tool heavily relies on Census Demographic data, financial institutions and regulatory datasets and follows reinforced machine learning techniques to craft market expansion scenarios and continuously refine it until it reaches goals defined by the Credit Union
  • Management portal providing simple interface to configure and manage automation levers

Technical components

Varyence provided all aspects of technical services: executive technology leadership, business and requirements analysis, software architecting, software development, quality assurance, cloud infrastructure architecting and hosting, DevOps, project management, UI/UX and design.

Solution impact

800%
in growth
  • Enables client to provide its customers with end-to-end consulting services for Credit Unions market expansion projects within record timelines and with scenarios that were never possible to achieve prior to the automation tools
  • Enables Credit Unions to significantly increase markets where they can provide services – adding 2 to 8 million customers to their market areas. This was previously not possible prior to this automation tool
  • Helped client gain industry recognition as a market leader

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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