Technology Stack
Laravel
Android
Stripe
MySQL
AWS
The Client
This app helps people pay timely bills, round up spare change from everyday expenses, save up for future use, and create a good credit score. The mobile app allows users to clear their debts on time to never run into risks or overdrafts. People can use this app to keep all their bills at their fingertips and get a grip over their financial standing.
The Challenge
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.
The Solution
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:
We chose Laravel for the backend because it guarantees robust user authentication, easy coding, top-notch security, and swift time-to-market - all of which were crucial for our FinTech app.
We made the most of the Android SDK because of its pre-built libraries that speed up development and boost the UX.
To link bank accounts to the app, we used the Plaid API. Plaid-powered apps are end-to-end encrypted. They store sensitive data like login credentials and OTPs via HTTPS connection that prevents fraud.
To extract the credit histories of users, we chose the Experian API. It helped us easily pool and analyze credit-based data for responsible lending decisions.
We used Stripe for seamless bill payments. Stripe payouts are fast, smooth, and secure.
To debug the mobile app and prevent crashes across the entire stack, we opted for Firebase’s Crashlytics. Plus, we leveraged the power of Firebase Cloud Messaging to send push notifications.
MySQL was our preferred database solution because of its data security and high performance.
After implementing the above, we deployed the app’s backend in AWS to test it internally across different browsers. Once it was considered production-ready, we deployed the app’s backend in Google Cloud Platform that offers massive uptime and speed.
Results
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.
Two-factor Authentication
We moved beyond the primary verification process and implemented an OTP system via SMS to further authenticate users.
First-class Security
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.
Monthly Reminders
We even configured the backend to send monthly reminders to users about their upcoming bills and due dates.
Customized Round-ups
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.
Automated Savings
The multiplier automatically turns cents into centuries by rounding up extra pennies, providing an effortless way to save.
Micro-investments
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.
Auto-renewable Subscriptions
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
Great Reviews
97 Out Of 100 Clients Have Given Us A Five Star Rating On Google & Clutch
Michael Wendlandt
Senior SEO Manager, GrowthLeads
"They seem very professional compared to the company I worked with before."
Jose Rodriguez
Communications Director, Trans Europe Halles
"It is impressive how easy it was to work with them."
Will Hershfeld
Director of Web Services, AdsIntelligence
"They are a well-structured team and that impressed us the most."
Bernice Ang
Founder, Thrive Life Consulting
"Excellent attention to detail and responsiveness."
Ryan Davies
Managing Director, Like Media Group
"They are easy to work with, flexible, and willing to go the extra mile."
Ryan Gallace
Managing Director, Green Property Group
