Full-cycle Development for a Financial Wellbeing App
DeepInspire has built a Salary Advance Service from scratch and transformed it into a full-scale Financial Wellbeing Company that provides a wide range of services and helps employees build long-term financial wellbeing.
The client - Elva - is a UK-based fintech company that started by providing salary advance services to organisations' employees in order to help them make the most of their salaries. The product has grown to a full-scale Financial Wellbeing Company that allows staff at all levels to take control of their finances and build long-term financial wellbeing.
Elva provides a range of services through their app, including salary advances, independent financial advice, credit union loans and savings/investments, financial planning and more.
The client is aimed to build an ecosystem that would give employees greater control of their money and improve their wellbeing. This ecosystem is supposed to be scalable and adjustable per customers' needs and business particularities (since the variety of businesses that use the services is large). To reach such goals, profound technological capabilities and knowledge were required. The main challenges were:
- Different work models (that support different salary cycles and payment models)
- Multiple payrolls support and switching employees between payrolls
- High-load and processing a large number of incoming transactions
- Custom third-party integrations
- Data encryption and security, GDPR compliant architecture
Based on our experience and deep understanding of the industry, we provided the list of solutions that allowed us to reach main business objectives and kept the system secure and reliable enough in accordance with fintech standards.
At the core of the system lies its own banking engine that manages transactions and balances for each employee along with reporting functionalities. The system is banking provider agnostic, meaning that it can connect to almost any bank for sending and receiving payments whilst keeping the treasury function in-house.
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Employee app
It allows employees to manage their advances, request financial help, get financial education, analyze their expenses and get other financial benefits. The application is smart enough to suggest configuring benefits per client and displaying them in the priority of use order.
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HR app
HR app allows employers to manage employees and provides the ability to manage employee data. The app is easy to use and saves working time for HRs within the company.
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Admin app
Back-office (admin app) was created to ensure that all application's constituents are easily managed and supported. The administration panel is a "control centre" and the system's heart.
The reporting engine covers cases like employee changing payroll, various salary and reporting cycles, cross-checking deduction reports and invoices running different processes and much more.
Financial Wellbeing App Features
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Salary Advance
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Credit Union Savings
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Credit Union Loans
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Pension Advice
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Debt Advice
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Mortgage Advice
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Financial Health Check
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Benefits Checker
Outcomes
DeepInspire has built a full-scale Financial Wellbeing App that provides a tailored service for both employer and their employees:
- provides salary access in a real-time;
- allows staff at all levels to take control of their finances and build long-term financial wellbeing;
- helps HR directors understand and deal with the financial wellbeing challenges their employees are facing;
- is seamlessly integrated with a range of 3d party financial institutions to deliver a perfect "all-in-one-place" experience;
- has robust bank-grade security using advanced encryption technology to protect users' data.
We were fully responsible not only for product development but also for building processes, customer support and reliable relationships with clients.
Client’s feedback
the Financial Wellness Company,
United Kingdom
