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Dedicated Software Development Team in the Financial World: 4 Success Stories
Recent years have witnessed a significant surge in the adoption of cloud technologies, Software as a Service (SaaS), generative AI, test automation and advanced tools driven by the desire of large traditional financial institutions to maintain their competitive edge.
Recognising that clinging to outdated legacy systems and delivering poor web experiences could make them vulnerable to disruption from emerging players, these enterprises have embraced the need for digital transformation. However, it can be challenging for businesses in the BFSI industry to develop complicated systems since they need to concentrate on their core business activities.
With a deep understanding of the challenges faced by clients, KMS Solutions has been providing comprehensive assistance to numerous prominent banks and financial institutions for over 14 years. Our expertise and commitment have enabled these organisations to differentiate themselves and thrive in a competitive market landscape. Explore how our dedicated software development team can empower clients to gain a competitive edge in the financial services industry.
1. A “Big Four” Australian Bank Developed a Fundraising Platform by Scaling Development Team 6 Times
Considering the growing interest of customers in charitable giving and their preference for accessing information and making payments through mobile devices, one of the big four Australian banks decided to acquire Shout - a digital fundraising platform allowing people to access over 150 charities worldwide.
As forming a high-seniority IT team in Australia can be time and resource-consuming, the bank finally built an offshore technology hub due to its several advantages. While searching for the ideal partner, the bank was highly impressed by the dedicated software development team at KMS Solutions and consequently chose them to provide an end-to-end engineering solution, encompassing all aspects from product development to ongoing operational support.
In line with the objective of broadening product offerings to cater to diverse businesses and organizations, as well as developing a new user-friendly website and updated mobile application, the team has expanded significantly, growing 6 times to reach a current size of twenty members.
To ensure the stable development process of the platform, KMS proposed team involvement in every stage: Requirements, Implementation, Testing, and Production Deployment.
Initially, the Shout platform consisted of four primary categories, including Fund, Blade, Button, and SMS, supporting desktop, tablet, and mobile devices. However, over the years of continuous improvement, the product suites now offer two additional features, which are Terminal and QR. The platform has consistently demonstrated its value and achieved significant growth, with a remarkable 208% increase in total fundraising in 2018 compared to the previous year. To date, Shout has successfully raised over $55 million through its platform, providing crucial support to numerous Australian charities.
During our collaboration, the bank’s CEO said, “It was amazing to see you all come together and have fun and propose new features for our platform. If it weren't for you, we would be unable to assist as many charities and individuals as we do. I think this KMS team can help Shout do wonderful things for the world."
2. Axi Integrated Different Payment Gateways to Expand Its Trading Platform
Axi is an Australian-based Forex and CFD trading corporation trusted by over 60,000 ambitious customers from over 100 countries worldwide. As a global top broker, the company recorded $2.5 trillion in trades in 2020. With the growing number of trades annually, Axi needed to provide lightning-fast e-FX services and a seamless trading experience. Therefore, the corporation has decided to integrate with more Payment Services Providers (PSPs) to address the unmet requirements of traders worldwide.
To cover the requirements of Axi, KMS Solutions proposed a software development team of 7 dedicated members responsible for installing and ensuring flawless integration with new PSPs, including eWallets, Crypto and Bank Transfer on Azure Service Bus.
Moreover, with domain knowledge and expertise in financial services, KMS is well-knowledged that brokers can be a vulnerable target of cybercriminals. Thus, the KMS dedicated software development team has prioritised security and compliance, ensuring that payment gateway integration systems are secure and comply with industry standards. During this collaboration, the team has undertaken a four-stage process for PSP implementation consisting of PSP Analysis, PSP Implementation, Code Review, and Testing & Deployment.
Within 5 months, the KMS' dedicated software development team has successfully configured, tested, and deployed 9 PSPs in LATAM (Latin America), the UK, Bulgari, Nigeria, South Korea, Japan, Hongkong, Malaysia, etc. The services provided by KMS Solutions also ensure a secure payment process and provide a seamless user experience.
With the PSP integration services delivered by KMS Solutions' dedicated software development team, Axi is able to meet the demands of its growing user base while prioritizing platform security. This partnership has facilitated the ability to provide various options for conducting online transactions, fastening turnaround and improving customer conversion.
3. ACB Released a Mobile Banking App’s MVP within 4 Months
Asia Commercial Bank (ACB), with 27 years history of providing traditional banking services, recognised the competitive threat posed by new rivals that have embraced innovative technologies in their financial offerings. Since the demand for digital and contactless payment solutions in Vietnamese users had increased significantly, ACB decided to adopt a mobile-first strategy, which concentrates on delivering personalised experiences to different target groups.
In search of the right partner to help the bank digitalise transformation effectively, ABC found KMS Solutions, which has demonstrated proficiency in User-centric Application Engineering and deep expertise in the Banking domain. With domain knowledge and expertise in financial software development, KMS also provided close compliance with security standards such as OWASP Security Vulnerabilities and PCI DSS Security Standards.
Through its collaboration with KMS Solutions, ACB received meticulous consultation on Mobile-first Design, a strategic product roadmap, and best practices for success. Considering the app’s complexity, KMS Solutions proposed a dedicated software development team of all necessary roles, including a Scrum Master, Front-end and Back-end Developers, Test Engineers, DevOps Engineers, and Business Analysts.
To increase the speed of implementation while ensuring efficiency, the team adopted the Agile methodology, professional scrum master and automation testing. Both development teams also agreed on the emerging technology stack of React Native, Java Back-end, Monitoring & Log Tracing with ELK, etc., and automation testing tools such as Katalon Studio, Kobiton, etc.
Within only 4 months of partnership, ACB could successfully release the minimum viable product (MVP) of the ACB Business App that incorporates a wide range of innovative banking features:
- New Transaction Alert
- Biometric Security,
- On-the-Go Signing,
- Batch Processing, and more.
Besides, to help banks ensure data security, KMS implemented leading security practices such as:
- RSA encryption
- Token-based authentication
- One-time passwords (OTP).
This all-in-one app has provided ACB's business customers with a convenient and user-friendly digital platform to access a range of banking services, including financial transaction management, accessing account information, statements viewing, and more. The app offers features tailored to meet the specific needs of business users, aiming to streamline their banking experience and enhance efficiency in managing their financial operations.
Nam Nguyen, Head of Digital Banking ACB, said, “I am pleased with the synergy between us and KMS Solutions. The two worked literally as one team: the way they communicate and collaborate with our in-house staff is just remarkable.”
4. Discovermarket Accelerated an Insurance Platform Release Time with Test Automation
In response to the shift towards Open Insurance, DiscoverMarket decided to develop a white-labelled insurance platform customised for distribution partners. This solution facilitated the future distribution of protection as embedded products in their partners' journey to generate frictionless user experience and increase customer engagement.
To achieve the objective, the corporation would need a proficient and dedicated software development team with the appropriate blend of skills to help manage the entire software management project and accelerate the testing process.
With its robust digital capabilities and extensive financial services expertise, KMS Solutions was honoured to be chosen as the project partner. Working collaboratively, the two teams have crafted a strategic product roadmap and implemented automation testing to expedite business success.
- With the help of KMS Solutions, Discovermarket could implement API and UI test automation using the Katalon platform, enabling the enterprise to achieve higher test coverage and decrease test cycles and human errors.
- To revamp the performance testing, our team has applied Katalon and JMeter for loading functional test behaviour and measuring software performance to boost optimisation and load capability while limiting the chance of default features.
Within ten months, the corporation could successfully release an open insurance platform powered by open APIs to offer insurance microservices and a product repository. Discovermarket has also seen considerable gains in efficiency and productivity since the implementation of automation testing tools.
How Our Dedicated Software Development Team Can Help You Leverage Business
The above successful stories have showcased KMS Solutions’ exceptional capabilities and commitment to delivering high-quality software solutions. Through our deep domain expertise in developing BFSI software for enterprises and collaborative approach, we have consistently surpassed expectations and achieved outstanding results for their clients.
With 14+ years of experience in successfully helping businesses in the BFSI industry excel across the world and 3 ODCs operated in the Asia Pacific, KMS Solutions can leverage our global expertise and professional perspectives to be all companies’ trusted IT service providers.
Moreover, we also won Master Entrepreneur Award at APEA 2022, ranked #9 in Clutch’s Top 100 Fastest-Growing B2B Providers, and gained Top 10 ITC companies in Vietnam 10 years in a row. Thus, you can confidently place trust in our dedicated software development team to deliver powerful software that fits your purpose.