Development of a Digital Banking and Wealth Management Platform to Engage Younger Audiences

The client faces the challenge of attracting and retaining younger, tech-savvy users (Millennials and Gen Z) who prioritize seamless digital experiences and basic financial management tools over traditional asset management services. They require an integrated platform that simplifies financial activities and introduces new engagement channels to foster customer loyalty and new revenue streams.

A mid-sized fintech firm aiming to expand its wealth management offerings and attract younger generations through integrated digital banking and asset management functionalities.

• Create a scalable, extendable platform that combines digital banking capabilities with wealth management features to attract and retain younger users.
• Increase active user engagement by at least 1,000 within the first quarter post-launch.
• Achieve a $90,000 boost in quarterly transaction volume through new digital banking services.
• Enable new revenue streams through interest on cash deposits and collection of interchange fees.
• Develop a user-friendly, intuitive interface aligned with modern design standards to ensure high user satisfaction.
• Implement modular system architecture facilitating future feature additions or service modifications.

• Account creation and management for digital banking and wealth products
• Card management including issuance, activation, and limits adjustments
• Transaction management with real-time processing and statement generation
• Push notifications and alerts for activity and promotions
• Referral and reward program functionalities
• Digital loan application and management system
• P2P payment processing capabilities
• Cashback reward system integrated with transactions
• Expense management and budgeting tools
• Tiered service options with free and premium features to cater to diverse user needs

• Banking core system provider for financial transaction processing
• Payment gateways for P2P transfers and card transactions
• Notification services for real-time alerts
• Loyalty and cashback reward system interfaces
• Regulatory compliance and security protocols

• High scalability to support future feature expansion
• Performance: enable real-time transaction processing and instant notifications
• Security: compliance with financial industry security standards and data privacy norms
• Availability: ensure system uptime exceeds 99.9%
• Flexibility for easy module addition or replacement with minimal disruption

The implementation of this integrated platform is expected to significantly enhance user engagement, achieving an increase of approximately 1,000 active users and expanding quarterly transaction volume by around $90,000 within the first quarter. Additionally, the platform will create new revenue streams through interest earnings on deposits and interchange fee collection, positioning the client for sustained growth and competitive advantage in digital financial services.