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Development of a Financial Product Comparison and Aggregation Platform
  1. case
  2. Development of a Financial Product Comparison and Aggregation Platform

Development of a Financial Product Comparison and Aggregation Platform

supercharge.io
Financial services
Financial services

Identified Challenges in the Digital Financial Market

The client faces intense competition within the mature Nordic digital financial market, with loan seekers overwhelmed by complex, confusing loan terms and numerous providers. Existing platforms struggle with poor search engine visibility, high user churn during loan application workflows, inconsistent integration with bank backend systems, and limited transparency in product comparison. This hampers user engagement, reduces conversion rates, and limits the platform's ability to attract financial institutions as partners.

About the Client

A mid- to-large size fintech company aiming to disrupt the digital lending marketplace by providing a comprehensive online comparison platform for various financial products, including loans and credit offers.

Strategic Goals for the New Financial Comparison Platform

  • Enhance platform visibility and search engine ranking to dominate relevant financial product searches.
  • Design a seamless, quick, and intuitive user journey that minimizes user effort and reduces churn rates during loan application and comparison processes.
  • Build a robust, secure, and scalable integration system that connects with diverse bank backend systems to reliably fetch and display real-time financial product data.
  • Develop comprehensive tools for financial providers to analyze performance metrics and optimize their product visibility on the platform.
  • Deliver a highly secure platform that complies with financial data security standards and promotes user trust.
  • Achieve measurable impact through increased user engagement, higher conversion rates, and expanded partner bank participation.

Core Functionalities and Features for the Platform

  • Realtime aggregator displaying live deals from diverse financial institutions, sorted by relevance and suitability.
  • User onboarding flow that captures essential personal and financial data to generate personalized loan and product offers.
  • Streamlined calculators that allow users to specify loan amount and personal data to quickly access relevant offers.
  • Enhanced interactive UI with lively animations and simplified navigation to improve user experience and reduce funnel drop-off.
  • Admin dashboard for financial providers, offering insights into product performance, filtering options, and visibility enhancements.
  • Secure integration layer supporting diverse bank backend systems, accommodating varying data criteria for loan assessments.
  • Search engine optimization best practices, including technical improvements for enhanced discoverability and ranking.

Recommended Technologies and Architectural Approaches

React for frontend development
Node.js for backend services
Gatsby or similar static site generators for performance optimization
Secure REST or GraphQL APIs for data exchange
Cloud infrastructure supporting scalability and security

External System and Data Source Integrations

  • Real-time data feeds from bank backend systems for current lending offers
  • User data collection and risk profiling modules
  • Analytics services for performance monitoring and reporting
  • Search engine optimization tools and services

Critical Non-Functional System Requirements

  • Scalability to support increasing user base and data volume
  • High system performance with fast load times and minimal latency
  • Stringent security protocols to protect sensitive financial data
  • High availability with minimal downtime to ensure reliable service
  • Compliance with financial data security standards and regulations

Projected Business Outcomes and Benefits

This platform is expected to significantly improve the client's search engine visibility, leading to higher website traffic and more inquiries. The streamlined user experience aims to reduce churn rate, increase loan application completion rates, and enable the platform to attract a broader range of financial institutions. Overall, the project aims to boost user engagement, facilitate more transparent financial decision-making, and expand the client's market share in the Nordic and new emerging markets, resulting in increased revenue and competitive positioning.

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