Credit Score SaaS Platform Development Services for a FinTech Company AWS Case Study

Managed Team | Customer Case Study | FinTech

Executive Summary

Our Customer

SavvyMoney offers a Smarter Credit Score Solution for online and mobile banking platforms. The company provides comprehensive credit score analysis, full credit report, monitoring, and personalized offers — all in one dashboard.

With SavvyMoney credit score solutions consumers have convenient unlimited access to their credit score anytime and anywhere. Company’s key goals are to empower customers’ control over financial health, to help see how financial decisions might impact scores, to ensure real time monitoring alerts which report about any fraudulent activity, and to provide users with the best savings opportunities on an ongoing basis.

The Obstacles They Faced

Being a fintech startup, SavvyMoney were looking for a partner that would help them to strengthen their presence on the market and keep costs low.

SavvyMoney aimed to leverage scaling up the development organization as they grew.

How We Helped

Romexsoft built the dedicated development team in line with the client’s business needs. We enabled SavvyMoney to take full advantage of having their business in the cloud by leveraging our proven AWS expertise.

Together with the client our dedicated team developed two new products:

  • SavvyMoney Credit Score to monitor financial health based on the SSO solution for integration with financial business partner software systems
  • Offer Engine Application which enables the system to make suggestions on loans and credits for refinancing based on the users’ financial profiles

Romexsoft’s Dedicated Development Team handled the full circle of Software Development for SavvyMoney’s key products.

The Challenge

SavvyMoney’s primary challenges included growing their audience (at the beginning of our partnership it was around 10K users) and improving the website performance and scalability by over 80% so the system could maintain a higher number of users.

Other important challenges were:

  • development of the SavvyMoney Pro feature with options of registration, enrolling accounts, and personalized payment plans suggestions
  • development of a credit product based on SSN and personal users info
  • integration with the SSO solution and other web resources

The Solution

Amazon Web Services

SavvyMoney decided to choose AWS as their main hosting platform due to its scalability, reliability, constant innovations, and low latency. Romexsoft has successfully utilized a range of AWS tools during the development of the SavvyMoney’s app, ensuring the app’s high performance, global availability, and security.

AWS services utilized:

  • AWS CodeCommit
  • EC2
  • ALB
  • RDS MsSQL
  • ElastiCache Redis
  • SQS
  • Amazon MQ
  • S3
  • CloudFront
  • CloudWatch
  • CloudFormation

Solution Delivered by Romexsoft

Our dedicated team helped SavvyMoney to increase development speed, ensured flexibility in the development process as well as effective scaling of their technical capabilities. We helped the client to decrease their Total Cost of Ownership in comparison to establishing and managing an in-house team.

Romexsoft gathered and analyzed the client’s requirements, defined project roles and functions, established the SDLC, ensured team’s performance, and controlled quality and delivery of consistent results.

At the beginning Romexsoft provided Rescue Mission service and improved website performance from 80% up to 98% by using REST architecture. This gave an opportunity for the system to maintain big amounts of users without crashes.

The rapid traffic growth led to a need of adding resources on Amazon Web Services every time it happened and terminating such resources when the traffic fell for the sake of cost reduction. By adding the AWS auto-scaling feature we created a cost-effective model and reduced man-hours.

The dedicated team built the solution’s microservice architecture in Java Spring Boot framework.

For the solution to be even more secure our dedicated team used AWS CodeCommit which securely hosts private Git repositories and makes it easy for teams to collaborate on code, and AWS Parameter Store which provides secure and hierarchical storage for configuration data management. Please check our Secure and Effective Development without Access to Sensitive Data AWS Case Study to know more.

Our dedicated team developed the SavvyMoney Credit Score solution aimed at financial health monitoring which allowed the transition into the B2B model targeting credit union users and creating co-branding pages.

Key features included:

  • credit report card and credit risk score generation
  • personalized loan account
  • custom payoff plan
  • evaluation of debt and expenses related to user’s income
  • production of personalized recommendations
  • DIY Payoff Newsletter
  • high level of safety and data encryption
  • backup and restore strategies

Romexsoft ensured that the solution was in line with SavvyMoney’s vision and expectations and that it worked seamlessly 24/7.

Technologies Used

Java
spring.io
Hibernate Logo
HTML 5
JavaScript
Amazon Web Services

What We Achieved Together

Romexsoft’s high-performing dedicated team of software developers helped SavvyMoney to scale up faster.

The improvements, our dedicated team implemented, helped SavvyMoney to increase the amount of users by 250 times and keep it growing.

Romexsoft made sure that the application provided limited access to sensitive data (i.e. all passwords for database access, API tokens or any other sensitive configuration parameters for Production instances) and that the strict separation of application’s codebase from its configuration was in place.

More than 600 banks and credit units across more than 35 digital banking platforms have already integrated SavvyMoney’s credit score solution to accomplish their goals.

Feedback

SavvyMoney Logo
“Romexsoft has built a skilled and proactive team for SavvyMoney, eager to propose new solutions and hire expertise when needed. It’s a pleasure to work with Romexsoft, and I would highly recommend them.

They have very good developers…. We haven’t had the same problem with them as with other vendors.

Bhavna Guglani, VP of Products at SavvyMoney

Why Romexsoft

Romexsoft has been a Trusted Software Vendor and Managed Service Provider since 2004.

  • We are an AWS Certified Consulting Partner, focused on long-term cooperation and customer satisfaction.
  • We provide customers with the effective and market competitive solutions that would absolutely separate them from the competition, help them minimize their Total Cost of Ownership (TCO) and maximize Return on Investment (ROI).
  • Having a number of AWS Certified Engineers, Java Developers, SysOps and DevOps Engineers, and Cloud Architects in the team, Romexsoft offers rapid start and stable performance which 90% of our clients are willing to recommend.

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