create an automated savings service for the US market.
all-in-one and user-friendly system for money transfers between any bank accounts with iOS and Android based clients, as well as a web-client. Constantly growing user database and warm welcome from financiers.
Our task was to create a service that would automatically put a certain percentage of expenses to a savings account. This would allow its user to resolve the money saving issue with no need of keeping records of expenditures. All that is required is to choose percentage of expenses that the user wants to put on the savings account, and the system would do the rest - from keeping record of purchases to bank transfers.
ServerAt the initial project architecture evaluation, the following pattern was offered:
- Backend is in charge of data processing;
- Backend is also in charge of liaising with banks and transfers, the client part is not involved in liaising with banks;
- The client app interfaces with the backend through a protected connection, thus providing for data confidentiality.
The next task was to find an opportunity to technically implement the bank interaction aspect in an automatic mode with the largest US banks coverage possible and the best value-for-money balance.
There are two major players on the market:
Due to a number of reasons we had to decline using Check and the choice was in favor of the Yodlee service. In addition to the bank interaction automation, Yodlee provided an option of making transfers between the user’s accounts.
The trial use revealed that the Yodlee money transfer system did not suit us due to its expensiveness and technical limitations. As a result, the transfers are made through the CheckGateway system.
The system architecture transformations:
We used our multiple years of experience and know-how to develop the backend:
- All information for the app functioning is stored in a dedicated database MySQL, which can be scaled to fit, if required, or moved to a more powerful server without any down time.
- Backend was implemented on php with the internal framework that worked well in a trading company automation system.
- In order to collect and analyze statistical data dozens of scripts were written that process information in the background and provide uses with up-to-date information.
Using the above-mentioned services’ API we created a single system that could provide a turn-key solution for the user’s transactions tracking and transfers between any bank accounts with no need to enter personal space on a bank’s site. This was backed up by the administrative system fitted with multi-functional statistics blocks and user management options.
A comprehensive administration system was created.
Mobile client prototyping
iOS and Android client apps were required for the service.
The development was structured in such a way that an app for iOS was first created, then tested, revised and adjusted, and only then Android work would commence. This allowed to avoid doubling the work and sped up the development in the end.
Both iOS and Android applications were written using native technologies to ensure performance at maximum speed.
Before the development started, several dozens of the app click paths were created. This helped avoid lack of understanding between the client and developers, as well as speed up the process thanks to comprehensible and logical description of the business logic.
Click paths for all app screens were created.
When entering the application the user sees the indicator window. It gives a quick access to the main functions of the app (setting the savings’ percent) and the list of indicators reflecting the main user account parameters. The indicators also serve as buttons for accessing all main functions of the app. The indicators’ list on the main screen can be customized by the user to quickly access the information and functions they use the most.
The next step was to implement functions related to additional safety in terms of access to the app (an option of pin-code introduction) and additional user motivation to save money. The latter was accomplished by adding to the system the concept of “goals”, which the user could put saved money aside for.
A whole range of ready-to-use goods and services is offered to start saving for: from TV sets to MBA degrees, also available is an option of creating your own goal with a free description and image. Once the goal is created, the system starts tracking the user’s savings and lets them know when the amount is enough for the desire to come true.
When creating the web client we wanted not only to transfer the mobile app functions, but also optimize them to go with the new platform. Development of a client to be generally used not on a mobile device, but on a display, gives you more freedom as to the functions that can fit in one “window”.
Our goal was to make the space between the screens as short as possible. In the final version any app function is not more than two clicks away, no matter what screen the user is currently on.
The web portal was created with the use of AJAX technology to ensure smooth navigation among the client’s screens without page updates.
A separate system navigation logic was created for the web client.
The system became available to the audience in early 2013 and started to confidently expand the clients’ database right away. The system kept improving constantly even after the release, while its mobile and web clients kept being updated to optimize the user’s interaction with the system. SavedPlus showed impressive $ 250 000 of revenue as early as in fall and enjoyed a great success at the financial innovations conference FinovateFall 2013.
SpaceshipApps team is still involved with the project development and improvement and we believe that the current accomplishments of the systems are just a start =)
3 month 3 months for the app’s first
version development500+ tasks for developers200+ test builds120 000+ lines of code300+ changes committed to the
version control system12 devices used to test the app10+ people involved at
different stages30+ screens
- A comprehensive service providing access to savings from anywhere: ios/android/web;
- More than 3500 banks processed;
- More than a million of transactions processed daily;
- An average savings amount is $ 200 per month and $ 2500 per year;