About the Client
The client is a US based financial services company providing scalable account acquisition and fee income solutions for over 300 financial institutions including large banking clients. Their software platforms leverage customer touch points such as branches, phone banking, call centers and websites, to convert them into referral account openings. With a pay for performance revenue model, the client generates large account acquisition and fee income opportunities for some of the biggest names in the banking sector.
The client offered two flagship products to financial institutions:
- Cash back card product – A turnkey cash back card rewards program for banks to generate income fees from their portfolio of debit card holders.
- Referral account acquisition product – A product that incentivizes customer referrals at the moment of account holder interaction with their bank.
The client’s offerings were used by various financial institutions, and each had different formats for reporting account and transaction data in order to calculate rewards and income fees. The client had outsourced this backend data processing to a third party, but faced several difficulties in managing these operations. Since it took several hours to process a single bank’s data, daily, weekly and monthly reporting was turning out to be a very time consuming process.
For the Cash back card platform the client needed to complete the monthly transaction and payout calculations, which had to be done manually by the client’s outsourcing partner for over 50 clients. The referral product offered by the client had fewer clients but faced the same processing issues.
Backend processing was performed using a third party software component, and because the transactional data was received in different formats, it could not always be read by the software module and often required manual data entry. They wanted to develop a processing platform that could automatically read the data in the different formats supplied by the banks, and process it for calculating income fees and cash back payout.
As there were certain sections of the software programming which were not understood by the client, they wanted the product code to be simplified and optimized. Additionally, the client wanted a web based module to make setting up new client accounts simpler and faster. The client also needed to address security issues in terms of unauthorized access to the data. The client approached Silicus to develop the software modules to simplify and automate data processing on their product platforms and also perform product maintenance, bug fixes and resolve various issues faced by the client.
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Silicus assembled a talented pool of software developers with expertise in ASP.NET and C# programming, led by an experienced project manager. Silicus has developed the following solutions to enhance and improve the client’s software products:
Cash Back Card Product
- File Parsers – File parsers were developed to process Enrollment and Transaction data for the Cash back card product. Silicus developed more than 58 Parsers to parse each customer’s data provided by banks in different file formats as per their specific business rules.
- Improving Bank Data Processing – Optimization of the existing logic of processing code to improve speed. Silicus resolved bugs in the existing bank processing program used to calculate cashback amounts.
- Add Bank Module – Silicus created a add bank configuration screen to allow the client to quickly add clients instead of having to program it from back end. The system automatically generates the specific bank pages when a new bank customer has been added through the web interface.
- Website page optimization – Silicus optimized the Cash back product website pages. Webpages that previously took up to 10 minutes to load, now loaded within 45 seconds.
- Purchase Track Reporting – Silicus created a reporting functionality to enable the Client to generate reports based on monthly purchase history. The reports are used to plan and execute an email marketing campaign to attract potential bank customers.
- Purge System – As the system pushes a large amount of data every month to the database, Silicus developed a mechanism to purge old data.
- Database Encryption – Silicus provided a proof of concept solution to implement database level encryption.
- Authorization System - Developed an authorization system that authenticates and restricts access to system pages based on the user’s role.
- Customer Search – Implemented improvements in search customer functionality allowing the client to search customer records based on specific criteria.
- Financial Dashboard – Developed financial dashboard to display a monthly summary of all transaction / cashback payouts / Enrollment numbers
- Optimizing Data Processing – Silicus optimized the existing logic of the data processing code to make it more efficient. A six hour duration to process a single bank’s data was improved to one hour after Silicus implemented the optimized program code
- Exception Handling – In instances of user accounts not qualifying for rewards, but the Bank still wants to qualify them, Silicus developed the System through which this can be handled as an Exception.
- Add Bank Module - Silicus developed a web based configuration interface for adding new banking customers
- Content Management System – Developed a content management system to upload and edit images so that banking customers can add their branding to the product
- Notes modules – Enhancements were made to the Notes module used by Call Center operatives for tracking various calls
- Reporting – Developed various reports based on client specifications and generated by ASP.NET programs. The reports also contain charts which display current trends.
- Data Extraction Module – The Client can extract account enrollment details and performance data from the system and can provide it to their Bank Customers
SQL Server 2008
Visual Studio 2010
THIRD PARTY INTEGRATIONS
Facebook, Twitter API integration, bit.ly URL API, Charts
GREATER CUSTOMER SATISFACTION
Silicus ensured that the major overhaul needed by the client was implemented, significantly improving the performance and efficiency of their revenue generating products. The improved reporting and admin modules ensured that the client was able to offer much better customer service and performance reporting to their banking customers. The project had a very positive effect on revenue generation and customer retention for the client.
BETTER OPERATIONAL EFFICIENCY
The Silicus team’s skill in optimizing the code and speeding up the processing saved the client valuable time and resources.
FULLY MANAGED PRODUCT MAINTAINENCE AND SUPPORT
Silicus provided the client a fully managed ready to deploy offshore software support team to conduct ongoing daily maintenance and software product support. The several improvement, fixes and issue resolutions greatly improved the efficiency and performance of the software solution. Security, speed, and stability of the client’s product were vastly improved, along with several smaller fixes and new features desired by the client.