Case Study & Review
Technossus Creates new Fintech Product
While studying trends in the consumer financial market, a team of Technossus developers realized that there was no easy way for consumers to track recurring monthly subscription payments. The number of subscription services had exploded with the growth of “Software as a Service” (SaaS) applications, making it common for consumers to have several subscriptions. Entertainment services such as Netflix and Hulu dominate the subscription space along with gaming sites, online tools such as QuickBooks or Salesforce.com, or informational subscriptions such as online reporting services, newspapers, and magazines.
The Technossus development team identified the problem from the customer’s perspective, resulting in an examination and validation of the customer’s needs. The team built a web platform and application that allowed consumers to manage all their monthly subscriptions in one place. The easy-to-use application automatically determined the consumers’ subscription payment by connecting the application to the customer’s bank records. In addition, the Technossus team also added a function to the web platform that alerted a customer when suspicious activity was detected in their account.
When the working prototype of the new product was introduced to members of the FinTech community, the web platform and application received immediate accolades. Several banks and FinTech companies expressed interest in incorporating the product into their service offerings.
Due to the complexity of the project, many members of the development community were amazed that the Technossus team was able to complete the entire product development cycle in just 24 hours.
For the Technossus team, it was particularly gratifying to receive recognition for their ability to identify unmet customer needs and to build a solution that no one had previously envisioned, incorporating features that were entirely new to the market.