December 12, 2019 // By Magenic
Magenic helped a global fintech organization pivot the direction of a project to design and develop an innovative payment solution while accelerating their overall software delivery speed.
One of the world’s leading providers of bill pay technology for banks was suffering when their clients were losing new customers due to the lengthy required setup time. The platform, which was being used by several leading banks, was encountering increased abandonment due to the cumbersome process required to set up an account. Seeing the need to rewrite the platform to optimize the account creation process, the organization solicited the help of third-party software development firms. After the contracted firms failed to make forward progress on the most critical capabilities of the new platform, Magenic was brought in to ramp up and deliver in less than six months.
Magenic invested time and resources with the client product team to create a backlog, engagement plan, and team model to address the organization’s most urgent digital needs. It turned out the highest defined priorities were not as critical as originally expected, while others needed to be addressed immediately. Given the complexity of the problem, it required an innovative solution different from what they intended.
Now, with a clearly defined set of priorities and features, Magenic was able to quickly ramp up multiple development teams to start delivering against a superior platform roadmap. Not only were the issues that were hindering the account setup process alleviated, but the new platform provided a consolidated, easy-to-use dashboard to simplify paying bills.
The redefined payment solution is being described as “groundbreaking”, a product of Magenic’s consultative approach which produced the right directional change for the organization. “Magenic’s ability to course correct and scale up development completely changed the trajectory of this project,” shared the fintech executive and product owner. “Not only did they exceed our expectations and deliver more than planned throughout the project, but they were able to address the abandonment issues that were plaguing our customers and provide a better experience than thought possible.”