How To Build Finance Management App: Onix Success Story

If you're interested in building a custom investment management app and need valuable insights, you're in the right place. This blog post shows how effective cooperation can be between a large outsourcing software development company and an established financial technology company. 

Since 2018, Onix team has been assisting our client in building a finance management app that offers users an easy way to regularly invest small or large amounts into a diversified portfolio.

 

Today we're going to provide you with handy tips and practical tricks on how to build a custom investment management app that will help you grab a piece of the finance market. We reveal our development process, the challenges we faced, and how our experts found the solutions. 

 

This article explains how we managed to win the Southeast Asian market and achieve such exceptional results. 

 

The background story

Our client had a large mobile-first savings and investing platform which operates in SE Asia - Pacific region. The app provides a way for its customers to invest round-up balances of everyday purchases into mutual funds.

 

At that time, the company was about to enter the Southeast Asian market and was looking to develop a winning solution.

 

Once our client formulated their idea, they started looking for a professional design and development company.

 

This is how our client turned to Onix for assistance in the realization of their fintech idea:

 

“My search for a reliable software outsourcing company led me to a referral to Onix. Their portfolio of completed projects, the cost, and the wide range of services made them stand out. Their responsive and professional communication from the beginning assured me that I was making the right choice.”

 

 

 

How the cooperation began: Onix’s role in building an investment management app

Our main task was to modify existing source code from the U.S. market for the Southeast Asian market and integrate our backend team into our client's agile methodology and scrum process.

 

After some time, we worked on redesigning the app and adding new features that were unique to the Southeast market. So we worked on iOS and Android versions of the app and a web application with a responsive web design.

 

And here is what our client says about the project scope and planning processes:

 

“We approached Onix with our source code, both backend and frontend, seeking modifications for the Southeast Asian market. We also would require a new UX design to make our product more suitable for the Southeast Asian market. Onix's team was able to come up to speed quickly and understand our requirements and together we developed a clear plan of action.”

 

To deliver a top-of-the-line solution and drive our client's product to success, we formed a team of highly qualified specialists:

 

1. A project manager who was the bridge between the client and the development team. Our project manager controlled the development process and kept the client informed throughout all development stages.
2. UI/UX designers worked on the product redesign to ensure all the functions solve users' problems and achieve the business goals.
3. Backend developers created a new API to ensure data integrity for the investment product.
4. Frontend developers worked on the customer-centric elements of the app, bringing the product design to life and ensuring proper interaction.
5. Our DevOps engineer configured the server infrastructure, developer experience (DX), and established continuous integration (CI) and continuous delivery (CD).

 

The cooperation started with setting up a seamless, effective, and transparent process. At Onix, we use the Agile methodology to add more flexibility, speed, and quality to our development process. The percentage of businesses using Agile is up to 71%.

 

When we started our development process, the team cyclically passed through development phases: planning, development, reviewing, and launching. These development cycles enabled our team to make continuous improvements avoiding development issues and delays flexibly. 

 

We communicated regularly with our client at every stage to keep him informed and gather feedback. Video meetings helped us build strong relationships, guarantee complete understanding, and enhance collaboration.

 

As a result, our team and clients dealt with a structured, iterative development process that allowed delivering a valuable final product on time.

 

Solutions provided by Onix

First of all, we would like to note that communication is a priority at Onix. During a project, our clients are involved in the development process to always be aware of the project’s progress, provide their feedback, and make changes if needed.

 

Every day we chat with our clients and set regular calls to maintain a full understanding of the scope of work and define tasks. This frequent communication enables us to receive immediate client feedback on our team’s achievements and keep directly synced on project progress.

 

Our Onix team highly-skilled specialists were committed to working on this finance management app that runs on three platforms: iOS, Android, and the web. We worked hard to provide effective solutions and, as a result, deliver a reliable, well-performing web and mobile micro-investing platform.

 

While working on the app development, we actively used pull requests as a part of the daily programming workflow and regularly performed code reviews. These activities prevent unstable code from shipping to customers until other team members approve it.

 

The app’s platforms for different countries are based on one codebase, which, depending on the environment, assembles the necessary components. Accordingly, we ensured support for the required languages ​​and currencies.

 

Furthermore, we applied the remote config technique for three platforms which allows us to change features or disable/enable part of the functionality remotely without publishing an app update.

 

We set up Google Analytics for Firebase to track important events and collect analytics. It provides insight into users' journeys through real-time and custom reporting.

 

The SDK automatically captures certain key events and user properties, allowing us to define custom events to measure the things that matter to client's business. Also, we set up Facebook Pixel, which enables us to measure, optimize, and retarget audiences for company's ad campaigns.

 

Solutions for the iOS platform

For the current project, we've applied the MVVM+Coordinator architectural approach. It facilitates maintaining high code readability, as well as the ability to flexibly customize navigation within the application.

 

Security is a top priority of any product, especially a fintech one. That's why in addition to credentials, we integrated biometric verification, namely Touch ID and Face ID. Biometric scanning operation allows users to enter the application securely with minimal effort.

 

Also, our specialists implemented the feature flags mechanism, which consists of two parts:

 

1. feature flags via Firebase Remote Config. It's flexibly configured for dev and production environments for each country separately.
2. local flags and parameters that don't change often. They serve to separate properties and characteristics that behave differently in different countries.

 

Moreover, we used targeting technology to separate the codebase between countries within the application. It allowed us to link code and files for each country separately, as well as add settings individually for each application.

Solutions we implemented for the Android platform

In the Android version, just like in the iOS one, we used the biometric capabilities of smartphones, which provide users with access to the app without entering passwords.

 

We also created one common codebase for all countries, which is functionally divided into android flavors and feature flagging.

 

What is more, we covered that part of the project with UI and unit tests. These types of testing allow us to

 

• make sure that an app’s UI empowers users to make the most out of it with the least effort;
• verify whether a small and isolated piece of the codebase behaves as the developer intended.

 

It's also worth mentioning that our specialists added the in-app review feature, which allows users to evaluate the application without leaving it.

 

Our solutions for the web application

Security is paramount in the fintech industry, as it utilizes users' private data. If at least one security accident occurs, the business's reputation can be ruined forever.

 

That's why we adopted the OWASP Top 10 document to ensure a high level of the app’s security. The OWASP Top 10 is a standard awareness document representing a broad consensus about web applications' most critical security risks.

 

Using the OWASP Top 10, we provided the following solutions:

 

• Security measures during authentication should not be limited to SMS passwords only. We integrated multi-factor authentication to maximize the security level of the apps.

 

• We provided cookieless authentication, also known as token-based authentication. It uses a protocol that creates encrypted security tokens allowing users to verify their identity. The token contains information about users' identities and transmits it securely between the server and the client. 

 

• To ensure a secure and private online experience when using a website, we used Hypertext Transfer Protocol Secure. HTTPS is an internet communication protocol that protects the integrity and confidentiality of data between the user's computer and the site.

 

• We used React DOM, which by default escapes any values embedded in JSX before rendering them. This guarantees the impossibility of injecting anything that isn't written in the app. Before rendering, everything is converted to a string. This helps prevent XSS (cross-site-scripting) attacks.

 

App functionality

So what's inside this micro-investing app? Let’s take a closer look at how the app can benefit its users and how our team approached the app’s development.

 

New code for apps

The customer provided the code to start working with, yet during the development process, the apps’ code had gone through some transformations:

 

• The original web app was written in Ember.js. Our team wrote the new code in React.js.
• The original iOS app was written in Objective C. Onix’s team has written the new app in Swift.
• The Android version of the app contained legacy code and was written in Java. Onix’s Android developers have written the new code in Kotlin.

 

Backend improvements

The Onix team needed to develop a new API that would enable the app to meet the market’s business requirements. The backend was completed in Ruby, while the bulk of the required code in Ruby already existed.

 

So, we worked closely with the inhouse Ruby team to build a robust API that would bring many advantages, like higher development speed, better scalability, and security.

 

Below you can read our client's feedback on our team integration and effective collaboration:

 

“One of the most impressive aspects of working with Onix was their ability to integrate with our existing teams, processes, and procedures. Their backend software engineers became a part of our agile methodology and scrum process, working side-by-side with our in-house developers. For the front end and UX design, Onix took the lead in project management, ensuring a smooth and efficient process.”

 

Our Ruby backend solutions represent a monolithic code base with a few microservices. Many of the API calls are asynchronous to ensure data integrity for the investment product and to make the user experience as smooth as possible.

Investment portfolio management

One of the key features our team worked on is effective investment portfolio management. The app's unique algorithm keeps the funds in a user’s account within the chosen portfolio’s target range. Users need to agree to the automated procedure of rebalancing their accounts, which will balance the ETFs regardless of market fluctuations.

 

Every time users deposit or withdraw their funds, the app automatically adjusts the proportions of ETFs purchased to move the account towards its target portfolio allocation. It also periodically reviews and rebalances the portfolio whenever the percentage holding of one or more ETFs fluctuates 5% above or below its target allocation. 

 

Rebalancing also occurs when users request to change their portfolios. The app sells overrepresented ETFs and uses the proceeds to buy underrepresented ETFs to bring the portfolio in line with its new target allocation.

 

Rewards

Rewards is a loyalty program. Using this feature, users can shop, and partner brands will invest a dollar amount or percentage of users' purchases back into their account.

 

Round-ups

The Onix team developed a great feature called “round-ups” that turns users’ everyday purchases into an investment tool. Users that opt into this feature link one or several credit/debit cards to their spending account. After that, whenever they swipe a connected card, the virtual change rounded up to an even dollar goes to their account to invest.

 

The app monitors the user’s EFTPOS transactions and rounds up the spending to the nearest dollar. For example, if they pay $8.40 for lunch, the actual change of $0.60 they would have had is automatically allocated to their account in the app.

 

When the accumulated virtual change reaches the AUD$5 threshold, the app automatically invests it into the user’s chosen ETFs. This happens only if the user has selected automatic rounds-ups in the settings. If they don't select it, then after reaching AUD$5, they can only invest manually.

 

Savings goal

People set up savings goals in the app to help them reach their targets quicker. For example, users want to buy a new car for which they don't have enough money. Using this feature, they can set a financial goal specifying the amount they desire and set a recurring investment to start saving and watch their progress.

 

Recurring investments

Now, people can easily automate regular investments using the app. The main idea of this feature is to allow users to set periodic (daily, weekly or monthly) investment top-ups. People can choose a certain amount, the required frequency, and when they want the investment to start.

 

Investment feature for kids

The Onix team built an investment feature for kids, which allows users to save and invest for their children or dependents who are under the age of 18.

 

Kids account has its own portfolio selection and provides an opportunity to make investments using round-ups, recurring investments, one-off investments, and cashback.

 

Recently we have released the second version of this feature, the primary purpose of which is to develop children's financial literacy. In the new version, parents can create an account for their child and, with the help of add-ons and restrictions, teach their children how to invest.

 

Super

Super is an effective way for people to save for their retirement. Users get an opportunity to invest for the long run with the help of their super account, accumulating from every employer and the voluntary contribution they make. 

 

Users can choose from the same range of diversified portfolios, ranging from a conservative investment strategy to an aggressive one, depending on their goals and risk tolerance.

 

Throughout the development process, Onix’s specialists have maintained and improved the app documentation. Using software development best practices, our team set up a productive working process and delivered an outstanding, robust application.

 

How Onix contributed to the application design

Onix’s design team joined the project to improve the existing application design. The first step was a research and task audit.

 

At this stage, we defined the product vision, the problem we wanted to solve, and the target audience. Our design team determined a fundamental strategy, revealed information gaps, and preplanned the workflow according to a timeframe and resources.

 

First of all, we needed to thoroughly analyze the wireframes of the app and the app flows. After that, the department’s art director and one of the designers compiled ideas for improvement and prepared a concept of two mobile screens and one screen for the website dashboard. 

 

This kick-started the product redesign, which progressed through the following consecutive phases:

 

• Our designers created stunning visuals and delivered a scalable design system to keep the product's look and feel consistent. This stage included creating the design elements, such as typography, icons, color, and grids.

 

• We designed several screens in a light theme, and app’s leadership liked the designs and approved the new visual style of the platform. Thus our designer applied it to all approved wireframes of the app screens.

 

• The art director took over the task of redesigning the website and dashboard to ensure a cohesive user experience across the mobile apps and the website.

 

• Our designer drew the new style illustrations for the service’s onboarding pages.

 

We've worked hard to deliver simple, clean, and attractive UI/UX design. Thanks to our design solutions, end-users can use a web app and iOS and Android apps quickly and effortlessly!

 

Here is what our client says about the process of adapting the source code and UX design:

 

“For the frontends Onix's developers analysed our source code and proposed the necessary modifications. Their team also came up with creative and user-friendly UX designs that aligned with our requirements and needs of our target audience in the Southeast Asian market.

 

Throughout the project, Onix maintained open lines of communication and was always receptive to feedback and suggestions.The relationship with Onix is ongoing as we refactor code or implement new features or designs, meeting all of our requirements.”

 

Technologies behind the app

While working with this micro-investing app, we’ve used both the latest and proven technologies to ensure a high level of app performance and reliability. Below you can see the technology stack our experts recommended for investment tracking app development.

 

 

Results we achieved

Our team is glad that we were able to realize our client's ideas and help users save and invest their money in a smart, innovative way.

 

As a result of Onix’s collaboration, our client now operates a reliable, well-performing web and mobile micro-investing platform that offers people a “set it and forget it” approach to continuous investing. 

 

The app’s achievements are impressive, including numerous awards and an unprecedented investment uptick. The mobile apps were published on Apple’s App Store and Google Play, were featured in Forbes, WIRED, Bloomberg BusinessWeek, Business Insider, CNBC, Channel 9 News, and Sky Business News, and are still enjoying great reviews from growing audiences.

 

What our client says about our cooperation

“My experience with Onix was nothing short of excellent. Here are some key takeaways from our collaboration:

 

Expertise: Onix has a team of experienced professionals with diverse skill sets, making them well-equipped to handle any software development project.

 

Seamless team integration: Onix's ability to integrate with our existing teams and work within our agile methodology and scrum process allowed us to grow or reduce our team as needed.

 

Open communication: Their commitment to maintaining open lines of communication fostered a strong working relationship and made the entire process more enjoyable and efficient.

 

Quality assurance: Onix's dedication to quality assurance and testing ensured that the final product met that exceeded our expectations.

 

Cost savings and flexibility: The combination of cost-effectiveness and flexibility makes Onix an attractive choice for software development services while maintaining financial prudence.

 

Working with Onix has been a rewarding and fulfilling experience. Their professional and friendly approach, combined with their technical expertise and dedication to customer satisfaction, make them a top choice for anyone seeking software outsourcing services.

 

I look forward to future collaborations with Onix and highly recommend them to professionals seeking a reliable and skilled software development partner.

 

Onix is more than just a software outsourcing company; they are a true partner in your journey towards digital innovation and transformation, with the ability to adapt to the unique needs of the client, while managing your costs.”

 

Ready to build an investment portfolio planning app and win in the finance market?

We're proud that our team was privileged to work with the financial technology company assisting them in finance planning app development. And now, the Onix team is ready for new challenges!

 

We have 24+ years of experience designing and building fintech products, including personal finance apps, micro-investing apps, and so on. We will gladly help you to validate your business idea before starting full-fledged development.

 

Our specialists thoroughly analyze your target market, conduct business analysis, and properly plan your future project to ensure high product quality and deliver a project on time and within budget.

So, if you're looking for investment app developers, we're here to help! Please don't hesitate to contact us. Using a variety of cutting-edge technologies and flexible development processes, we can build a finance application to bring your concept to life.