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Case study

Product Development and Engineering Expertise Creates New Capabilities for Top-10 US Bank

Finance and Banking

Challenge

To integrate and expand their online lending platform, the bank needed to scale its operations quickly and cost-efficiently while also adhering to industry best practices.

Outcome

Working closely with the bank, we helped to launch the initial deposits product for the online lending platform in August 2022, laying the foundation for a new, digital neobank.

After working with Endava in 2020 on a Finxact-based deposits program, a top-10 US bank sought our expertise to support further expansion of their online lending platform. Our efforts added capabilities that laid the foundation for a new online bank.

A complex integration

To integrate and expand their online lending platform, the bank needed to scale its operations quickly and cost-efficiently while also adhering to industry best practices. To ensure a smooth integration and set up new features for success, the bank looked for a partner with extensive knowledge of the platform’s back-end systems and technologies.  

 

The bank’s main challenges included: 

  • Building the integration services needed to support the deposits addition to the lending platform
  • Navigating complex back-end technologies and integration with legacy applications
  • Backfilling for critical gaps in technical architecture and engineering expertise
  • Keeping existing pipelines running while also developing an integration proof of concept

The bank wanted to enhance their digital lending platform by adding a deposits product to better serve their customers. Our team architected and built the integration layer that took requests from the mobile app and talked to the necessary vendor and bank systems to support this new product, including to the next-gen core system.

Phil Mork

Principal Architecture Consultant, Endava

Building a team of experts

Our team worked collaboratively to architect technical solutions for the platform’s key domain areas, with an expert team that included an engineering manager, a principal architect, a scrum master and six engineers. By leveraging our existing relationships with the Finxact and Savana resources assigned to the bank, we developed a plan to seamlessly integrate and enhance platform functionalities. 

 

Our approach included:  

  • Developing APIs using GoLang to build Lambdas, step functions and supporting infrastructure
  • Leveraging current AWS Cloud infrastructure to support deposit functions
  • Supporting OFAC and KYC requirements as well as fraud prevention
  • Enabling automated account linking by integrating with a leading vendor
  • Facilitating account opening, linking, transfers and closing to different funds within a single savings account

Preparing for a new neobank

Working closely with the bank, we helped to launch the initial deposits product for the online lending platform in August 2022, laying the foundation for a new, digital neobank 

 

Milestones for this collaboration included: 

  • Launched initial deposits product offering with sequential iterations
  • Deployed product to 11,000 clients by year-end with adoption of 200+ accounts
  • Provided data mapping to EWS, optimizing reporting

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