Instant card issuance with two taps
To make bank card-issuing fast, convenient, and accessible was our client’s primary task.
Imagine that it takes just minutes to get your bank card from the second you apply to the moment you get it. And all you need is a Facebook messenger account.
The messenger covers the majority of basic functions, which are usually supposed by mobile banking applications. It also provides the opportunity to order a virtual bank card and apply for a loan.
This was our client’s ambitious plan and an exciting challenge for our team.
Screenshots of the final product
Background or a virtual bank card using a banking application
Our client is an European Bank with 30 years’ history in the banking industry and a number of offices worldwide.
The Bank’s management set the task of launching a Minimum Viable Product (MVP) for banking market that supports retail bank card issuance and basic operations. The MVP should occupy its niche, but it shouldn’t involve a large financial investment. Simultaneously, the MVP had to be fully operational from the very moment of its appearance and support all existing contactless payment systems.
The solution should embrace 4 main demands
Сhallenges of stages 2-4
We had to overcome some stereotypes and habits of traditional banking system activity. New innovative digital product development requires the new way of thinking which is based upon the understanding of opportunities provided by digital technologies and tools.
In the course of product development the idea of its integration into an eCommerce platform appeared. Our team reacted immediately and suggested a content management system (CMS) Magento as a basis. With no schedule changes our specialists have successfully implemented idea.
The automated loan workflow should be integrated into chatbot, as well as the whole MVP into out-of-date data exchange infrastructure which did not correspond to the innovative decision-making paradigm of the chatbot.
MVP should be completely functional from its very launch, be flexible enough for further improvement, and be able to perform basic banking operations.
It was necessary to automate loan origination workflow which should be fully compatible with the chatbot.
The product and its functions should correspond to the local legislation and laws which regulate the banking sector in the country.
Solution. A smart chatbot for the Bank
Later on, our team started developing the functional for the chatbot itself. The set of functions should include no less than 60% of the most frequent banking operations, such as:
- Checking the balance,
- Balance change notification,
- Money transfers to other cards and accounts,
- Non-cash payments for goods and services,
- Unique QR-code generation for sending it to friends as a request to lend money, etc.
But the opportunity of virtual bank card issuance via the developed application should have become the cherry on the cake top. At first, it would be an unidentified bank card with some limitations, if a retail bank client does not confirm his identity.
Later on, the card can be easily personified. All is needed to visit a bank or confirm the identity through a video call. The limits are removed then.
In addition, the application gives the opportunity to apply for a loan. A bank’s client has to provide their passport data for further credit history analysis. The data for analysis is gained from public authorities’ databases through API.
Delivery. Or the intricacies of chatbot development
We gained valuable experience in implementing chat bots in Banks and have developed our own Chatbot
As a result, we have developed a fully-viable, flexible, functional, innovative, and dazzling in simplicity product for the Bank and its customers. While MVP was tested, it aroused genuine interest among other banks in the group. It was big success for the bank to make a launch of a new product within two months. And it became possible with our help and assistance which we are proud of.
The product gained its popularity among the bank’s clients. Judging by the feedback from the customers, user-friendly interface, simplicity, and speed make the product appealing to the target audience. That is why a version for WhatsApp Messenger is being developed for a greater outreach.