John is the CEO and cofounder of RocketWealthPro, a FinTech company. He aims to help people achieve financial wellness. He’s sure that failure prevention is key, as only this aspect can make FinTech clients loyal.
John’s aware that winning crowds of customers doesn’t guarantee they won’t leave the very next day. Only reliance and predictable results make them loyal, and not a rush over third-rate features.
Bob is the CTO at RocketWealthPro. He values predictability and consistency foremost.
Like many other startups, RocketWealthPro’s product was initially developed by its founders. After raising investments, the company hired an offshore outsourcing company to help them scale. But instead of hitting the ground running, they faced an alarming mess and regular failures. About 25% of time was wasted on fixing bugs and explaining tasks to vendors.
Mike is the head of product and cofounder at RocketWealthPro. He agrees that safety is a must-have, but equally knows that the product can't exist solo. Integrations are required to drive more investment options and convenience.
Mike sees a keen need for the addition of new features—the faster the better. Together with RocketWealthPro’s CEO and CTO, Mike works on inviting investments, enlarging the team, and ramping up growth.
Meanwhile, investors were demanding progress while the team tried hard to prevent rolling back and to keep steady.
Seeking a solution Bob, Mike, and John rejected proposals from other outsourcing companies as they were sure that the problems would be pretty much the same. Bob went to a FinTech event with an eye to finding a solution to the problem.
There, during a coffee break, he met Vasyl, CEO of a FinTech engineering company. They began talking and Vasyl told him about a media platform his team uses to investigate FinTech companies and publish their success stories. He asked whether Bob and his partners would be willing to discuss their company’s virtues and challenges, and the ways they seek to combat these challenges, for a new story.
During the discussion, Vasyl brought up exactly the problems that RocketWealthPro is facing. It turned out that these are very common throughout all FinTech startups. He also pointed out that his company’s FinTech Engineering Approach addresses these pain issues while establishing a relentless development process.
The value of the approach was not lost on Bob and his partners, but they decided to implement FinTech engineering principles with their current team, rather than hiring Vasyl’s company. As a result they made some progress, but the developers lacked financial domain knowledge and thus misinterpreted tasks. Bob insisted on hiring some local folks and downsizing the outsourcing team.
As one might expect, very few developers had been tailored to FinTech, as most of them had worked at bigger companies or requested oodles of cash. However, even hiring several in-house specialists with the necessary skills turned out to be not enough to solve the problem, as they couldn’t replace other team members.
Mike presented his company at a FinTech meetup, he ran across Vasyl once again. After the show, they went to chill out, had a drink, and agreed to join forces.
They started a trial and soon proceeded to a full-scale project as the processes transformed:
It took around half a year for the project situation to stabilize. RocketWealthPro ramped up product development and now deliver integrations as soon as they see the demand. They take an innovative and collaborative approach to the project and are able to keep their loyal clients satisfied. Their steady growth has attracted more investments, so they are going to enrich their product offerings in future.
Vasyl’s FinTech Engineering Approach proved its efficiency. Now John, Mike, and Bob have seen for themselves that this practice is a gold standard for building a robust FinTech product: