Part 5: Going Live with our Software-as-a-Service solution
In the previous four parts of this series you could see how our customer-facing Software-as-a-service mobile application turned from idea into reality and a complete product. We broke away from the on-premise implementation model that we followed for the past 20 years and worked together with our pilot partners to create a solution that will streamline implementation for future clients. The process of launching a system for two clients simultaneously while still developing the application had its special hurdles, but in the end, we are proud to say that we were able to complete the project to the satisfaction of our clients.
We overcame the regulatory and legal issues by creating a standard contract template that can be used in our domestic market as well as internationally to be able to roll out this system for future clients with relative ease. This is a huge step forward, as Dorsum has ambitions to deliver the service to clients all over the region. Our pilot clients managed to overcome the previously mentioned data quality issues and were able to provide the proper system-generated ‘csv’ files that we could then use in the testing phase. After preparing all documentation required for the User Acceptance Testing phase (UAT), we were ready to submit our test-version of the app to the clients. This allowed us to fine-tune the last little details about the product.
At the beginning of the UAT representatives of our clients were able to put the application to the test on their own mobile phones. For the first time, they could see the product in their own branding, with their own system-generated data (refreshed on a daily schedule), and with all the updated last-minute details that they asked for. Though we could not see their faces when they first opened the app due to social distancing, we received very positive initial feedback as they saw firsthand what their customers will get to experience. This firsthand experience also revealed some of the data inconsistencies that may have remained in the exports from the core system. As the purpose of the application is to make portfolios more transparent for customers, and give them up-to-date, accurate information about their performance, it is also a very powerful tool in bringing inconsistencies in data to light. The role of the UAT was to finalize the data logic of exports from source systems as well as to iron out any creases that may have remained in the application.
After successfully concluding the testing phase, we uploaded the application to the Apple App Store and the Google Play Store. As expected, Apple and Google both vet every detail in submitted apps. This can turn out to be a lengthy process at times, as both companies have their people actually logging into the application to test it on several models to ensure that only top-quality apps are allowed into their stores. Their seal of approval as well as the penetration testing that was carried out by our independent contractor guarantees that the product is secure.
Once the app became available on the App Store and Play Store our clients could notify their customers about this new offering. Our work of rolling out the application was done, but this only meant the beginning of the process of operating the application and providing support so that their customers can get accurate, up-to-date information on their portfolios every day.
We are already in talks with new clients on the Hungarian market, and we also launched a strategic effort to enter additional markets within the region with this solution. We know that the relevance of this product and this service model is on the rise, and the number of financial institutions that seek to improve their customer experience by providing a state-of-the art mobile app to their clients will grow considerably. We predict that those who believe in a service model and a quick-to-market implementation project will choose the SaaS model over traditional implementation methods.
This is the conclusion of our Wealth management in the cloud mini-series. Thank you all for sticking around, we hope that you found these articles enlightening and insightful. We as a company learned a ton from this experience and are looking forward to the new opportunities and challenges it will bring us in the future.
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