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Neobank Development for BCM

BCM Bolsa de Comercio de Mendoza, an officially registered Stock Exchange in Argentina, has played a pivotal role in driving the economic growth of Mendoza since its establishment in 1942. As a private business organization, BCM also efficiently processes tax payments, manages utility bills, and carries out various other banking transactions.

These crucial tasks formed the primary focus of the banking service developed by the IdeaSoft team, ensuring smooth financial operations and providing a sense of security for individuals and businesses alike.

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Client BCM

Services Software development Mobile App Development (iOS Android) UI/UX Design

Technologies Back-End - .NET Front-End - SPA Stack Mobile - Swift (iOS) Kotlin (Android)

Link bolsamza.com.ar

Project Description

Project Overview

The primary objective of the IdeaSoft team was to create a robust neobank software architecture and subsequently develop and implement it.

In the project overview, our team identified two main challenges faced by the Bolsa de Comercio de Mendoza. The first challenge was the heavy reliance on manual operations, which required significant staff involvement and required numerous iterations.

The second challenge was the predominance of cash transactions, which accounted for a substantial portion of payments. This reliance on cash payments negatively affected liquidity and transparency within the organization. Additionally, the manual handling of cash transactions further increased operational costs. Several core features were implemented to address these challenges as part of the project. These features included integrating municipal payments (such as taxes, utilities, and insurance) into the system. A mobile application was developed for both iOS and Android platforms, enabling convenient access to banking services.

User management functionalities were also introduced, allowing for efficient administration and oversight. The system provided different levels of user roles, including admins and super admins, with corresponding access and privileges. The CRM features focused on effectively managing users and employees, ensuring streamlined operations and enhanced customer service.

Target Audience

A BCM digital banking solution benefits a broad range of individuals and businesses seeking convenient and accessible banking services. It mainly focuses on the general population, allowing them to easily transfer money digitally, eliminating the need for cash transactions.

Additionally, small businesses and entrepreneurs in the Mendoza region can benefit from the streamlined processes, quick loan approvals, and efficient account management provided by BCM digital bank. Furthermore, unbanked or underbanked individuals with limited access to traditional banking services can find digital banking as a viable option for meeting their financial needs.

Business Needs

Automation of operations: as far as BCM holds 90% of personal and municipal payments in the region, it required a solution that automates its banking operations and reduces the reliance on manual staff work.
Diversification of payment methods: it needs to diversify its payment methods beyond cash-only transactions. By expanding the available payment options, such as introducing digital payment solutions or integrating with electronic banking systems, Bolsa aims to improve liquidity, enhance transparency, and reduce the risks associated with handling large amounts of cash.

Core Features

Municipal Payments (taxes, utilities, insurance, etc.)
Mobile Application (iOS, Android)
User Registration
Customizable KYC/ AML requirements
User Management
Admin
Super Admin

User Application Features

Ability to connect debit/credit card
Ability to pay bills (taxes, utilities, insurance, etc)
Pay a service (via scanning barcode or manually)
Transactions (deposit, withdrawal, transfer)
Bank offices location on the map

CRM Features

User Management
Employees Management
Transaction Management
KYC Management

Challenges

One of the significant challenges in the digital banking landscape is creating a user-friendly banking experience, particularly for users accustomed to traditional in-person transactions. The transition to digital solutions required the development of intuitive and easily understandable products, even for those unfamiliar with digital platforms.
Understanding this challenge, the IdeaSoft business analytics team prioritized the creation of a banking application for BCM that focused on simplicity and ensuring a straightforward and user-friendly experience. The goal was to design a digital solution that all users could easily grasp and navigate, enabling a seamless transition from physical payment methods to the digital realm.
By emphasizing a simple and understandable user experience, the team aimed to facilitate adopting digital banking services for a broader user base.

Delivery Time

6 months

Team Size

16 team members

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