Managing personal budgets goes beyond looking after the current account. Savings, investments, mortgages, car leases and other financial products also need to be easily accessible to provide customers with a complete financial overview. 

A frequent problem is that these products are offered by multiple providers, so relevant information cannot be accessed in one place. This is the issue that the recent EU directive, PSD2, aims to solve. 

It allows authorized third parties to access financial data from multiple organizations and aggregate them in a single service, so customers have a single source of truth for their information.  

Taking advantage of this possibility enables financial institution to get ahead of their customers' needs and expectations. 

Our offer - Personal Finance Management Platform - helps them to achieve this goal. We can assist in building a  mobile application, as well as an online service for personal finance management.  The aim is to provide customers with the same information and level of service, regardless of the device they use. The service uses the possibilities granted by the PSD2 directive and allows for data collection from any permitted service the customer chooses to add. 

Personal Finance Management application and online service can to be customized to each organization's and their customers' needs.

The engagement will feature design thinking workshops with the client. The recommended architecture will be based on Microsoft Azure. It will allow us to address important challenges when it comes to creating a banking application, such as: 

• User authentication and authorization
• High availability and scalability, allowing for uninterrupted 24/7 access
• Automatic user data removal, i.e. deleting all customer details and related data upon request
• Data security and encryption, both at rest and in transit.

The microservice approach will most likely be used for the design. Typical services we use in building such an application include:

• Azure Kubernetes Service
• Azure Service Bus
• Azure SQL Database
• Azure AD B2C
• Azure Key Vault
• Azure Application Insights
• Azure Web App

among others.

We have already developed an application in Denmark where all consumers, not just customers of one specific bank, can view their financial information and manage their spending. Users can access a variety of modules to look after their money. As a result, they can take complete control of their finances, directly from their phone or browser.