Technology • Windmill

In this installment of our series, we’re excited to introduce Ivan Myronov, the Principal Technologist at 1PLTFRM and leader of the React team at Windmill. Join us as Ivan explores the many facets of React and shares how his team’s approach sets Windmill apart from the competition.

What Exactly is React?

Ivan Myronov Explains:

  • React in a Nutshell: React is a JavaScript library, not a framework, which means it’s more flexible and focused. It helps developers build user interfaces by managing the view layer for web and mobile apps.
  • Common Misconceptions: It’s often mistaken for a framework because it’s so comprehensive, but React is all about giving developers the freedom to structure their projects their way.

Unique Features of Windmill’s React Team

Ivan’s Insights:

  • Dedicated Practice: Our team dedicates countless hours to mastering React, emphasizing clean code and frequent refactoring to enhance project quality.
  • Collaborative Learning: We hold bi-weekly meetings to discuss our technical debt and prioritize our tasks, ensuring we’re always at the forefront of industry standards.

React vs. Angular: Choosing the Right Tool

Technical Comparison by Ivan:

  • Coding Style: React uses a declarative programming style that reduces boilerplate code and simplifies debugging.
  • Data Binding: Unlike Angular’s two-way binding, React employs a one-way data flow that makes it easier to track changes and debug applications.
  • Learning Curve: React’s fewer abstractions make it more approachable for beginners compared to Angular.

Advantages and Considerations of Using React

Why React?

  • Developer Efficiency: React allows for building applications using reusable components that are easy to maintain.
  • Community Support: With backing from Facebook and a vibrant community, React offers extensive resources for learning and troubleshooting.

Things to Consider:

  • Application Size: React apps can be larger in size, which might affect performance especially on mobile devices.
  • Virtual DOM Overheads: Managing virtual DOMs can add complexity and require optimization to ensure performance, particularly with larger applications.

The Virtual DOM Explained

How React Uses the Virtual DOM:

  • Efficiency in Updates: React creates a virtual copy of the UI in memory, which it updates based on changes in the data model before rendering those changes in the browser efficiently.
  • Myth Busting: It’s a common myth that the virtual DOM provides unmatched speed. However, React’s real benefit is in making the development process faster and less error-prone.

Entering the Field: Advice for Graduates

Ivan’s Advice:

  • Stay Curious: React is a gateway to modern web development with a robust community and a plethora of learning resources.
  • Master the Basics: Solid knowledge of JavaScript, HTML, and CSS is crucial before diving into React to fully leverage its capabilities.

React’s Role at Windmill

Problem Solving with React:

  • Enterprise Applications: React’s modular nature makes it ideal for rapidly developing enterprise-level applications and expanding existing applications.
  • Legacy Projects: It’s excellent for incremental upgrades, allowing teams to refactor and improve legacy systems gradually.

Windmill Digital offers a variety of digital product design and digital product strategy services that will help you stand out against your competitors. For more information, contact us here.  

Introduction

As a UX/UI designer, you are well aware that devising creative design concepts and producing high-quality designs require a great deal of time and effort. Fortunately, with the most recent progressions in artificial intelligence (AI) and natural language processing (NLP), you can now streamline the design workflow with ChatGPT. 

In this article, we will look into how ChatGPT can help optimize your design process and give advice on how to begin.

The Benefits of ChatGPT for Designers

ChatGPT is a technology that combines Artificial Intelligence and Natural Language Processing to create answers that imitate human responses. There are many advantages of using this tool, including the ability to come up with new design concepts, build prototypes, and evaluate existing designs. Utilizing ChatGPT can save time, boost creativity, and produce more successful designs.

Examples of ChatGPT in Action

ChatGPT can be used in design sprints and with specific design tools, such as User Personas, Customer Journey Maps (CJMs), Empathy Mapping, and Jobs-to-be-Done (JTBD) frameworks.

Design Sprints:

During the empathy phase of a design sprint, ChatGPT can generate a list of questions to ask potential users to better understand their needs and pain points. During the ideation phase, ChatGPT can generate ideas for possible solutions to the problem.

User Personas:

ChatGPT can generate user personas based on various factors such as demographic data, behavior patterns, and pain points. These personas help designers better understand their users and design products that meet their needs.

Customer Journey Maps (CJMs):

ChatGPT can generate CJMs based on data about the user’s behavior and interactions with the product or service. Designers can use the generated CJMs to identify pain points in the user journey and improve the overall user experience.

Empathy Mapping:

ChatGPT can generate prompts for empathy mapping exercises, such as “What does the user see?” or “What does the user hear?” These prompts help designers to gather information about their users and better understand their needs.

Jobs-to-be-Done (JTBD):

ChatGPT can generate prompts for JTBD exercises, such as “What problem does the user need to solve?” or “What is the user trying to achieve?” These prompts help designers to understand the context in which users are using the product or service, and design solutions that meet their needs.

Tips for Using ChatGPT Effectively

Tips for Using ChatGPT Effectively

To make the most of ChatGPT, designers must pick the right initiating questions, refine the results, and avoid typical errors. Some tips for getting the most out of ChatGPT are to select the suitable setting for your initiating queries, modify the length of the output, and check the accuracy of the generated text.

Conclusion

ChatGPT represents a creative solution for designers to optimize their workflow and come up with more effective designs. This technology can be used to save time, create innovative concepts, and evaluate their designs. 

This article has provided readers with useful information on how ChatGPT can be of assistance to UX/UI designers, and we urge designers to experiment with this technology in their design processes.

The WealthTech industry has been rapidly growing in recent years, driven by advances in technology, changing consumer preferences, and increasing demand for personalized financial services. WealthTech uses technology to manage and grow wealth, including tools and services such as robo-advisors, micro-investing platforms, digital brokers, account aggregators, private banking solutions, and more.

One of the key technologies that is revolutionizing the WealthTech industry is language model AI, particularly large language models (LLMs) such as GPT-3. These models have the ability to process vast amounts of natural language data and generate high-quality responses that are often indistinguishable from human-written text.

Perspectives of LLMs in WealthTech industry

In the context of private banking, LLMs can be used to provide personalized investment advice and create more customized investment portfolios. Private banks can use LLMs to analyze vast amounts of data from a client’s financial history, investment goals, and risk tolerance to generate tailored investment recommendations. This can help private banks provide more personalized services and deepen client relationships.

LLMs can also be used to automate certain aspects of wealth management, such as account opening, KYC/AML checks, and portfolio rebalancing. This can help private banks reduce costs and increase efficiency while also improving the client experience by reducing the amount of time and effort required to open and manage an account.

The future of WealthTech looks promising, as large language models (LLMs) continue to revolutionize the industry by providing personalized investment advice and automating certain aspects of wealth management. With the ability to process vast amounts of natural language data, LLMs can generate high-quality responses that are often indistinguishable from human-written text. As the industry continues to grow and innovate, the use of LLMs is expected to become increasingly widespread, helping private banks reduce costs, increase efficiency, and improve the client experience.

Enabling WealthTech with Topaz, Windmill and AI

Windmill is supporting and accelerating the growth of visionary WealthTech companies by providing readymade solutions for WealthTech automated journeys with Topaz or premium customized tailor-made experiences with Windmill and our AI partners.

Topaz – building premium WealthTech journeys in months instead of years

One of the biggest challenges for WealthTech companies is providing value fast and an experience that is premium for its clients so it can stand out. Topaz provides a premium experience to private clients by improving service levels and engagement, deepening relationships, and enhancing company efficiency and compliance.

Topaz offers a range of solutions, including a 360-degree wealth view, cash banking in a single place across multiple existing accounts, secure document management, and personalized, curated channels for market events, ideas, proposals, and regulatory communications.

Windmill – building digital experiences that inspire and innovate

At Windmill, we offer digital product services to bring ideas to life. Windmill’s design and development services provide value at all stages of the digital product development lifecycle, including venture building, product design, digital transformation, and development with tons of experiences in the banking and wealthtech space.

Windmill has worked with financial institutions, banks, mortgage houses, Trust Management companies over two decades and supports our partners with premium award-winning experiences.

At Windmill, the team starts with understanding their clients’ needs with various product discovery workshops and creates a shared understanding of the problem, global product vision, the customer segments and their needs, and the value proposition. They follow that with a lot of sketching, concepts, prototyping, and iterative testing with customers.

Windmill runs multiple design and discovery sprints as needed and builds these successfully and iteratively with their agile development team.

Conclusion

The WealthTech industry is rapidly expanding, driven by technological advancements and changing consumer preferences. The emergence of innovative solutions, such as large language models, is revolutionizing the industry and creating new opportunities for private banking and wealth management.

Companies like Topaz and Windmill are leading the way, providing premium, customized solutions that improve efficiency, deepen client relationships, and enhance the overall client experience. As the industry continues to grow and evolve, investors and service providers alike will benefit from the continued innovation and disruption in the WealthTech space.

Neo banks, also known as challenger banks, are rapidly gaining popularity due to their innovative features and user-friendly interfaces. These digital banks offer a premium experience for clients with seamless and convenient access to their financial information and transactions. However, building a neo bank from scratch can be a daunting task, especially for financial institutions that lack the necessary technology and expertise.

That’s where Topaz Digital comes in. As a platform solution provider for financial institutions like single family offices, multi-family offices, private banks, external asset managers, and trust companies, Topaz Digital offers a comprehensive suite of tools and capabilities that can help neo banks create their client-facing digital offering.

Tailored, market-ready financial user experiences in a matter of months

Key benefits of partnering with Topaz Digital:

Our team of visionaries and experts can provide neo banks with the guidance and support they need to succeed in the highly competitive digital banking landscape.

Topaz Digital’s platform solutions are designed to guide customers through some simple steps to create their digital offering quickly, helping them stay ahead of the competition and meet the changing needs of their clients.

Seamlessly integrated apps give users an impressive front door: Users can enjoy a seamless and convenient digital banking experience with all operations and support taking place digitally, leading to increased engagement, a deeper relationship with the bank, and ultimately, higher client satisfaction.

The Future of Banking is Digital

Neo banks are rapidly changing the face of banking with a digital-first approach.

Contact Topaz Digital today to learn more about how we can help your neo bank succeed in the digital age.

In this edition of Windmill Experts, we spoke with the head of Windmill’s CMS development department, Viacheslav Oblan. We discussed the factors that make Windmill-built websites functional as well as looking great; and what keeps the CMS department a well-oiled machine, among other things.

What kind of projects do you usually work on?

Viacheslav Oblan: We build great websites. When Windmill builds a web app or mobile app, it usually needs a business website to be presented for potential clients, so we do that. We usually work with CMS WordPress but have experience with other CMS platforms. Also, we work on projects for the e-commerce sector.

What role does the CMS department play in enhancing the Windmill website?

VO: Actually, we built it and we continue to support the website. We develop new features, update existing features, make improvements, and fully support the website. We also work closely with the marketing team to achieve marketing goals.

What are some key technologies used by the CMS department?

VO: We usually work with HTML, CSS, SASS, JavaScript, PHP, and different CMS platforms, and we are familiar with web animation (we use Greensock.js, Three.js). We usually use Github actions or Bitbucket pipelines for code deployment from a git repository; it is flexible and lets us automate many things. For accurate QA results, we use not only real devices but also Browserstack, which helps us check our implemented features on all possible devices, OS, and platforms, even if we don’t have a specific device physically.

What is the best way to build great websites?

VO: In my opinion, the key point is striving for perfect quality. We use modern approaches and technologies in web development but the details and responsibility of each team member to what he or she does are very important. On the development step, we think about how the site will be used in business, creating correct architecture so it is easy to use and easy to support. Of course, we should aim to create perfect code and pay close attention to quality assurance.

What do fresh graduates need to be aware of when pursuing a career in your field?

VO: I really appreciate people’s expertise. Everyone working in CMS development should strive to become an expert in a specific area. A person can then increase their areas of expertise and gain additional skills, but the key point is to start with a deep understanding of something. Don’t try to be everywhere and know everything from the start. So, my advice is to try to focus on something that you love and become an expert in this area.

How do you see the future of CMS development? Will the rise of mobile-first browsing or other technological advancements impact your work? 

VO: A “mobile first” approach is not something new for us in building responsive layouts. High performance and quick server responses are needed to ensure phone users will not wait long when the website is loaded. These standards are constantly increasing. I think CMS platforms will live and grow, transforming into different solutions. For example, it was popular recently to use SAAS products, e.g., Shopify. The main goal of a CMS is to make an admin’s life easier and let them work with the website without any specific knowledge in programming, so everyone needs one.

Have you observed any trends in terms of what clients are demanding of late? 

VO: Previously, we have done many things with the “scroll snap” effect (full-screen scrolling) and it looks like the popularity of this feature is coming back. We even have our own small product for this feature implementation and we plan to release this JavaScript library soon so everybody can use it.

It has become very popular to use the Hubspot CMS for building landing pages. We can have the main website in WordPress, for example, but build specific landing pages in Hubspot. It is a powerful solution for the marketing team.

For all our websites, we work with our great design team and get clear requirements from the design department about the animations and any UI components.

What factors make the CMS department at Windmill stand out in terms of its quality and efficiency?

VO: First of all, these are the people who work in my team. Each of them is a professional in their field, loves their job, and aims to do their job as well as possible. In addition, they are wonderful people and we have friendly relations with everyone; we easily find a common language.

Another very important point is the process.

In our CMS team, the process of working with a project is very strict but understandable. Each member of my team follows this process impeccably, which allows us to automate many tasks, set short-term and long-term priorities for several projects for each team member, change priorities if necessary quickly and without wasting time for additional communication and discussion and without sacrificing productivity.

Our process allows me not only to control the quality of work and to help my team (as a technical leader) in time but also to own the actual and detailed information about each of the projects that we do, build the correct roadmaps, plan the delivery of functionality, and correctly allocate the resources of our team depending on the priority of projects (like a project manager on some projects).

Then, when we start any project, we estimate it first. The goal is not only to know how many hours we will spend on a particular feature, but to figure out all possible issues and unclear aspects before we start development. This helps reduce the count of risked points and positions us to take a proper architecture decision from the start.

Windmill Digital offers an extensive array of digital product strategy and design services that will make your products stand out in the market. To keep up with the latest updates, contact us here!

This series explores thought leadership at Windmill. It focuses on showcasing the great minds behind Windmill’s award-winning product design and development that our clients love.

Sergii Pashko is Principal Technologist at Topaz, a Windmill Ventures company, and leads the front-end department at Windmill.

What is the structure of the front-end department at Windmill?

Sergii Pashko: In our company, the front-end development department is divided into four parts: HTML/CSS, CMS, React, and Angular teams. Each of them brings irreplaceable value to product development, so each has a separate lead. I lead both the front-end development department as a whole and the Angular team specifically. 

Usually, the HTML/CSS team works together with design teams to bring the most daring designers’ ideas to life and to provide the ideal user interfaces that our company is proud of. The CMS team implements high-quality business websites and landing pages using content management systems like WordPress. They work mainly on PHP, JavaScript, CSS, and search engine optimization. The results of these teams are most visible to a wide range of audiences because they advertise businesses: Windmill Digital and Topaz Digital are brilliant examples of their work.

The case studies on Windmill’s website show the results of the Angular and React teams’ work on client projects.

Angular developers implement the logic of single-page applications. It is not usually publicly available, hidden beyond authorization flows and accessible only after signing up. Such apps solve specific problems of the product’s end-user and bring value to the business.

Front-end developers usually work in squads or project teams together with back-end, mobile devs, product owners, quality assurance engineers etc. Each product has from 1 to 15 front-end engineers, sometimes even more.

What role does Angular play in the front-end development department?

SP: Angular is one of the most used technologies for FinTech, Wellness, and some other domains in Windmill. It is a universal framework. It allows us to naturally transform the interactivity and functionality of web applications to provide the best user experience (UX). We use TypeScript (a superset of JavaScript), Angular’s modularity, routing, event handling, composability, unit testing, and more to bring structure and simplification to the application building process.

It is easy to learn this framework. Some developers implement one website after another in a hurry in most outsourcing companies. They repeat the same forms for many years in different projects, while they don’t even have a good understanding of JavaScript’s core functionality, patterns, and paradigms. It’s not required for small projects.

In our company, it’s different. We usually omit simple projects. Based on our low-code solutions over Angular, customers can create hundreds of various websites almost without coding.

How essential is Angular to the development and design of fintech products? 

SP: In the past, everyone was accustomed to banks requiring Java Applets to access user account details. It was a huge step forward from just in-person banking in boring offices, but still was not a perfect solution. Do you remember when banking software required installing a few levels of certificates and additional applications (like Java JRE) on your Windows PC? The software didn’t support either Linux or Mac, and some banks even required a specific version of Internet Explorer! Of course, that’s far from a great user experience as well as problematic in terms of accessibility and flexibility.

Since then, online finance products have transformed multiple times and nowadays even Google Chrome on your phone supports online banking web apps with no issues.

It’s exactly those cases where Angular is a great choice. Thanks to Angular’s Incremental DOM approach, which involves an optimized bundle size and memory footprint, web applications based on this technology have the best performance on mobile devices.

Performance and UX are significant, but what about security in Angular? Isn’t it the most valuable part for fintech?

SP: The most critical work in terms of security is usually covered at the infrastructure, backend, and transport (TLS) levels. But Angular is one of the best security options required for client apps.

It provides a proper architecture out of the box, built-in protections against common vulnerabilities and attacks such as cross-site scripting (XSS), request forgery (XSRF or CSRF), script inclusion (XSSI), etc. Angular treats all values as untrusted by default; it sanitizes and escapes them. Its HttpClient has built-in support for the client-side half of a common anti-XSRF and anti-XSSI techniques.

What are some key features of Angular? 

SP: Angular has a great modular architecture provided out of the box. There are many well-defined coding standards provided directly by framework creators. It allows you to be relaxed about architecture and spend more time on actual development.

Also, the framework has a command-line interface (CLI) for code generating, updating, scaffolding, etc. We also build our custom Angular Schematics that extend a base CLI functionality to speed up our development process.

Angular has a components approach, RxJS, high testability, a deep usage of TypeScript features that enhance the developer experience and code quality control.

What role does Webpack 5 play in your department? 

SP: Webpack is a static module builder for JavaScript applications. Version 5 with Module Federation was released a year ago and allowed developers to create separate bundles from a single application to build and deploy them separately. It also allows combining multiple apps developed with different technologies in one. We started hacking on it immediately. It wasn’t even officially supported by Angular 11 (the latest release at that moment).

Now, Angular 12 and onwards have the support of Module Federation. While many companies around the world only start proof of concept (PoC) projects on it, Windmill’s Team has finished its framework over Angular that helps to roll out new federated micro-frontends on this technology fast.

Was there any other way to implement Micro-frontends when Webpack 5 didn’t exist?

SP: Yeah, micro-frontend architectures have been around for a long time. I’d split them by integration approach: build-time and run-time integrations. I know many companies that use the first approach — they publish each sub-project as a separate NPM package. Then they use it in the main app as a library. It gives an appropriate level of flexibility: using various library sets allow you to implement a new app by combining packages in a new way. Still, build-time integration in most cases won’t allow the team to follow all the micro-frontend principles such as independent deployment.

Here we come to real-time integrations, which can solve this problem. For instance, the iframe approach is one of them, which existed even when nobody used the term “micro-frontend” for it. Also WebComponents which was presented in 2011. This technology has a native browser’s support. Then there was single-spa, a JavaScript router library for front-end microservices, and they have a few competitors, cannot recall the name of each now.

Nowadays, we can call all these approaches “traditional” while Webpack 5 module federation is the cutting-edge technology at the moment.

Are there any other tools you use in your job?

SP: Micro-frontends are just a hot topic in the front-end world and one of the reasons why good developers choose Windmill for their next job. We use Angular Material, Highcharts, Ag-Grid, Azure, Bitbucket, etc. Technologists always use the right tools for each part of their responsibilities, so the list of tools is almost infinite. In a few weeks, the list could change unrecognizably.

For example, for chats between team members we used Slack for some time, but then moved to Google Meet. A few months ago, we decided to try Microsoft services, migrated all the communication of one project into MS Teams. Now we are deciding to move back or try something else. We are not afraid to make mistakes but we won’t stay on uncomfortable instruments.

How important are tools like Git, Bitbucket, and VS Code/WebStorm compared to others?

SP: Usage of Git is an industry-standard now, just decentralized and one of the fastest and popular version control systems. Bitbucket is a Git repository management solution. In simple words, we store our code there, run builds, git-flow processes, but from project to project Angular team is flexible in choosing alternatives. Some projects may use GitLab, GitHub, or even Azure DevOps.

VS Code and WebStorm are competitors themselves. We build our projects in a way that supports both IDEs with no issues. If someone is more performant on VIM, Emacs, or even Notepad++, they are free to choose.

What expert advice can you offer an engineer that develops features to enhance the user experience?

SP: Usually, it’s not enough to just have strong knowledge of JavaScript, HTML, CSS, and one of the frameworks (like Angular, React, or Vue) to become a good front-end developer. They don’t only have to work on their tasks, but also need to have an understanding of the business reasons of the project, its technology varieties, and needs.

Spending ten years working on some technology doesn’t make you a Senior Developer. It depends on your attitude to work, attention to detail, and communication skills more than just how well you know Angular.

A good developer has to be proactive (developers shouldn’t say that they can’t do a feature because they don’t have a particular tool), understand the pros and cons of different tools, and handle a development process themselves. They have to feel like the project is their own business, as if they pay for its development out of their credit card. Good developers build projects that they are proud of.

Windmill Digital offers high-quality product design services. Our experts are highly skilled in their field and are experienced in creating exceptional products for our broad range of clients. For more information, contact us here.

Let’s talk about Wealthtech. If the last fifteen years or so have been characterized by an intensive drive to digitalize almost all aspects of our economy, it’s fair to say that wealth management has been something of a laggard in that respect. A conservative industry based on trust and close relationships, it’s understandable why wealth management could be wary of the atomized, impersonal nature of digital relationships.

However, we have come to see that those fears are mostly unfounded and a wide range of companies, called Wealthtechs, have shown how digital solutions can supplement (or even replace aspects of) the delivery of wealth management services.

But as Wealthtech is a new industry, and one easily confused with its better-known cousin, Fintech, we want to take the opportunity to provide an in-depth explainer about what Wealthtech is, what problems it solves, its history, and its future.

What is Wealthtech?

First, let’s define what Wealthtech actually is, as there is some conflicting information out there on the subject.

Definition of Wealthtech 

Wealthtech is a subset of Fintech, which is the delivery of a broad range of financial services through digital means. Within that, Wealthtech is focused on delivering wealth management services digitally. 

The question is: What has digital enabled in the wealth management space that wasn’t possible previously? 

Broadly speaking, solutions fall into two categories: solutions that expand the availability of wealth management services to wider social groups; and solutions that leverage digital to deliver traditional wealth management services more effectively. 

Perhaps it would be helpful to look at the difference between eToro and Betterment and why one can be considered Fintech and the other is Wealthtech. eToro is an investment platform that lets customers buy and sell a wide range of assets. It allows them to get hands-on with their investment portfolios and become individual active investors. We would argue this remains Fintech, despite its services being used to build one’s wealth. 

On the other hand, while Betterment also allows its customers to invest in the stock market, it requires them to consider their long-term financial goals, risk appetite, and investment horizons. It does not allow its customers to trade individual equities (or other asset types), deploying algorithms to invest instead in passive funds. It treats its customers like private wealth clients. Therefore, we can consider Betterment a Wealthtech company. 

Both the above groups target the customer not the service provider, but Wealthtech solutions also exist that improve the lives of the wealth managers themselves, either allowing them to serve more clients or serve existing clients more effectively—or both. The term for Wealthtech solutions for wealth managers is “Advicetech”, although this term is not as established. 

Click here for a deeper look into the differences between Wealthtech and Fintech. 

Wealthtech Solutions 

Wealthtech companies comprise, by our count, seven distinct verticals.

Robo-Advisors 

Robo-advisory platforms provide algorithmically generated investing and financial planning services. New clients will complete a questionnaire that assesses their risk profile, ESG (environmental, social, and governance) views, time horizon, financial goals, and other key criteria, forming an investment basis. The platform will then invest typically in passive investment funds. 

Robo advisors can deliver services at scale, allowing them to charge lower fees. Clients can also open accounts with a smaller investment pool and can access the service at any time. On the downside, they have fewer investment options available. 

Robo advisors make up the fee deficit through processing larger volume of transactions, thanks to their larger client base. 

We’ve dug further into this topic in our blog, ‘How Wealthtech is democratizing investing’. 

Robo Retirement 

Some firms offer algorithmically generated retirement planning. The general approach is similar to the robo-investment platforms, just with a tweaked end goal. 

Micro Investing 

For people who struggle to set aside a monthly sum for investing, micro investing allows customers to round up their daily purchases to the nearest primary unit of currency (dollar, euro, pound sterling etc) and invest the margin in their portfolio. This allows the customer to slowly build up their investment pot without having to adjust their behavior or spending. 

This model is possible with zero investment fees and the advent of fractional shares. Fractional shares are a portion of a share that’s less than one whole share. 

Digital Brokers 

Digital Brokers automate services provided by traditional brokers in verticals such as insurance and mortgages. Robo advisors can also be considered digital investment brokerages.   

Account Aggregators 

Made possible by Open Banking regulation introduced in the 2010s, account aggregators use APIs to bring together an individual or household’s financial accounts (savings, current, and investment) in one place. 

Private Banking Solutions 

The ultra-rich have different, or extended, needs in terms of managing their wealth than the layman. Companies such as Topaz bring together a raft of existing technologies to offer end-to-end private wealth solutions that make wealth management easier for both clients and advisors alike. 

In the tug-of-war between automated and traditional (in-person) wealth management, a third way, hybrid advice, is winning. Hybrid advice empowers clients to handle certain tasks themselves while retaining the ability to talk to their personal financial advisor, building and maintaining the key element of private banking—trust. And for the advisor, such solutions automate laborious processes so they can focus on their biggest value-add—building relationships with clients. 

Advicetech 

Advicetech companies provide software solutions that help wealth management firms improve the efficiency and cost-effectiveness of their operations. While the term was coined relatively recently, Advicetech is perhaps the oldest type of Wealthtech, with financial planning and stock-picking software first appearing in 1998.

Find out which six Wealthtech companies we think are delivering outstanding UX.

History of Wealthtech

Now, let’s take a look at the big picture: how Wealthtech began, what its adolescent growth phase looked like, and what’s happening in the industry in the early-mid 2020s as the industry matures.

Stage 1: Origin of Wealthtech 

Before Wealthtech really started in around 2008, proto-Wealthtech companies and services existed before then. Financial Engines, now known as Edelman Financial Engines, began providing retirement planning and fund-picking software in 1998 for instance; while software that supports wealth managers has also been around since the ‘90s. 

Stage 2: Growth of Wealthtech 

The release of Betterment’s platform in 2008 can be considered to mark the initiation of the Wealthtech movement. Betterment was perhaps the first robo-advice platform and, as of 2022, is the largest globally. Wealthfront went live in 2008 as well. Betterment’s release coincided roughly with the 2007 Financial Crisis. Some commentators have drawn a link between the two, arguing that people looked to new ways to control and stabilize their financial situation in a turbulent time.  

No doubt that’s part of the equation. A more likely factor, however, was the coalescence of new consumer tech becoming available, namely the original iPhone in 2007, and the tech industry becoming a distinct entity. Together, businesses had new challenges to solve and new channels through which to deliver their solutions. With sophisticated software and hardware in consumers’ pockets for the first time, app-delivered services became viable.  

Not too dissimilar to Betterment, Nutmeg, a London-based robo-advisor, arrived in 2011. Other robo-advisors that sprung up in the following years included Scalable Capital (Germany), Wealthsimple (Canada), Stockport (Australia), Moneyfarm (Italy), TrueWealth (Switzerland), and 8 Securities (Asia-Pacific). There are an estimated 100 robo-advisors around today. 

Micro-investing pioneer Acorns was founded in 2012, followed by Stash in 2015. 

Robo-retirement company RobustWealth was founded in 2015 (but was absorbed into its parent company, Principal, in 2021, three years after its acquisition).  

Stage 3: Consolidation of Wealthtech 

While the world’s biggest financial institutions had incorporated robo-advisory technology in their own offerings for a while, the 2020s saw a change in their digital advice strategy. A period of consolidation began and many of the most successful robo-advisors were acquired for large sums. Nutmeg was acquired by JPMorgan in 2021 for nearly $5bn and Wealthfront was acquired by UBS a year later for $1.4bn. 

This is where we appear to be currently: the best Wealthtech companies have proven their business models and have drawn the attention of the financial world’s big beasts. 

Future of Wealthtech 

What does the future hold for Wealthtech? Who can say for sure, but here are some of our predictions: 

Further consolidation 

It seems likely that further acquisitions of some of the biggest Wealthtech companies will follow Nutmeg and Wealthfront. Although still small in comparison, robo-advisors have built up sizeable AUM (assets under management) and have a proven business model. Companies could also be acquired for their analytics models and plugged into established offerings, finding synergies that way. 

Betterment is still independent—could this change in the next few years? 

Increasing technological sophistication expands appeal of robo-advice 

While there remains scepticism about robo-advice (albeit not evenly across age groups), the continuing improvement of advice and advice delivery will see robo-advice gain ground on human/expert advice. Just as how shopping on mobile phones feels normal to most people now (compared to ten years ago when people were still suspicious of it), taking advice from an algorithm will be normalized. 

Algorithms will be improved in terms of analytics and personalization; while AI and natural language processing will allow customers to talk to live chat robots as if they were a human wealth manager. 

Private Wealth solutions will gain clients 

While many Wealthtech companies target the mass market, companies such as Topaz will hone their private wealth offering, delivering an exclusive digital experience that mimics, or even improves on, the delivery of traditional wealth management services. The tech industry has been somewhat slow to turn its attention to private wealth management and a great opportunity exists to digitize many aspects of the sector, improving client experience and uncovering cost efficiencies for wealth managers. 

Increased investment into the sector 

Investments in Wealthtech companies has dramatically risen in recent years, and we expect this to continue. According to Fintech Global, Wealthtech investment in 2020 was more than double the 2019 figure, of $9.2bn vs $20.9bn—and that latter number only covered Q1-3 2020. The total number of deals grew by 7% in the same timeframe, suggesting that the average value per deal was greatly increased. 

While it’s probably fair to say we can’t expect Wealthtech investment to double every year, certainly there is momentum behind the growth.

Conclusion

Wealthtech is an industry to keep an eye on. At Windmill, we have been solving Wealthtech problems for clients for many years, such as delivering a slick onboarding experience, enabling a holistic view of wealth in one place, and, most importantly for us, building our own Wealthtech company, Topaz. If you have a problem with an aspect of your service, consider Windmill as your partner

In this installment of Windmill’s Thought Leadership Series, we sat down with Alexander Molchanov, our seasoned engineering manager who also leads the HTML/CSS team. Alexander provided valuable insights into his area of expertise and discussed his experiences working at Windmill.

What is Windmill’s HTML/CSS team responsible for? 

Alexander Molchanov: Well, first of all, Windmill is a company that cares about design solutions, and, as such, there is a big team of great designers who create innovative experience designs. The HTML/CSS team works closely with designers to implement their vision and any avante garde ideas they have in the first-class web applications of our company. By keeping a keen eye for small details, using the best approaches and modern technologies, and improving the final results with several stages of testing and reviews, we bring this experience to end-users.  

We are also responsible for design systems, responsive design (rendering on displays of various sizes), accessibility, image optimization, SEO, email templates, and print styles, etc. Sometimes we can work independently on some types of projects, but mostly we work together with other development teams, such as Angular and React, on large, complex web applications. 

What are the key technical skills for HTML/CSS developers at Windmill?

AM: Of course, HTML and CSS are basic and key skills, but that’s not all. The list of key skills also includes SCSS, SVG, WAI-ARIA, JavaScript/TypeScript. Also, our work involves knowledge of React and Angular (at least at a basic level), GIT, design and build tools, UI component libraries, package managers, design systems, and so on. There are even more secondary skills, but it makes no sense to dwell on them. In total, the list of skills and knowledge areas in our Team Levels Framework consists of 87 items at the moment.  

We used to also learn and practice jQuery, PHP, MySQL, server administration for our WordPress-based websites, but now another team is in charge of that, so we have more time to hone our core skills and learn some new related technologies. 

What other Front-End teams are there in the company? 

AM: Currently there are four Front-End teams in the company: HTML/CSS, Angular, React and CMS. Each team has many excellent specialists in their field, who have years of experience behind them and are still intensively developing to reach the peak of their capacity and efficiency. Depending on the requirements of the project, selected technologies and some other aspects, front-end developers from different teams form mixed sub-teams and united in squads with other teams (such as Back-End, Quality Assurance, Management, etc.) jointly develop modern and high-quality products of the company. This model has proven itself, especially in large long-term projects. 

What do you think is the advantage of highly specialized Front-End teams? 

AM: The main advantage is the ability of such teams to create projects of any complexity with well-thought-out solutions and excellent quality. 

It’s no secret that every developer is limited in the way of his development by a number of factors, for example, the ability to assimilate a certain amount of information per unit of time, free time for learning, memory stability, monotony or technological limitations of projects, and so on. In addition, technologies do not stand still and are continuously developing, supplementing, changing every day. Also, new auxiliary tools appear, new specifications come out, more and more libraries and frameworks are invented, while something becomes irrevocably outdated and loses its relevance. 

And all this leads to the fact that it is easier for developers with a smaller technology stack to stay on the wave of relevance. They have more opportunities not only to go as far as possible into the jungle of their technologies, experiment, practice non-standard approaches, understand the slightest nuances and specifics of the selected technologies, but also more often and deeper to track any innovations. They hone their skills almost to the ideal, can solve the task of any complexity within their specialization, write cleaner and more optimized code, make fewer mistakes, use significantly fewer hardcodes and workarounds, etc. 

If we talk about developers with a wider technology stack, they are more versatile, but at the same time, their knowledge and skills in each individual technology are less than highly specialized developers. Therefore, the quality of their code and the visual part are often worse; complex tasks take longer to solve or are even rejected; or for some solutions, cumbersome alternatives or third-party libraries are used instead of several lines of correct code, etc. As a result, projects can look worse, work slower, have more different problems, and it’s harder to maintain them. 

Nevertheless, any specialists are in demand now. As for the choice between highly specialized and cross-functional specialists, it depends primarily on the company’s goals, expectations, and quality requirements. 

Does knowing other technologies make you a better web developer?

AM: I think it’s useful to be familiar with other technologies. This can help you better understand all stages of project development, work with other teams more easily, resolve various problems. But it’s important to find the line because spending too much time on other technologies can negatively affect your core skills. In addition, not all technologies might come in handy, so it’s not really good idea to waste your time on them. Everything must be wise. And everything needs a reason. As for me personally, I can spend up to 20 percent of my time studying other technologies that are interesting to me and useful for projects. 

What are your main responsibilities as HTML/CSS lead? 

AM: All my responsibilities can be roughly divided into 3 groups: general, project-related, and intradepartmental.  

The general responsibilities include the development and updating of standards and technical documentation as well as universal modules and libraries; the introduction of new technologies and optimization approaches; the development of trial tasks and evaluation systems; prescreening candidates and holding technical interviews; communicating with other leads and top-management around high-level questions; knowledge sharing between departments; and participation in resource planning and allocation, and so on.  

Project-related responsibilities contain the following: communication with clients and team members, analysis of the project goals and technical expertise, project planning and estimation, support in resource management, work on project architecture and technical solutions (together with other leads), technical documentation, regular code reviews, VQA, development strategy, and refactoring plans.  

I also have intradepartmental responsibilities, which include department development strategy, team expansion planning, technical onboarding and continuous support, integration scheme, mentoring, team documentation, OKR process, inventing and conducting various training events (like code hackathons, workshops, technical meetups, etc.), review and verification of developer skills, supporting materials and learning programs, review of developers seniority level, knowledge sharing, introduction to new technologies, team motivation, resolving various issues, and corporate events. 

What is the prevailing atmosphere in your team?

AM: Actually, I’m very proud of my team. This is the case when the team consists not only of cool developers but also of good sociable people. We have a very friendly and exciting atmosphere. All the guys in the team are very positive, without arrogance and pomposity, they are always ready to help each other, support in any matter. We often hold various events, like to brainstorm and resolve issues together, periodically meet outside of business hours to discuss work and personal issues. Of course, it helps to work better, easier and more fun! 

What technologies have you started using in recent years?

AM: Since we stopped supporting the Internet Explorer on our projects a few years ago, and nothing else holding us back, we have begun to use the full power of modern CSS. We have started using CSS Grids, CSS custom properties, content-based intrinsic sizes and context-based extrinsic sizes, logical properties, new functions, various modern properties and values that were not supported by IE, etc. We also abandoned almost all vendor prefixes, stopped using different fallbacks and polyfills, optimized old mixins, and so on.  

With the start of React projects, we mastered a new javascript library and a number of new knowledge, started using [React UI library] Ant Design, learned styled-components, discovered new auxiliary tools for facilitating our work and automating some processes. There are also many interesting plans for the near future, but it is too early to talk about them. 

How does the HTML/CSS team ensure the best implementation of projects?

AM: We always take care about the quality of our work. Years of experience, responsibility, well-coordinated teamwork and a number of established processes help in this matter.  

So first of all, it is an individual approach. Even at the project planning stage, we carefully review all the requirements for the project and the client’s expectations, thoroughly analyze them and choose the best suitable technologies taking into account possible risks and scalability. 

Secondly, in the process of working on a project, each piece of code goes through several levels of thorough code reviews by different developers. Also we do visual quality assurance, stress-testing, conduct code optimization sessions, and so on. 

Thirdly, we have multi-level testing, which includes both automated testing and manual testing in various conditions at different levels: by developers, tech leads, designers, QA engineers, and managers. 

Fourthly, we periodically conduct global code review sessions between sprints and collectively decide what can be improved. There is always something to cut, optimize, redo or refactor. Thus, the project code is not littered and is always under close scrutiny. 

Finally, we carefully test the project at the stage of completion and put the final touches on it.  

What are you doing to train HTML/CSS developers quickly and effectively? Are there any training activities in the team? 

AM: I think we have succeeded in this direction. In addition to a good mentorship model, OKR process, general development programs and shared training materials, we have a number of training events within the department. Some of them are code hackathons, workshops, technical meetups, master-classes. 

Code Hackathons help developers to improve their practical skills on the top level, better analyze tasks and make the correct decision, look at problems from all angles, think outside the box, improve their ability to work under the pressure and with tight deadlines. And all this without real stressful situations on the project, but in a gambling and interesting way. 

Master-classes help broaden the horizons of developers. At them, we analyze all possible options for solving one problem in different ways, both obvious and very unexpected alternatives, find and discuss the best approaches, share experience and ideas. 

Workshops have many different advantages: learning new technologies and the latest updates in existing ones, consolidating old knowledge, improving teamwork skills, and finding common interests by developers. Fairly often these events take the form of quizzes, mini-games, interactive exercises, collaborative coding, or group discussions. 

As for technical meetups, they can be held by developers on absolutely any topic that is useful to the team. The history of all meetups is archived and available for new developers to study. 

Usually, we have up to ten events per quarter. This is enough to constantly improve the overall technical skills of the team, and at the same time not overload the developers.

What are the career prospects for developers in your specialty? 

AM: Our specialty is a good option if you would like to start your career in web development because HTML and CSS are key technologies in this area. Each web developer, regardless of direction, should know at least the basics of these technologies. After a few years of study and practice, you can choose your future path: Continue to grow and become a great specialist in this direction, or easily switch to Angular or React (for example) or to technical project management, or whatever you like. There are no boundaries here. The main thing is to know exactly what you want and where you would like to go. Any specialists are valuable in the market, but only if they are good. 

What advice would you offer fresh graduates pursuing a career in your profession? 

AM: The most important thing is to be diligent and attentive. Try to spend as much time as possible on learning and practice, at first preferably not only during the day, but also at night. Do not miss the chance to dig deeper, experiment, look for popular solutions to average problems and compare them with your own solutions. Always think and analyze, do not learn automatically.  

In terms of learning itself, it is now much easier because there are guides, videos, and courses available on the internet for any budget. You can experiment with different types of training and understand what you like best and understand better. I would highly recommend taking some interactive courses. I will not advertise any specifically for obvious reasons, but you can easily Google and choose the best ones by rating. 

Interactive courses are a very interesting approach where you learn theory and immediately practice in a playful manner. This causes additional interest and excitement and makes learning not boring at all. In addition, it would be good to find an experienced mentor who will help you with advice, direct you on the true path, and point you in the right direction. A good mentor will shorten your learning time by several times and help you avoid the most common mistakes. 

Finally, could you say a few words about working for the company? 

AM: I’ve worked at Windmill for over 5 years. That already says a lot. We have a good general atmosphere in the company, with many great specialists, interesting complex projects, high team morale, and good career opportunities. What else does a developer need for happiness and self-realization? Of course, there are some challenges that can happen in any work, but they are rare, minimal, and quickly resolved. So in general everything is great! 

Windmill Digital offers high-quality product design services. Our experts are highly skilled in their field and are experienced in creating exceptional products for our broad range of clients. For more information, contact us here. 

Optimal security is the main not-so-secret ingredient of fintech apps. Data breaches typically occur due to hacking, payment card fraud, theft, etc. In Ponemon Institute’s 2020 “Cost of Data Breach Study”, the global average cost of data breaches stood at $3.83 million while it was $8.64 million in the US alone.  

We also can’t discuss data breaches without mentioning Equifax—a company whose data breach cost them around $4 billion dollars in just a few days! Or consider the example of LA-based fintech giant Dave, whose customers’ data (7.5 million records) was traded by cybercriminals. A major breach doesn’t only make it on the news, but it presents a massive reputational risk for the company too. For business owners, it is important to let users know how their financial and confidential information is protected to give them confidence in your services.  

In this blog, we’ll run through all the essentials for fintech app security.  

Get the app logic right  

Security needs to be integrated into each step of the app user flow. A detailed security policy needs to be available, but, outside logins, for the most part security should feel invisible. Fintech apps will be storing sensitive information such as ID verification or credit card payments, and how to store these securely needs to be considered beforehand. It may not be necessary to store credit or debit card numbers as some servers tend to store the token that recognizes the billing method. Consider the example of Apply Pay, who created a system called tokenization (one-time codes) for payments to avoid data breaches.  

Setting up a system like RBAC (Role-Based Access Control) can be useful as it’ll allow you to organize permissions. Alternatively, you can also opt for ACL (Access Control List). This is a list of every operation a user can carry out. Enforce the use the complex passwords to avoid hacking and encourage users to change them every couple of months. Two-factor authentication codes are also a great option as they comprise the usage of one-time codes.  

Logging in every user activity such as their IP address, device data, or geolocation also helps uphold an app’s security. Track all user transactions and halt the ones you deem suspicious or fraudulent.    

Infrastructure security  

Without proper infrastructure security, hackers can easily access an app and disrupt its privacy. The seven layers of security is a strategy that can help you maintain maximum infrastructure security. It includes enforcing next-gen firewalls and proxy servers. Install an antivirus software and consider using endpoint management software. This will restrict unauthorized devices from accessing your app. Conduct workshops and educate your team about social engineering hacks (such as phishing) too.  

Appropriate data handling is guaranteed by companies that have earned security standard certification, with ISO-27001 being the best known. 

We’re proud to say that Windmill Digital is ISO-27001 certified

Data encryption 

Encryption includes mathematical algorithms that convert information into specific codes that are only recognized by the receiver. Data encryption is an effective way of securing user information. Advanced Encryption Standard (AES) is the most popular data encryption algorithm for storage encryption. Others include RSA, which consists of a private and public encryption key; and Twofish is a freeware algorithm that allows data to be encrypted seamlessly into 128-bit blocks. Another alternative algorithm is 3DES, which is popular in safeguarding credit card PINs. To avoid hackers from misusing information, Pretty Good Encryption (PGE) can be used.  

To maintain the security standard of your fintech app, encrypt information such as users’ names, addresses, social security numbers, payment histories, account numbers, etc.  

Think about coding standards  

Your fintech app should be effortlessly transferrable between different devices. There’s no point in having a secure app logic or infrastructure if the coding is inadequate. Securing your fintech app means securing its design, code optimization, and infrastructure. Consider everything from input validation to password management. Input validation, for instance, will restrict hackers from transferring malicious codes into your app.  

You might want to avoid using SQL Injections, as hackers can send unverified SQL-related questions to your database. This can give them access to confidential information. To avoid hacking via SQL injections, consider simulating attacks on your app to see if they worked.  

If you’re using third-party tools or libraries ensure they are from trusted sources only. Choose ones that update their software to meet the necessary security compliances.  

Conclusion 

Whether it’s getting the app logic right or having optimal infrastructure security and coding standards, you must tick all the security boxes. Research has found that cybercrime increases by 15 percent every year, making it important to secure your fintech app now more than ever. It’s vital to have an efficient team as well who are well trained. Updating and educating fellow team members regularly regarding any updates in your security standards can be beneficial. 

Windmill Digital offers high-quality product design services. Our experts are highly skilled in their field and are experienced in creating exceptional products for our broad range of clients. For more information, contact us here

A Design Sprint workshop is like a travelator. You know—one of those moving walkways you find in airports. You have a problem: the walk to the terminal is 10 minutes but the gate closes in five minutes. The solution: a moving walkway that gets you there twice as fast. 

A Design Sprint accelerates the early stages of the product development process. It saves time by getting you to your goal, faster. And it saves money by avoiding costly failures. Catch that flight! 

For a bank, where risk aversion is high and where excellence in delivery is critical to customer trust, Design Sprints hold particular value as they place empathy with the customer at the heart of the process. All too often banks trip over their own internal complexities and fail to deliver a customer-centric solution. By centering the customer from the very start, this problem can be avoided. 

The success of a Design Sprint workshop for a bank hinges on several things. First, the skill of the facilitator, who is responsible for the ultimate success of the workshop. Second, the size and composition of the workshop team will influence results. Thirdly, a space (real-world or virtual) conductive to creativity and co-operation is needed. 

If you’re thinking of running a Design Sprint workshop, here’s how to nail those three factors. 

Facilitation—not so easy 

Facil might be Spanish for “easy”, but facilitation is anything but. The facilitator is responsible for guiding the Design Sprint workshop towards a successful conclusion. The list of things a facilitator needs to get right for that to happen is long, covering a broad set of interpersonal as well as practical skills and design expertise—a rare combination. 

Building the Sprint 

Participants in the workshop need to be firing on all cylinders. That makes it crucial to plan an engaging agenda so that the team maintains focus and does not suffer from mental fatigue. Structure the day around a series of activities of varying types and durations and front-load the day with the more demanding activities. 

Before the workshop starts, it’s good practice to research the company you’re working with to reach a basic level of familiarity with the company, their products, and the challenges they face. It’s easier to build a rapport if you can show you’ve made an effort to get to know them. 

Send out an agenda prior to the workshop that contains the activities, objectives, and an explainer of design thinking principles. This prepares the participants for the workshop, sets expectations, and soothes any apprehension participants may have. 

Choose a selection workshop activities or tools are relevant to the project, touching on those that build empathy, define the problem, generate ideas, and find new approaches. When building a digital solution for banking, it’s likely that the problem is already fairly well defined, such as digitizing a manual or paper process, while building empathy with the user might get to the core of the problem more quickly. 

It’s good to strike a balance between activities that bring together the whole team, versus breakout or even individual activities. There are great many activities to choose from. The king of workshop activities is Journey Mapping, which aims to describe how a user can reach their goal by thinking about the journey in structured terms. 

The Interaction Design Foundation provides a laundry list of activities to choose from: empathy-building activities, define the problem activities, ideation activities, and sketching and prototyping activities.  

Who’s in?

The size and composition of the Design Sprint workshop team has a big influence on its ultimate success. Aim for a maximum of eight participants; any more and you will run into co-ordination issues. Someone needs to be the designated decision-maker for if or when the group is divided. Typically this will be the most senior person in the team. 

Invite a broad cross-section of your company to get a diverse range of viewpoints. Even though they do not have specific design or product skills, people from marketing, finance, sales, and technology (to name a few) will be able to contribute their unique perspective and provide insight into the practical realities that govern a product’s success. For example, someone from marketing might have a good sense if a product has innate appeal, or someone from technology might know more about the opportunities presented by technology. 

Space, man

In-person 

Drab, dark, unventilated or restrictive environs will stifle the creativity of any Design Sprint workshop. An ideal workshop room has natural light, whiteboards, and wall or glass panels for putting up posters. Make sure to book the same room for each day of the workshop—moving sticky notes from one room to another is a real pain! 

Stationery is important, too. The group will need pens, sticky notes, dot stickers, markers, tape, small and large paper sheets, and scissors. Design Sprint workshops are highly visual and participants need to be able to get ideas out there unhindered. 

One advantage of in-person workshops over online is that food can be provided. Slow-release energy is suited to long spells of concentration, things like nuts (albeit carried an allergy risk that needs assessing), flapjacks, and bananas. 

Online  

Online workshops need some adaptation to be successful. A collaboration tool is indispensable; the two best known are Miro and Figma, which allow group members to work simultaneously on the same board. As well as interactive whiteboards, they allow for voice and/or video chat, making communication easy. Despite that, anticipate lower productivity and allocate more time to each activity. It takes a high level of proficiency to work as easily in Figma or Miro as on paper, despite the excellent UI of both programs. 

Closing thoughts

Running a successful Design Sprint workshop is not easy, but this guide will hopefully point you in the right direction. However, if you want the services of an experienced design team with 300+ sprints under their belt, get in touch today.

Manually managing your finances is becoming a thing of the past. With finance apps on the rise, managing investments, spending, and budgeting has never been easier. For users, finance apps are a great way to keep track of their spending from virtually anywhere. Finance apps can also help create workable budgets based on their income and spending. Studies have demonstrated the material impacts of certain decisions on satisfaction and usage rates. For instance, around 57 percent of users opt for other financial services due to inefficient integration. So, if you’re thinking of creating a finance app, having optimal integration solutions can make that 57 percent choose you instead.

You might be creating a finance app to meet your customers’ financial needs, to offer better user interfaces, or to meet your overall business goals. Modern technologies like artificial intelligence integrated into finance apps also mean less room for errors. Finance apps can also be the safest way of making financial transactions or managing savings.

According to research by UBS, revenues from fintech are were likely to increase from $150 billion in 2018 to a hefty $500 billion by 2030. There’s no doubt that it’s on its way to become one of the fastest-growing sectors globally.

In this blog we discuss some key things that a company needs to get right for finance app success.

The role of Design Sprints in finance app design  

One of the first steps to creating a finance app is carrying out a Design Sprint. You can expect to see a finished version of your product and gain customer feedback at the end. You will also save considerable amounts of money as you’ll be starting small.  

At Windmill, we conduct Product Design Sprints in-person and online. The Sprint is divided into five steps. They consist of defining the challenge, the ideation phase, creating prototypes, validating prototypes by testing them with users and stakeholders, and lastly, making a detailed report that includes the product proposal that can then be shared with investors.  

Branding considerations such as app names or icons are also considered during Design Sprints and can be tested with users. 

After the Sprint

You may decide on having additional workshops after the Sprint if, for example, you’re not satisfied with the prototype or did not receive positive user feedback. These follow-up workshops or iteration workshops are shorter in duration and will give you the opportunity to create new, higher-quality prototypes better suited to your customers’ needs. You can even conduct a Code Sprint as this will test out the various options available to you in terms of product architecture, frameworks, etc.  

After the sprint, many Design Sprint teams also choose to polish existing prototypes and get more data points. The main aim is to create a prototype with the same usability features as a finished product.   

Clean UX design 

A clear, well-defined UX design is key when it comes to creating finance apps. For instance, an overcrowded interface full of details is avoided by users, who prefer simplicity. UI/UX experts will be able to guide you on how to create finance apps that appeal to users with their design. UI/UX trends are also constantly changing, and design is constantly evolving as technology improves and offers new possibilities—so your app should evolve with it. While the aesthetics of your app are important, so are logic and convenience. This means ensuring it runs smoothly and has a simple user-interface. Users should be able to get from point A to B conveniently.  

User flow diagrams are best used by UX designers to determine the flow of an application. It helps them visualize these needs by mapping them. If you build a user flow diagram with your development team, it should assimilate with the UX design. Other ways of creating clear UX designs and better usability include an introduction of the app consisting of the workings of its main features, using graphs where appropriate, simple navigation techniques or reducing scrolling. 

Technology considerations: coding language and integrations

When creating your finance app, it’s a good idea to determine which coding language or library you can use. Angular is one of the most popular technologies used in fintech, but it also helps in transforming the functionality of apps, hence improving the UX. It has a fast development process, as well as better speed and performance compared to other technologies of its sort. Its array of features, programming style and maintenance are some of the many reasons it’s chosen by developers.

Having seamless integration with other relevant services such as chatbots are also key, as it can offer users a convenient method of communication. Connecting your app’s interface with popular payment platforms like PayPal or Apple Pay can offer ease of payment for users and they’ll be able to make their payments directly from your app. Integration is a fundamental aspect of finance apps as it optimizes UX and attracts more users. APIs are widely used for integrations as they help different platforms communicate and fasten the development process.

Security

It’s vital for users to trust you with their confidential financial information and be assured that their money is safe in your hands. Mistrust in the security of your services can reduce the number of people willing to use your app. A great way to ensure your app is secure is to include a two-factor authentication. Oftentimes, a third authentication method is also used in the form of fingerprint scanning.  

Open-source libraries shouldn’t be trusted blindly too. Research by Trend Micro (2021) found that security threats related to open-source libraries increased by 2.5x over the last three years. Eliminate email as a form of customer correspondence and instead try opting for AES-256 encryption as it’s a lot more secure and can also be applied to chats! Research has found that 96 percent of phishing attacks are done via email.  

Conclusion

Finance apps are a brilliant way to help people manage their wealth better. Understanding what will give your users peace of mind when using your service is crucial. With the rise in cybercrime, it’s important to maintain a high level of security so users know they made the right decision opting for your services instead of your competitors. So in a nutshell: start with a design sprint, follow up, then deal with the necessary design considerations.  

Windmill Digital is experienced in creating high-quality finance apps customized according to client needs. Our experts are trained and highly experienced in their field and will ensure they meet all your security and UX requirements. To start building your own finance app, get in touch. 

In the previous blog we spoke about how Flutter has made it simple for developers of all levels to develop amazing applications for different situations. Many programming languages claim advantages of their own, so what sets Flutter apart? In this blog, we will compare Flutter with the other options available to developers.

Flutter vs. React Native

React Native is considered one of the closest competitors of Flutter. Like Flutter, React Native is a cross-platform app development platform and is open-sourced. Both are cost-effective options and time-savers as they offer the hot reload feature to innovate on-the-go. But that’s where the similarities end. 

Flutter provides a rich source of widgets that enable developers to build great-looking apps. It has an active community base and excellent documentation that allows even an entry-level developer to start developing. Unlike the widgets that Flutter uses, React Native uses bridge and native elements, so developers require separate optimization for each platform. This impacts their time-to-market speed. In a fast-paced environment where innovations occur daily, this can be a downer for developers. 

Flutter vs. Native

The primary reason why developers prefer Flutter over Native iOS or Android is that it allows developers to use one codebase for both platforms. Companies don’t have to hire or build a separate development team for iOS or Android apps resulting in fewer errors or bugs since consistency is maintained across both the platforms. However, Flutter has limitations too. 

As Flutter’s infrastructure is a superstructure over the native infrastructure, it can be less stable; it cannot naturally replace Native’s infrastructure. Similarly, not all Flutter plugins are completely stable. So, even if some native functionalities work on Flutter using plugins, the choice is limited. 2-5% of developers who only know Android/Flutter or iOS/Flutter might need time to understand the workings of the second native platform. Despite these limitations, developers have found Flutter to be convenient and cost-effective as compared to Native iOS and Android. 

Flutter vs. Angular

The biggest differentiator between Flutter and Angular is the usage of the codebase. Flutter developers use a single codebase and Angular’s codebase is platform-specific. With Angular, developers have to create the app from scratch for different platforms. This is one of the leading reasons why developers prefer Flutter over Angular. 

Angular is also less cost-effective for this reason. Angular developers depend excessively on native developers to integrate each version of their Angular content into mobile projects. For example, if the development team for Flutter requires just one developer, the Angular team may require three of them – a full-time Angular developer and two part-time native developers. This results in creating multiple repositories that Angular developers may find cumbersome to maintain and may slow down the progress of the project. 

The migration to a newer version of Angular is also more complex than migration in Flutter. If an Angular developer migrates from version 1 to version 7, they have to redesign the app and rework the code from scratch. Features like hot reload spares the Flutter developers from such complexities. Of course, despite the limitations of Angular and the growing popularity of Flutter, the apps made using Angular are extremely stable and are still preferred by some developers. 

Flutter vs. PWA

Apps built using Progressive Web Apps (PWA) are compatible with all browsers. They work on low internet connectivity and offline, and PWA updates itself automatically, which keeps the apps also updated. However, PWA does not allow unauthorized users to access content as the apps are served by HTTPS. 

Unlike Flutter-based apps, installation is not easy. Users have to go to the website to install the app and launch it, which limits the user experience. Although PWA apps are compatible with iOS and Android, they do not provide the native experience that Flutter offers due to a lack of native mobile libraries. If the objective is to provide a superior experience to users, Flutter would be a better choice for the discerning mobile app developer. 

Conclusion

All things considered, Flutter remains one of the most searched technologies among mobile app developers. However, the determining factor to choose Flutter is the objective the app is trying to achieve. 

Here are a few situations where Flutter would be an ideal solution.

  • If a company does not have enough budget to create native apps for both the platforms but still wants to launch iOS and Android apps.
  • If a company wants to develop and launch products within a short period of time.
  • If a company wants the ability to innovate on-the-go without disrupting the user experience on the application.
  • If a company has more beginner-level app developers, but who are willing to learn Dart language to create apps within a short time.

At Windmill, Flutter allows developers to work quickly and efficiently. 

Matt Galligan, Co-founder of Circa said, “In my opinion, the future of mobile is the future of everything.” It would seem that mobile app developers eager to create that future are turning to Flutter in ever-growing numbers. Are you?

Way back in 2018, Google released the first version of its open-source, cross-platform development toolkit called Flutter.

Within two years, it has become one of the most preferred tools for developing mobile applications. According to Google, over half a million developers are using Flutter to build mobile apps. 

So, what makes Flutter so unique? 

Well, to begin with, Flutter has made it easy for both entry-level developers and experienced ones to develop apps easily. As Google puts it, they want developers to start app development not by asking which device to target, but “what am I going to build?”

However, that is not the only reason why developers choose to use Flutter.

Why Do Mobile Developers Prefer Flutter?

1. Native-app like performance

Most companies (from large enterprises to small startups) opt for cross-platform development due to a lack of budget, but also don’t want to compromise on the interface or experience. They want the app to function like a native app on both iOS and Android. 

Flutter combines ease of development and native performance to create a consistent experience across different platforms. The best part is that Flutter doesn’t require any platform-specific UI components to render its UI. So developers can render the same look as a native app without getting bogged down in complex tasks such as mapping every property into platform-specific widgets and so on.

2. Reduces code development time

Earlier, developers had to use different languages such as Swift for iOS and Java for Android to build different versions of the app to give them a native look and performance. Like many other cross-platform alternatives, Flutter provides a single codebase so developers are spared the additional task of writing separate code for different platforms. They just have to write code once and they can run the app on different operating systems. Additionally, Flutter provides a wide range of ready-to-use widgets that are customizable. Faster go-to-market for better apps, who doesn’t want that?

3. Hot reload feature to add new features on-the-go

Customer needs keep evolving. Developers have to keep upgrading the mobile application with new features to keep their customers happy. Earlier, adding new features or upgrading the app meant changing or adding code and saving the file to see if the changes are done. With Flutter, developers can make changes or add new code and click on the Hot Reload button to display code changes on simulators, emulators, and gadgets immediately. This gives developers the room to experiment with new features and even debug the application in real-time and continue with code execution without stopping the app. In fact, the Broadway musical Hamilton wanted to create a native app on iOS and Android to engage with its fans. They created an app using Flutter in just three months. But the surprising part was they made an entirely new feature in the app just a night before it was launched without any hiccups. Developers can launch experiments with Flutter faster than it takes to watch the streamed Broadway show.

4. Easy to learn

The primary intention behind developing Flutter was to lower the barrier to creating apps. So, even with limited knowledge of app development, developers can create great apps within a short duration. It helps if the developer knows Java or JavaScript as that would help them to learn the in-house language Dart easily. Developers can also access the tutorials and seek support from fellow community members to learn.

5. It is open-source 

As we mentioned, Flutter is an open-source language. So, every developer is free to contribute to its development to make it better. All they have to do is make changes in GitHub and send merge requests. So, developers can easily leverage the APIs, widgets, built-in designs, etc. to create an amazing and engaging app. They can get the best ideas for developing the app from the thriving community on GitHub. They can contribute to the wider community while benefiting from a great app development approach themselves. 

Conclusion

We at Windmill, thanks to Flutter, have learned how to create applications twice as fast. Adding animation to our apps has never been easier to implement. Flutter makes this task as trivial as possible.

The developer community has already widely accepted Flutter for creating amazing cross-platform apps. As we have seen what’s not to love?

However, developers also have other options such as React Native, Native, PWA, which are known to be efficient. Developers have the task of choosing the right alternative from an array of options. Stay tuned for following posts where we draw a comparison with other technologies, so developers can make an informed decision while developing their mobile apps.

Everyday life is like programming, I guess. If you love something you can put beauty into it. – ACM Turing Award recipient Donald Knuth

Why are enterprises across sectors adopting enterprise engineering?

Globalization has transformed enterprises into complex, multi-unit entities with scattered departments and groups – each with their own specific needs and tools.      

An array of enterprise solutions has sprung up to address the “tool and technology” needs of enterprises, creating applications and products for point solutions that get embedded into the enterprise tech ecosystem.

As the enterprise grows, so do product extensions to address existing (and future) needs. Many enterprises also acquire (or build) new products and integrate them into their existing product portfolios.

With so many products, more effort is required for building, integrating, supporting, and maintaining them, especially given the numerous and diverse technologies these products incorporate.

Efficiently managing this maze of technologies, tools, feature-requests, and technical debt is a massive task.

Enterprises are now turning to enterprise engineering in an effort to simplify this landscape.

What is enterprise engineering?

Enterprise engineering focuses on simplifying the enterprise product portfolio, to identify redundancies, eliminate waste, and maximize value from technology. By introducing core elements of enterprise engineering early in the lifecycle, it enables better deployment of engineering bandwidth while still addressing the core needs of modern enterprises.

Enterprise Engineering, with design thinking, helps organizations execute their vision through design-driven digital solutions.

Enterprise engineering relies heavily on product design and focuses on identifying common threads driven by the needs of enterprise users. It shines a light on everything from workflows and features to usability and analytics.

Using concepts such as lean software development, automation, cloud, security, and data science and AI, enterprise engineering aims to fuse digital strategy and experience design into creating better aligned digital products. The goal is to transform product development efficiency and provide the enterprise end-users with delightful experiences.

Once the solution has been executed, enterprise engineering also works towards institutionalizing the benefits through constant reinvention and rationalization.

The key question is, how to get this practice right?

We believe that we have a unique perspective here based on a mix of experiences. As a team of experts in digital product design and delivery, we have partnered with many enterprises and helped them develop their products and build out their portfolios. We have also developed a few products of our own for specific situations.

Here’s how we approach enterprise engineering based on that varied experience. 

Our approach to enterprise engineering

Build a strategic view of the enterprise and include components of human and culture development. We understand that enterprise engineering is not just about technology; it is as much about people. Therefore, we aim to invest in modern technology development to meet the goals and the strategic vision of our enterprise customers.

Carry out strategic planning by gathering information and identifying weaknesses, threats, and opportunities. We then use this data for building unique enterprise engineering products that align with the vision of our enterprise customers. We also help them align and optimize their enterprise product portfolio through carefully considered discovery, design, and architecture planning stages

Think about the technology likely to play a role in developing the products as it impacts the strategic vision of our enterprise customers. We zero in on enterprise architecture design as well as engineering processes. This includes looking at the frameworks and procedures we would need to use to improve the digital experience for our enterprise customers and the end-users.

Measure the performance of the products being built by defining objectives and quantifying the nuances of all the aspects the product touches. We then ascertain how we can improve the system in the future. We define the vectors for improvements for the given system and present metrics around the system performance.

Evolve the products to extend the functionality and enable easy maintenance through their lifecycle. To enable constant evolution, we ensure we have a solid base from the design point of view. Baking evolution into the process helps us in improving quality and value. 

How does this work?

Let’s look at an example in the banking domain.

We are providing technology services for one of the biggest private banks in Switzerland with several legacy systems and applications that were outdated. 

With understanding and processes from Enterprise Engineering and Design Thinking, we defined a way forward through a technical rewrite to newer cutting-edge frameworks.

 We used modern solutions, architecture design, and frameworks to carry out design and engineering renovation in three stages:

Understand existing solutions

Design the new architecture      

Build teams to implement the solutions

The end result is a streamlined process, elevated customer experience, and more modern product infrastructure.

As the enterprise tech stack gets increasingly complex and difficult to maintain, embracing enterprise engineering is necessary to make technology more manageable for enterprises. 

So, it boils down to making the applications modern so they deliver a much better experience to users, while also looking at reducing the complexity so they become easier to maintain and upgrade. That’s the essence of Enterprise Engineering.