moneyGPS: Australia’s first digital advice platform taking the guesswork out of financial success
Fiduciary Financial Services engaged Cevo to build moneyGPS, Australia’s first fully client-led, digital advice platform helping to take the guesswork out of financial success for everyday Australians.
Industry-first
Application development
Co-Create
Cevo NexusTM solution
Financial Services
Industry
Fiduciary Financial Services, a provider of scalable and affordable personal financial advice, has launched moneyGPS, Australia’s first fully client-led, digital advice platform helping to take the guesswork out of financial success.
Until now, millions of working Australians have had many of their financial advice needs unmet due to the cost of traditional financial advice. moneyGPS provides everyday Australians with access to easy to use, compliant and affordable personal advice. This is very different to what is commonly referred to as ‘Robo Advice’, which doesn’t allow for the review of a client’s alternative strategy options.
Business challenge
In 2020, Fiduciary engaged Cevo to assist with the building of Abel, a conversation-based platform for providing adaptable personal financial reports. The Abel platform, built on the AWS platform, established several foundational capabilities, including identity and access management, information collection, payments, financial calculators and report generation.
Fiduciary wanted to improve and innovate upon this foundation to create moneyGPS. While Fiduciary had the vision and overarching concepts for moneyGPS, they lacked the technical knowledge and capabilities to bring the application to fruition.
Solution
Fiduciary partnered with Cevo to build moneyGPS, leveraging their knowledge and expertise in Cloud Native application development. Guided by Fiduciary’s overarching vision and concepts for the application, Cevo’s consultants utilised Cevo Co-Create, a structured program designed to manage end-to-end product development, to help build a resilient, user-friendly, and scalable platform on AWS, underpinned by a DevOps-led foundation.
First, Cevo’s consultants held a series of product ideation, user journey mapping and UX workshops, all conducted under the lens of ‘design thinking’. The purpose of these workshops were to understand and create user flows to streamline the personal financial check-up process, guide the customer towards relevant statements of advice, eventual individual client care specialists for implementation, and set the foundation for development of the application.
Then, use agile-based delivery sprints, Cevo’s consultants developed, deployed and tested moneyGPS, with features including:
- Questionnaires including the Money Check-up report, Statement of Advice (SOA) and financial reports developed using third party, open source survey framework Survey.js
- Reports developed and produced using third party software, jsreport
- New design system including UI prototypes of customer-facing layouts, desktop design layouts, integration with Amplify Studio, and the testing and tweaking of the design in response to usability feedback
- Integrations with HubSpot (CRM), Stripe (payment gateway), VIX Verify’s greenID (highly automated identity verification service), and Lonsec (investment research company)
- Enhancements to the administration portal used in Abel to support new features and HubSpot integrations
Another important consideration throughout this project was to ensure the solution built by Cevo would provide a solid foundation which can be iterated as Fiduciary Financial Services work towards their future state roadmap.
As holders of an AFS licence, moneyGPS is subject to specific governance and compliance requirements. As a result, another important part of this engagement was to ensure moneyGPS met the relevant security and compliance obligations.
The platform will be managed by Cevo’s Managed Services capability on an ongoing basis, ensuring the platform remains resilient, agile and secure.
“Working with Cevo and cloud-native technologies saves us a lot of time, effort and angst. Their expertise allowed us to focus on what we do best – delivering personalised, strategy-based advice, looking closely at the client’s situation rather than taking a cookie-cutter approach.”
George Haramis
CEO & Co-Founder
Outcomes
A close and effective working relationship resulted in the following key benefits:
- The launch of a pioneering technological solution for the Australian personal wealth industry called moneyGPS
- Built on AWS Amplify, resulting in a serverless application that is scalable and self-sufficient
- Strict adherence to governance requirements means the platform is compliant with relevant security obligations
- The ongoing evolution of the moneyGPS product roadmap, including pivots to new product lines and revenue streams
moneyGPS has also been nominated for several awards in the second annual Technology Scale-up Awards program, which celebrate disruptive Australian technology businesses that demonstrate industry-leading innovation in their sector. They have received nominations in the following categories: Technology Scale-up of the Year Award (awarded to the overall winner of the industry categories), FinTech of the Year Award, and One to Watch of the Year Award.
“Whilst we can design the offering and write the engine rules, we’re not technology experts, but Cevo and the cloud-native approach allowed us to access the best in modern software design and deployment.”
George Haramis
CEO & Co-Founder
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