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Success Story

Daffodil helps an asset management firm to build a portfolio management application with Salesforce integration

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Services Used:

Fintech Solutions
Salesforce Integration

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The client is a leading capital placement business in the United Kingdom that connects private funds to institutional investors, general partners, and management teams. They have been in business since the 1990s, working with high net worth individuals, investment firms, pension, and profit-sharing plans, charitable organizations, and corporations. They work across the key private market and industry sectors such as private equity, private credit, real estate, and real assets.

  • $10B worth of assets managed
  • 20% enhancement in productivity
  • 80% reduction in portfolio performance tracking

The Situation

With almost $10 billion in assets, the advisor-strategists builds customers’ financial portfolios based on their risk tolerance and personal preference. In asset management, seamless reporting is essential for accuracy and transparency. The client’s advisors needed to create various reports and invoices in a standard form across all custodians. They used to prepare all account-level performance reports manually. Hence, keeping the customers informed about their portfolio performance, as well as giving an insightful view of investment progress- was turning out to be a tedious task. This was not only impacting the customer experience but also escalating the operational cost.

As a solution to this problem, our client wanted to develop a mobile app that offers a sorted and insightful view of portfolio performance to its customers. The app was to be integrated with their Salesforce CRM to display custom reports and progress status of the investment. Also, the app was aimed to provide regular updates on investment status to the customers. The client chose Daffodil Software due to our unparalleled experience in Saleforce development as well as subject matter expertise in fintech domain. In a nutshell, the requirement was to:

  • Conceptualize, design, and develop a mobile application that could act as a single source of truth for customer’s portfolio performance.
  • Integrate the mobile solution with Salesforce that could become a single business tool for a full cycle of operation with portfolios and a customizable interface layout.
  • Develop a role-based access system for roles such as management, advisor, associate, customer, etc. with different permissions and data access.
  • Integrated data visualization and charts to aesthetically visualize portfolio performance and get actionable insights.

The Solution

The project began with our business analysts and software architects outlining the optimal architecture of the mobile application. They refined the functional requirements and developed a complete product vision and its development roadmap. Once the strategic plans were mutually finalized, Daffodil’s team mapped the requirements onto the technology landscape and suggested technologies such as Ionic, NodeJS, Salesforce App Cloud, MongoDB, and GraphQL for mobile application development.

A portfolio monitoring app for Android and iOS platforms was developed that translates the insights of portfolio performance from Salesforce CRM into custom reports. The hybrid apps were developed using Ionic technology, which saved up to 40% of the development cost for the client, as compared to native apps.

Considering the requirement to share portfolio updates regularly with the customers, the reports get refreshed every 30- minutes. Since the app holds financial data of investors, stringent security measures were implemented. This includes locking the app if it is inactive for 5 seconds and auto-resetting of login password after 80 days.

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Some of the application features include:

View Performance Status: The app enables users to view the progress of its portfolio by week, month, quarter, or the time user’s account is active in the app. The details include fund target, fund raised since launch, list of investors, investors contacted, etc.

Details about Investors: Investor updates such as discussion stage, status of a request sent to them, along with date and time can be viewed by app users.

Investor Updates on Charts: The app displays investor details through bar charts, which can be viewed as Investor Stage and Type, Investor Stage and Region, Expected Capital by Stage.

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Check Schedules of Portfolio Manager: Activities and meetings scheduled by portfolio managers can be viewed in a list or calendar format.

Offline Support: The app allows users to access the last updated data in the app even when they are out of the network.

Web Admin Panel: A web admin panel was developed as a middleware application to manage and customize the entire solution.

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The Impact

Through the implementation of the new application, the client was also able to achieve outstanding efficiency. The client has observed a 20% enhancement in the productivity of portfolio managers as they can keep a better track of their schedules and appointments, which facilitates them to handle 25% more customers. It has also enabled the client to provide an improved customer experience as the end-customer of the client gets clear visibility of their portfolio progress, giving them the confidence to increase the ticket size of the investment. The client has also reported 80% reduced costs of portfolio performance tracking, analytics, and reporting.

  • $10B worth of assets managed
  • 20% enhancement in productivity
  • 80% reduction in portfolio performance tracking

 

“This was the first time our company worked with Daffodil. Their developers and project managers did a great job and they were always ready to communicate and find a solution for our needs. We will definitely keep working with them in the future.”

CEO

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