Functional Requirements
Inspired by Mercury.com, a client came to Red Star Technologies to replicate the aforesaid fintech platform. Mercury.com, for context, is a banking solution for already established businesses and startups alike. Being the first choice of 200k startups, Mercury.com allows entrepreneurs to make smart financial decisions and balance the macroeconomics of their businesses.
The client’s idea was to create a similar fintech platform, providing services such as digital banking, innate workflow and financial literacy to businesses.
- Business Banking Foundation
- Modular Financial Workflows
- User-Centric Journey Mapping
- Compliance-Focused Architecture
Client Requirement
Following were the requirements made by our client:
- Ensuring the inclusion of fundamental features related to the modern business banking system.
- Documenting the businesses in terms of digital banking including transactions, expenditure, financial reporting and card management.
- Creating a Functional Requirements Document (FRD) for future design and development.
- Making sure that the platform has no security issues and follows all the prescribed regulations.
Challenges
Our team had to deal with diverse and technical challenges while translating Mercury.com’s features into FRD.
- It was challenging to translate the complex features of Mercury.com into crystal clear demands
- Our team found difficulty in interpreting functionalities given the absence of access to Mercury.com’s backend features.
- It was a huge task to map out legal, privacy and security requirements into FRD.
- It was a tough job to define scalable architecture without internal documentation.
Solutions
- We dealt with the project in a very structured and documented way.
- We did a competitive analysis of Mercury.com and other platforms to better understand the industry trends.
- Involved our client in the process for reinforcement of the project goals, to identify much needed and recommended features.
- Plus, we divided the platform into modules and defined in detail user personas and journey flows.
Unique Features
- We gave the project a shape of modular platform architecture i.e subdividing features into components.
- Additionally, we created a Functional Requirement Document (FRD). This helped our developers to execute it seamlessly and without getting into unnecessary details.
- We outlined potential APIs and third-party tools to support banking workflows.
What We Achieved
Overall this project was a huge success for us given the complex structure and features of Mercury.com. Let’s take a look at what results we have gained from this project:
- We practically transformed our client’s vision into a properly formatted Functional Requirements Document.
- We carefully created a document that developers and designers can concern for its immediate execution.
- Moreover, we transparently cleared our customer about the complexity of the fintech platform even before the development started.
- Not only that, we have made sure that the project must replicate with Mercury.com yet demonstrates its uniqueness and innovation at the same time, allowing room for differentiation.
Start Your Journey
If you need expert, engaging, and responsive web and mobile apps, Red Star Technologies is always at your service. We not only design apps but also save your time and finance. Contact us today and begin your journey with our expert team.
