Marketplace service development

Business Challenge

The main challenge was to develop a marketplace integrated into the bank's mobile application. This platform needed to provide a wide range of services from various suppliers in one place. The goal was to diversify the app's functionality while ensuring the security and efficiency of financial transactions, all in one user-friendly interface.

Preconditions for Marketplace Integration:

• Limited client capabilities: Before the marketplace integration, mobile app users faced a limited range of services and products.
• Market Competition: The market features many financial and retail apps offering convenient solutions for users.
• Inefficiency in Time Use: Clients have to use multiple apps for financial transactions and purchases.
• Customer Loyalty: The lack of additional value in the app has led to lower customer loyalty. Adding a marketplace could significantly improve engagement and retention.
• Opportunities for partnerships: The marketplace opens new opportunities for collaboration with various suppliers and brands, potentially leading to valuable partnerships and a wider range of services offered to clients.

Project Overview

The VEBTECH team began working on developing an online store, which could be accessed directly from the bank's mobile app. Users were enabled to pay for goods and services in one click without downloading additional apps.

As a result, a fully integrated marketplace within the mobile banking application was developed, allowing users to access everything they needed without leaving the app environment.

Development Process

The project consisted of several key stages:

• Requirement Gathering: Collecting and documenting business requirements to understand the desired features and compliance needs.
• Platform Design Development: Prototyping a user-friendly interface for easy navigation across different marketplace categories.
• Backend and Frontend Development: Building the backend using .NET and the frontend using Angular.
• Integration: Integrating with the mobile banking app and the acquiring service to enable quick payments for goods and services. Secure API integration for third-party services (fuel stations, insurance provider, ticket platforms).
• Blockchain Implementation: Implementing blockchain technology for online insurance services.
• Testing and Deployment: Conducting thorough testing and deploying the platform.
• Technical Support: Post-launch support ensured the marketplace ran smoothly.

Key Functionalities

Multi-Service Marketplace: Ability to make purchases within a single app without the need to switch to external platforms or services

Secure Cashless Transactions: Secure payment gateways ensure user data and transaction security.

Blockchain Technology: Using blockchain to ensure the security and reliability of online insurance services.

Special Offers & Discounts: Integration with personalized offers and loyalty programs based on user behavior.

Push Notifications: Users receive real-time alerts on transactions, offers, and service updates. Seller Onboarding: Option to connect sellers, including those who are not bank clients.

Project Results

By integrating a marketplace within clients' mobile banking app, the bank successfully transformed it into a comprehensive digital platform that meets the evolving needs of their users.

Users of the app can now make purchases and pay for services in one place, eliminating the need to search for individual websites.

The service included a variety of partner offers:

• Purchases from the largest online store, 21vek
• Payments at gas stations
• Taxi and train ticket payments
• Ticket Booking Service for Various Events
• Investment Platform
• Insurance Provider

This ecosystem benefits all participants by creating a convenient and profitable service: users access a variety of goods and services with bank payment options, sellers gain a new sales platform, and the bank earns additional revenue and customer loyalty.