Hero Background

How Conductiv achieved compliance with an architecture overhaul

How Conductiv achieved compliance with an architecture overhaul
financial-services
App Development, DevOps, Modernization
App Development, DevOps, Modernization

Conductiv is a fintech company who specializes in increasing loan approval rates. Essentially, they use data to help banks loan more money without increasing risk. Conductiv initially reached out to Polymaths asking for help building a prototype. What they ended up with was a partnership that moved the company in an important new direction - and one that continues to support them in each new success.

Conductiv

Conductiv provides AI-driven stipulation management solutions for lending, helping financial institutions reduce fraud, streamline the loan approval process, and improve decision-making with digital data. Their platform automates income, identity, and stipulation verification, speeding up loan approvals by 2-5 times and increasing approval rates. Conductiv integrates easily with existing systems, allowing lenders to enhance their underwriting processes while reducing risks. Their services are trusted by a wide range of credit unions, banks, and other financial organizations.

Conductiv

The Challenge

Conductiv had a great idea but needed a team of developers to get them to prototype. A team with particular skills. When something breaks in fintech, it can spell disaster for everyone involved. At Polymaths, we know this. So our developers went to great lengths to ensure everything we built was watertight. Trust also played a major role in our appointment. Investors look for a stable development team - they want to be sure that the tech and business knowledge is world-class. They need to know that processes will work and keep working. Our track record on this was clear, which gave Conductiv the confidence to call on us. The fact that we’re based in New York didn’t hurt. We were able to set up a transparent hybrid team alongside Conductiv, enabling banks to have total trust in the product.

An architecture overhaul.

Initially, Conductiv chose to build their prototype with Google architecture, and we were on board to assist with this build. Later, thanks to Amazon’s incentives and interest in supporting startups, Conductiv moved to Amazon Web Services (AWS). As experts in Cloud-Native solutions, we were the obvious choice in helping them make the switch.

We supplied an initial team of developers and testers to get Conductiv to prototype with Google architecture.

Then, thanks to Amazon’s incentives, Conductiv chose to move to AWS architecture.

We provided three senior developers to help them make the shift. Those developers are now helping Conductiv go to market and achieve SOC Compliance.

Simulating a bank.

Any new business needs a Minimum Viable Product (MVP) to test and validate its processes. For Conductiv, it was a fake bank. Polymaths offered guidance throughout the process by providing access to START™, our step-by-step MVP development program, whenever they needed it.

Our START™ team was available for guidance throughout the MVP development process.

Conductiv’s fake bank allowed them to bring on three customers to test processes and ensure everything was working smoothly.

They had a prototype MVP but needed a working beta. We helped create a working product with real aggregators, production, and bank-level security.

This enabled Conductiv to test their processes and troubleshoot their systems. Then, any problems could be ironed out until everything worked flawlessly.

Journey to SOC compliance.

Nobody wants data-leaks, especially in the financial sector. SOC (Service Organization Control) is an auditing procedure that ensures service providers look after your data. They protect both the company and the customer. Conductiv is aiming to become SOC compliant by August 2021.

Polymaths is assisting with another complete architecture assessment that will support Conductiv in becoming SOC compliant.

We’re working to predict any possible problems that could take place during an audit, and re-work the architecture where necessary.

We’re plugging the gaps created in the switch from Google architecture and putting new measures and controls in place to keep the platform secure.

When they needed a concierge, Conductiv called us.

We are a partner, not just a provider. If we see something that could improve a client’s business, we’ll say so - even if it wasn’t what we were hired to do. Our partnership with Conductiv started small and grew bigger, helping them achieve their long-term goals rather than simply fixing short-term problems. Our developers gave their time, energy, and passion for the Conductiv cause, and they continue to play an integral role in Conductiv’s solution. We’ve been there every step of the journey - a journey that’s just beginning.

Related Case Studies

How Brrrn At-Home increased memberships by 20% month over month

How Conductiv achieved compliance with an architecture overhaul

Scaling Brand Protection: IP Shark's AWS Success with Polymath Services