Commitly: Financial planning

Project Type: Application Development

Industry: Financial Services
Customer: Commitly

Business Challenge

Commitly is an Austria-based FinTech company. Its main product is a web-based financial planning and reporting collaboration system, which provides ability to closely monitor and forecast balances and activities for all connected banking accounts.

Having only a concept, Commitly was looking for a team of professionals to create a prototype, lead through MVP development phase and roll out a full SaaS product that would be available to all potential users in Germany and Austria.

Commitly requested a sophisticated yet accessible financial management web solution that would help owners of small and middle businesses to control their cash flows and collaborate with their teams to create forecasts or possible business development scenarios within one platform.

Additionally, they required a reporting module that should be configurable to adjust outputs for optimal printable view.
Commitly also required help to integrate new application with several existing communication, financial and other services.

Solution

Sprinterra worked with Commitly to create a single web application to handle complete set of processes ranging from company application setup to report generation. Application logic should allow companies to connect bank accounts and map transactions to plan company’ short- and long-term business strategies.

The process was split in a few phases:

• Prototype: during this phase designers from Sprinterra closely collaborated with Commitly to develop application workflow and corresponding screens. This stage resulted in clickable prototype, which provided ability to demonstrate future application for potential investors.
• MVP: Sprinterra’ team of business analysts was deeply involved on this stage. BAs analyzed available scenarios, functional workflows, use cases and set apart the most important features to include into MVP. A lot of effort was put in non-functional requirements, such as security, usability, availability etc. As a result, some functionality was improved and some parts were removed from the scope. Core MVP features represented connections to banks, transaction mapping and cash flow management.
• SaaS solution: Reporting and communication functionality, including chat bot was added to continuously evolving Commitly application. Application was released to the first set of users.

Bank Management Features

• Commitly integrated with FinApi, which is an experienced software provider for banks, and other financial institutions. This integration adds ability to connect to over 300 Austrian and German banks
• One company might connect to multiple banks and collect all transactions from accounts
• User can map transactions either to standard, or to custom categories that match any specific needs
• Commitly app is using bank-level, SHA 256-bit encryption for data transmission to keep financial data safe

Planning Features

• Commitly provides the ability to create unlimited number of plans to reflect viable scenarios
• Plans can be based on actual transactions or on other plans
• Comments, attachments and tasks for other users can be added on plan or budget level
• It is possible to commit to one plan per year to be able to see forecast based on that data
• Forecast controls all out of budget events and sends user notifications

Reporting Features

• 5 specific reports for different financial needs
• Dynamic preview for any dataset before report generation
• Comments can be added to reports for collaboration purposes
• Reports can be saved and sent to users directly from the application
• Customized report view

Other Features

• Integration with Twilio to support user communication within the application
• Commitly Bot presents easy and simple way to get company updates from many platforms (Slack Bot etc.)
• Ability to set tasks to other users and check their responses
• Integration with Intercom gives users the ability to send their questions to support and receive hints directly on the page where they work
• Data room provides storage ability for any type of files. Files can be shared and comments can be added
• Ability to add team user for collaboration and limit the functionality for the users based on a role