Success Story

Fintech application development for an Australia-based climate finance company

About the client

Verrency is a leading climate fintech company based in Australia, driving digital payment innovation for banks, card issuers, and payment processors. With a vision to be a technological force for good, Verrency is committed to transforming the financial landscape by seamlessly integrating sustainable practices into everyday transactions. By offering cutting-edge solutions, Verrency empowers financial institutions to bridge the gap between traditional banking and the ever-evolving expectations of environmentally conscious consumers. Verrency’s huge client portfolio includes industry leaders such as Emirates NBD, FIS, Cloverly, Trellance and many more.

Services used

Fintech Software Development UI/UX Services

Business Situation

With increasing consumer consciousness towards environmental responsibility, Verrency came across the pivotal challenge of meeting their rising demand for sustainable financial solutions. With approximately 70% of consumers expecting their banks to provide environmentally conscious payment options, the vision was to deliver innovative solutions that aligned with these expectations.

Simultaneously, Verrency grappled with the intricate challenge of seamlessly integrating sustainable financial services into existing banking infrastructure without causing disruptions or compromising operational efficiency.

Furthermore, as consumers increasingly sought transparency in their environmental impact, there was a pressing need for a real-time application that could measure carbon footprints for every financial transaction. The challenge was not only to calculate the environmental impact but also to provide tangible ways for users to offset their contributions.

Verrency sought a technology partner capable of translating its vision into reality. The criteria for selection encompassed a wealth of experience in fintech application development and a demonstrated ability to craft visually appealing UI/UX designs with a sustainability focus. After careful consideration, Verrency selected Daffodil Software, drawn to its extensive industry expertise, hands-on experience in developing fintech applications, and subject matter expertise in the fintech space.

Key expectations from Daffodil’s team were:

Efficiently address integration complexities in implementing sustainable financial services into existing banking infrastructure.
Develop front-end of Verrency’s sophisticated carbon impact measurement application offering granular carbon footprint calculations for every purchase.
Design a user-centric interface that educates, empowers, and encourages sustainable spending habits and provides tangible ways for users to offset their contributions.

The Solution

Through collaborative discovery workshops, meticulous requirements gathering, and strategic market research, Daffodil’s business analysts gained a deep understanding of Verrency’s needs, challenges, and competitive landscape. Our team outlined a robust architecture based on their findings. The detailed design mockups of the Carbon Calculator Model were prepared and shared for further feedback from Verrency’s team. Upon approval, the same were further enhanced and implemented.

The Carbon Calculator Model

The Carbon Calculator Model served as an interactive and informative hub, empowering users to embark on a journey of environmental consciousness. Through the layout, users could access a myriad of features aimed at enhancing their understanding of sustainability and encouraging proactive contributions.

Here’s an elaborate exploration of the key features of the platform:

1. Home Page:
Non-logged-in users could view a generic carbon emission status on the platform. Post login, fortified with a two-step verification mechanism, the system would pop several personalized questions to the users to assess their carbon footprints based on their location, lifestyle, eating habits etc.

2. Insights Module:
The insights section employed interactive data visualization, offering complex environmental data in an easily understandable format. This ensured that users, regardless of their familiarity with environmental metrics, could comprehend and engage with the given information effortlessly. Key features on the insights section were:

Total Carbon Emission:
Users could track their environmental impact through a clear metric of total carbon emissions. This transparency instilled a sense of accountability, prompting users to proactively address and reduce their carbon footprint.
Top Impact Categories:
A breakdown of top impact categories, including Food, Utilities, Transportation, Travel, and Shopping was highlighted in this section. Users could quickly assess which aspects of their lifestyle contributed the most to their carbon footprint, enabling targeted efforts towards sustainability.

Strategies to Lower Emission:
Tailored strategies and recommendations aimed at lowering carbon emissions were also displayed on the insights section. This feature guided users in making informed choices, suggesting practical steps they can take to reduce their environmental impact across different aspects of their lifestyle. Beyond numerical data, the section also provided access to educational insights. Users could go through contextual information, transforming the platform into an educational hub that fostered awareness and sustainable decision-making.

Recent Transactions:
This section showcased all the recent transactions made by the users. By connecting their bank accounts, users gained immediate visibility into the tangible outcomes of their financial actions.

3. Offset Catalogue:
The Offset Catalogue served as a virtual repository of diverse environmental projects and initiatives available for users to support. It provided a comprehensive overview of government-backed projects spanning various domains such as reforestation, renewable energy, and sustainable agriculture. Each entry in the catalogue represented a unique opportunity for users to make a positive impact and offset their carbon footprint.

Users could effortlessly select projects of interest and make one-time or subscription-based donations to the same to offset their overall carbon impact.

4. Community:
Users could compare their individual emissions with local community averages through this feature, nurturing healthy competition and collective engagement in sustainable practices. The Community segment went beyond the local scope, offering a global perspective by highlighting global carbon footprints in comparison to the specific region users were in, thereby providing a broader context for environmental impact. Delving deeper, the section offered a detailed breakdown of emissions by categories, allowing users to pinpoint areas for improvement. It also showcased top offset picks, providing users with curated options to make impactful contributions.

5. Accounts Module:
The account section served as a centralized hub for users to manage their environmental journey effectively. From tracking transactional history and favorite projects to managing subscription listings and password settings, users could navigate & visualize their sustainability efforts effortlessly.

Addressing Integration Complexities:
In order to seamlessly integrate sustainable financial services & address integration complexities for Verrency, Team Daffodil employed an agile integration methodology, carefully assessing existing banking infrastructures and tailoring solutions. This approach minimized disruptions and created a smooth transition for financial institutions adopting Verrency’s offerings.

The Impact

Daffodil's collaboration with Verrency resulted in a transformative impact, with agile integration methodologies ensuring seamless adoption of sustainable financial services. The Carbon Calculator Model, reached a pivotal milestone with noteworthy validation from a Big4 Financial Services Firm. This significant endorsement not only reaffirmed the model's unwavering reliability and effectiveness but also served as a powerful testament to our commitment to spearheading sustainable financial solutions. Furthermore, Verrency's proactive request for white-labeling added another layer to the impact, highlighting the adaptability and scalability of our solution.