Hay – a cloud financial services company based in Sydney – has successfully developed a robust transaction infrastructure that enables fast and seamless customer service.
Nestled in the FinTech cloud space, Hay is a mobile money platform that allows customers to open a bank account in less than five minutes, including a Visa card for payments. The Services are offered through the Hay app where customers can make and track their payments, track expenses and manage budgets.
App functionality combined with Hay’s seamless customer service enables a comprehensive digital transaction solution developed by Appian and implemented by convedo. The two firms were brought on board earlier this year by Hay’s Chief Technology Officer Jason Latham.
Latham wanted an infrastructure that would not only enable fast customer service, but also keep up with Hay’s constant evolution of design and features. A time of less than five minutes to open an account was an essential key to differentiation, while automated back-end processing, security and compliance mechanisms and an agile, mobile-friendly infrastructure were all key requirements.
Appian’s low-code capabilities and workflow automation are well-suited for these purposes, although proper implementation is key. This is where the convedo came in. The UK-based digital consultancy offers business transformation and digitization services to clients worldwide. Business process management and automation are convedo’s specialties, so they are a good fit for this job.
As an implementation partner, Convedo helped Hay go through various iterations of the solution until the pair arrived at the right formula. Customer records have been centralized and all relevant information has been placed in one place for immediate access. Transaction processing and case management have been automated.
Customer information was brought to operators’ fingertips using convedo’s expertise in process consulting, while all this data was secured and protected against fraud using Featuresspace’s fraud prevention technology. According to Latham, the resulting product is the right fit for Hay.
“Hay aims to provide its customers with a world-class banking experience that required a world-class application and a world-class back-office. Convedo helped create a ‘single pane of glass’ to cover transaction banking and fraud using Appian to support it,” he said.
David Curry, chief operating officer at Hay, added: “Truly digital banking for our customers would be of little use if we are unable to meet our customers’ needs and operational challenges with the same level of transparency and efficiency. Implementing Appian with convedo has allowed us to build the foundation to do this now, even as we grow and scale.”
Hay now competes in an increasingly competitive FinTech environment across Australia where consumers are gradually moving to FinTech solutions. The payments segment is where most FinTechs are currently battling against Australia’s struggling banks, and Hay’s combination of data analytics and fast customer service makes it a strong contender.