Automation of Financial Analytics: Modernization of Services
MVP serves as a reliable approach for developing not only applications for external users but also internal corporate applications. Initially, the client approached us with the task of creating an MVP version of a service for automating financial reporting. Subsequently, we identified the necessary functionalities and features that employees required for enhanced efficiency. By the end of 2023, the client sought our assistance for modernization. In this case study, we outline how we addressed this new challenge.
Client Overview
"MK Leasing" supports small and medium-sized enterprises by financing the acquisition of equipment, vehicles, and specialized machinery. The company is part of the international holding Mikro Kapital Group.
Client's Request
The client sought to modernize their bank statement processing service by:
- Adding support for a new type of bank statement (.txt) and new payment types.
- Expanding the generated Excel report to include consolidated data on client solvency on a single page.
- Integrating with the DaData service.
- Enhancing the user experience (UX) to improve usability for employees.
Approach to the Task
We began by creating a detailed specification of the report, outlining the expected outputs after processing the statements. Initially, we planned to enhance the existing parser for XLSX statements by adding support for TXT statements. However, through discussions regarding business objectives, we concluded that it would be optimal to focus solely on processing TXT statements.
Our developer and QA team engaged in discussions with the client early on to immerse themselves in the project and propose technical solutions for the business requirements. As a result, much of the logic was already in place by the time the requirements were finalized, as development progressed concurrently with the drafting of the technical specifications.
The primary work was completed in December 2023, followed by deployment and bug fixes in January. Before the deadline, we conducted a demo, discussed any changes requested by the client, and delivered the final project after implementing the necessary adjustments.
The project team included a Project Manager (PM), an analyst, a backend developer, and a QA specialist.
Results
The collaborative efforts between our team and the client led to significant outcomes:
1. Enhanced financial reporting automation service:
- Introduced processing for new types of statements and generated new reports.
- Improved accuracy in statement processing and report generation.
- Included additional information for client assessment.
- Streamlined user interactions with the service.
2. Improved error resolution processes. The bug-fix rate for this project was less than 3%, with any figure below 10% considered a positive outcome. This success was largely due to involving QA at the earliest stages of development.
3. Developed a "User Guide" for client employees, facilitating their training on how to use the system effectively.
Ultimately, our primary goal was to address all tasks and deliver favorable results for the client. According to client feedback, the service significantly reduced the routine workload of employees, thereby saving both time and money.
Technologies
Python, Django, Pandas, Pydantic, HTML, CSS, Bootstrap, PostgreSQL, MinIO, Docker, Docker Compose.