Challenging banking industry with subscription banking mobile app for Aion Bank
Consulting, Research, Design, Frontend development
6 Designers, 3 Analysts, 4 Developers
About the client
Aion, launched in Belgium in March 2020, is a European, subscription-only digital bank, offering savings and investment products to individual and business customers.
Seated in Brussels, Aion operates under a Belgian banking license, but it also offers its services to customers around Europe. The global private equity company, Warburg Pincus, is an investor. Aion introduced a new way of banking with its subscription model.
Convenient offer for individuals and SMEs
Simple lightweight SME
Nowadays, setting rules in the banking industry has become more challenging because of two-sided competition from fintechs and established banks. Considering this, Aion decided to focus its strategy on high-mobility customers, who are used to subscription payment models like the ones they get from Netflix or Spotify. Aion started the project with an enormous effort to assemble an entirely new banking business model from scratch. A business model where the customer experience we worked on plays a crucial role – actually the same as the products themselves.
Scattered Design & Development Process in practice – the power of iterations
The bank that challenges reality
As mentioned above, the first basic customer requirement is to store value – money itself. It should be as secure as possible. Only then are customers going to start investing and accumulating savings. Here our team faced the challenge of creating an entirely new product called MoneyMax, which allows customers to obtain transparency with their money. The Aion app scans the market seeking the best options for the member.
Customers expect that their money transfers will be fast and secure. Hence with this project, we took an opportunity to rethink daily banking. The result gives the end customers the opportunity to operate with multiple currencies smoothly and not see evident transfers between FIAT currencies (governments generally establish FIAT money).
The rethought, resketched and redesigned processes were new in the banking universe.
"The project provided a level of innovation that was not comparable to any existing benchmark on the market. Thanks to the greatest experience, know-how and effort of the Efigence team we could introduce a game-changing product fully covered with premium design and technology. It is a great partner for non-standard and cutting-edge assignment making."
Tomasz Motyl, Chief Information Officer at Aion Bank
Frontend approach like no other
It all starts with the Aion banking application architecture. From the user's perspective, the banking app looks like a screen set. Each of these represents a different set of functionalities. These, in the end, create areas like the dashboard, transfers, savings, investments, etc. With this project, we wanted our codebase to follow this structure. And so, it did. We placed the customer perspective as our guiding principle. Thus, Aion Bank is not just a single application – its core consists of several frontend microservices built using React Single-spa Framework. Each business context has its microservice. These so-called modules gave us easy to manage, scalable and sustainable modularity.
The cross-platform solution
Shared components, no matter the device
"We know that delivery is the most crucial phase of the whole assignment. That's why over the entire run, not only were our frontend libraries delivered with the best care, but we also provided our technical support to Aion's development teams. Please note here the scale of the innovation. Some parts of the Aion application were components developed for the first time in the history of banking apps. So, the final level of modularity, enhancements and adjustability is admirable. It becomes a standard for our further deliveries."
Marek Lesiak, President & CTO at Efigence