Conductiv. Building a fake bank.
Minimum Viable Product

A partnership that began on day zero.

Conductiv is a fintech company who specializes in increasing loan approval rates. Essentially, they use data to help banks loan more money without increasing risk. Conductiv initially reached out to Polymath Labs asking for help building a prototype. What they ended up with was a partnership that moved the company in an important new direction – and one that continues to support them in each new success.

Meet Conductiv.

Maximize revenue, minimize risk – it’s what any bank, and their customers, want to hear. It’s also what Conductiv offers. They use data to improve lending decisions, reach new customers and safely approve applicants who would otherwise be declined. But Conductiv isn’t like other fintech companies – their data doesn’t put the customer’s privacy at risk. In fact, they don’t store any personally identifiable information at all. While this offering sets them apart, they still needed a development team to guide them from an early architecture overhaul to becoming Service Organization Control (SOC) compliant.

Polymath Labs and Conductiv – the perfect team.

Conductiv had a great idea but needed a team of developers to get them to prototype. A team with particular skills. When something breaks in fintech, it can spell disaster for everyone involved. At Polymath Labs, we know this. So our developers went to great lengths to ensure everything we built was watertight. Trust also played a major role in our appointment. Investors look for a stable development team – they want to be sure that the tech and business knowledge is world-class. They need to know that processes will work and keep working. Our track record on this was clear, which gave Conductiv the confidence to call on us. The fact that we’re based in New York didn’t hurt. We were able to set up a transparent hybrid team alongside Conductiv, enabling banks to have total trust in the product.

An architecture overhaul.

Initially, Conductiv chose to build their prototype with Google architecture, and we were on board to assist with this build. Later, thanks to Amazon’s incentives and interest in supporting startups, Conductiv moved to Amazon Web Services (AWS). As experts in Cloud-Native solutions, we were the obvious choice in helping them make the switch.

How we helped:

We supplied an initial team of developers and testers to get Conductiv to prototype with Google architecture.

Then, thanks to Amazon’s incentives, Conductiv chose to move to AWS architecture.

We provided three senior developers to help them make the shift. Those developers are now helping Conductiv go to market and achieve SOC Compliance.

Creating a fake bank.

Any new business needs a Minimum Viable Product (MVP) to test and validate its processes. For Conductiv, it was a fake bank. Polymath Labs offered guidance throughout the process by providing access to START™, our step-by-step MVP development program, whenever they needed it.

How we helped:

Our START™ team was available for guidance throughout the MVP development process.

Conductiv’s fake bank allowed them to bring on three customers to test processes and ensure everything was working smoothly.

They had a prototype MVP but needed a working beta. We helped create a working product with real aggregators, production, and bank-level security.

This enabled Conductiv to test their processes and troubleshoot their systems. Then, any problems could be ironed out until everything worked flawlessly.

Journey to SOC compliance.

Nobody wants data-leaks, especially in the financial sector. SOC (Service Organization Control) is an auditing procedure that ensures service providers look after your data. They protect both the company and the customer. Conductiv is aiming to become SOC compliant by August 2021.

How we’re helping:

Polymath Labs is assisting with another complete architecture assessment that will support Conductiv in becoming SOC compliant.

We’re working to predict any possible problems that could take place during an audit, and re-work the architecture where necessary.

We’re plugging the gaps created in the switch from Google architecture and putting new measures and controls in place to keep the platform secure.

When they needed a concierge, Conductiv called us.

We are a partner, not just a provider. If we see something that could improve a client’s business, we’ll say so – even if it wasn’t what we were hired to do. Our partnership with Conductiv started small and grew bigger, helping them achieve their long-term goals rather than simply fixing short-term problems. Our developers gave their time, energy, and passion for the Conductiv cause, and they continue to play an integral role in Conductiv’s solution. We’ve been there every step of the journey – a journey that’s just beginning.

Contact Us

At Polymath Labs, we have established a track record of game-changing partnerships with everyone from small startups to established businesses, and our engineering expertise and business savvy have brought five startups to market in the last three years. If our illustration of Stryde’s electric transformation into an elite industry competitor has inspired you to find a trusted engineering partner, take the first step forward with Polymath Labs START™ by clicking here and reaching out.