Roadmap to Building a Scalable Fintech Venture from Scratch Amid Rise of Teen-Oriented Pocket Money Apps in India

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Roadmap to Building a Scalable Fintech Venture from Scratch Amid Rise of Teen-Oriented Pocket Money Apps in India


CXOToday got an exclusive interview with Mr. Ashok Iyengar, CTO of muvin

  1. How has application scalability become a top priority for fintech organizations like yours? Could you walk us through any industry hurdles you faced while building muvin?

In today’s digital world, technology must be built in line with business objectives. As technology accelerates customer acquisition and global market expansion, scalability becomes increasingly important to businesses. It gained popularity especially among the fintech ecosystem to fulfill the larger mission of digitization. To do this, financial institutions require a scalable architecture in place. It is the system’s ability to cope with and continue to perform optimally under an increasing workload.

This is a must, especially if an application has dependencies on third-party APIs (application programming interfaces). It is even more important to design the system so that it is not affected by scalability issues of third-party APIs. Such problems create a bad experience for end customers. A good scalable system should also be auto-recovery, consistent by design, as it is extremely inefficient to monitor failures/recovery manually or resolve them by adding more people. Scalability means doing more with fewer resources, be it engineering, operations or customer support. –

A system that scales well will be able to maintain or even increase its level of performance or efficiency even when subjected to greater operational demands.

  1. What is the roadmap/framework for building a scalable fintech application? Please elaborate in light of muvin as pocket money app for teenagers.

Aiming to empower teenagers and young adults to gain financial literacy and independence, muvin offers seamless non-banking through an instant zero balance wallet and a physical prepaid card for your child. muvin offers an easy-to-understand, intuitive, frictionless and educational experience for its users with products tailored and personalized to the needs of the youth. muvin offers a one-of-a-kind prepaid card for kids, the muvinCard, which allows kids to get the best of both worlds – online and offline payments. muvin enables the youth to experience a new way of banking that comes with multiple features and benefits as below:

  • muvin aims to build the essence of financial independence by encouraging learning through managing your own money and encouraging saving through savings goals.
  • muvin allows kids to categorize spending, allowing them to analyze transactions and allowing them to understand where money is being spent. For younger children, muvin alerts parents to real-time transactions and allows parents to set transaction limits to manage their children’s spending, thereby developing responsible financial habits.
  • To make the app more convenient and engaging, muvin enables children to learn and acquire financial literacy while transacting by accessing elements of money matters through engaging and relevant short videos and short articles with content created specifically for the young audience .

Our technology infrastructure and architecture ensures that the platform scales based on user growth, personalizes the experience based on the user profile, and is built to ensure the security of user information.

  1. What are the benefits of adopting a scalable architecture for fintech applications? Any insights you would like to share specific to a market like India?

It is important for any technology company to have the right architecture in place. Some of the core pillars like scalability, configurability, extensibility, retrievability and abstraction should be addressed from the start. The best example of a scalable architecture is UPI, which has scaled to billions of transactions. At muvin, we have created a well-oiled transaction system that is horizontally scalable and allows businesses to scale.

  1. How are technological innovations being used by pocket money apps like muvin to make the personal finance experience more intuitive, personalized and empowering for key user audiences?

For a pocket money app like muvin innovation is all about building features that are very easy to use and easily understood by our end customers. It’s also important to innovate around value-added services that help customers do more with an app. The Muvin app empowers Indian teenagers to learn how to spend and save money, thereby making real-world decisions, taking their first step towards understanding how to manage money responsibly.

We’ve curated a comprehensive library of original content to demystify concepts related to personal finance. muvin rewards users during their learning journey, thereby gamifying their learning experience and teaching teens money management skills

  1. What role does technology play in risk management in the age of digital identity?

With a digital identity, there is an increased risk of identity theft and impersonation. Technology should play a more proactive role and should be able to prevent any data theft by implementing best security practices and using AI to be able to protect itself from any data theft attempts. Customers should be given control to review activity around their digital identity and selectively grant permissions to third-party applications to access it.


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