Wells Fargo aims to insure all Wells Fargo customers with FDIC rules, 370 Rule, and standard $250,000 bank account coverage policy. This new application will implement daily data processing and reports. The application implements technologies like back-end services, using Big Data, Business Intelligence, and Tableau. Our Senior iOS Developer took on the responsibilities of the Team Lead for this project, with development teams and global services under his leadership.
With the Wells Fargo mobile application, handling resources and code debugging stand as the main issues for the project. The day to day challenges, like complying with FDIC rules, is a core focus of the development teams. Wells Fargo had many requirements for this project, and not much compliant data to work with, and the sources for needed data had its own challenges. Another challenge that our developer took up was the creation and implementation of a Core Engine for the processing of the application. This Core Engine will work with data to produce correct consumer profile information related to joint single accounts, large transactions, maintain a hierarchy of people, accounts, owners, beneficiaries, etc. The project work is done in Agile, which is a print-based language, so every two weeks, the development team had to produce output and communicate with developers in different office locations to meet deadlines. Throughout the project development, there were multiple releases in parallel, so managing these simultaneous releases was a challenge too.
The development team is designing the Core Engine for multiple cycles related to debit accounts, credit accounts, and beneficiaries. Our developer, along with his development team, collaborated with QA Engineers, BI Developers, and Managers to define solutions and work plans for this application.
Of the many benefits, a significant benefit of this application is its compliance with FDIC rules and regulations which every bank has to comply with, making this a compliance project. The published application also benefits Wells Fargo consumers. This application and Core Engine system ensures correct bank balances regardless of single or joint account status, and retirement plans and all respective bank accounts all get insured. The project had extremely strict requirements, provided lots of learning between all teams, and was 5-6 times faster pace compared to average. Our developer gained a lot of technology and managerial experience, having dedicated a year and a half to this project.