There are so many competing priorities that we often see calculators go broken for weeks before they’re fixed. “Once live, the calculator will need to be maintained over time to ensure it continues to function as technology and user experience trends change.īuild: Change requests are expensive and billable hours add up quickly. Kassandra Martin, Direct Federal Credit Union Maintenance I did a lot of research on different calculator companies, but ultimately chose Chimney because I really wanted to invest in something that would help us stand out as a brand in the credit union landscape” On top of this, legal and compliance mean well, but they create serious roadblocks to getting things up and running.īuy: Buying calculators will shrink your time to value dramatically – the typical time to launch a custom calculator with Chimney is 24-48 hours after we’ve cleared any necessary vendor onboarding/infosec requirements of course (At Chimney, we are always deemed a low-risk vendor (because we don’t handle any PII or sensitive information).īefore Chimney, I would get emails from customer care and member services saying our calculators weren’t working. Formulas are complicated and going from QA testing -> to staging -> to publishing can be a complicated process. You have to define the scope, build a project plan, work with a UX/UI designer, a developer, your website team, compliance, legal, and your boss, getting approvals at every step. “There’s a reason why agencies often recommend third parties when they offer a product that can speed time to market and meet consumer expectations”īuild: The typical time to design and launch a custom calculator from scratch is 12-16 weeks (that is in addition to the time it takes for you to build the business case and win budget). If you’re working with a proper technology partner, they’ll help you understand the process, compare your options, and customize a solution exactly to fit your needs. So why would you attempt to build a complex interactive tool for your website with all these unknown requirements?īuy: If you want to buy calculators from a vendor, the project workstream takes one person on your team spending a few hours doing online research and taking demos. Your business is likely already outsourcing lots of things to outside experts and vendors, from legal services to accounting software to office cleaning. SEO optimized back-end crawlable and indexable by Google.API integration with ever-changing interest rates.Interactive charts and graphs that react in real-time.Complex formulas with underlying equations and variables.Simply put, there are just so many things that can go wrong when building financial calculators: In order to build calculators, you have to consider the many potential speed bumps along the way. ![]() Michelle Brown, VP Marketing, ZAG InteractiveĪ full-service digital agency that specializes in helping banks, credit unions and other companies.īuild: Even though calculators offer simplicity on the surface, they are much more complicated than they seem. “Several teams need to collaborate on what the calculator should look and function like” By focusing on one products, we’re able to offset the expensive engineering, design, and maintenance costs and pass those savings onto customers. ![]() But technology vendors like Chimney are able to gain efficiencies across a wide customer base. You need to factor in not only the overall project & development cost, but also your cost as a full-time employee spending countless hours to get this project done.īuy: The truth is…building complex technology is expensive for whoever builds it. ![]() You as the project owner not only spend countless hours organizing the project, but then you need to pay for the design, development, QA, integration, and testing. Engineering a highly technical product requires dozens (potentially hundreds) of hours of development, tinkering with complex financial formulas, a deep knowledge and skill set in UX design, and a lot of patience. James Robert Lay, Founder and CEO of Digital Growth InstituteĪ market leader providing digital marketing and sales strategies for financial brandsīuild: Building calculators is expensive because it requires so many moving parts. “Why try to reinvent the wheel when there’s already a capability in the marketplace to immediately begin creating value?” Now the 6-figure question, should you build them in-house or purchase them from a technology partner? Congratulations, you’ve decided you want financial calculators on your website to improve the customer experience and enhance the customer journey.
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