Risk Management Solutions Provider

Industry: Banking, Financial Services & Insurance

Risk Management Solutions Provider

Posted by Encora on Aug 14, 2023 4:44:51 PM

Encora’s approach drove significant improvements across the client’s eCommerce KPI dashboard.

Topics: AWS, DevSecOps, Banking, Financial Services & Insurance

Industry Context

With the rapid development of FinTech and WealthTech, the investment management industry has seen an increasing need for real-time data.

Technologies such as ML, AI, and Big Data are now playing a pivotal role when keeping companies, partners, and clients competitive while at the same time evolving the evaluation of investment opportunities, portfolio optimization, and risk mitigation.

It is imperative for organizations that provide risk assessment platforms and tools to streamline their data pipelines, optimize their digital products, and offer exceptional user experience to retain a competitive edge in such a fast-paced market.

Problem Statement

RiskPro, a FinTech platform designed for investment advisors in wealth management institutions, was struggling with scalability challenges, platform reliability, product development constraints, and ecosystem integration bottlenecks in their prototype platform. Furthermore, there was a pressing need to accelerate the product development release cadence. Given the critical role of risk assessment platforms in a fast-evolving investment management industry, the current limitations severely hampered the firm's competitive edge and efficiency.

Proposed Solution & Architecture

To address RiskPro's challenges, the existing platform underwent significant modernization, transitioning to a serverless architecture tailor-made for microservices. With the backbone of the microservices application rooted in ECS with Fargate, RDS Aurora Serverless, and API Gateway, this change promised enhanced scalability and efficiency. Furthering the goal of a seamless transformation, AWS services CloudFormation and CodePipeline were employed, ensuring comprehensive infrastructure orchestration and streamlined deployment processes.

Metrics for Success

Post-transformation results demonstrated the efficacy of the adopted architecture and tools:

Scalability & Efficiency: The platform experienced an exponential boost in scalability, adjusting to fluctuating demands without manual intervention.
Unified Infrastructure Management: Using CloudFormation alongside CodePipeline, the platform achieved streamlined infrastructure orchestration, ensuring deployments are faster, consistent, and more reliable.
Operational Excellence: The introduction of serverless components reduced the overhead associated with server maintenance, leading to reduced costs and more focused development efforts.
Enhanced Data Processing: There was a 50% reduction in daily data ingest processing time, allowing for quicker data availability and analysis.

Development Velocity: A notable 50% increase in development throughput was observed, speeding up feature releases and product updates.
Swift System Integration: System integration time was halved, resulting in a 50% decrease, facilitating quicker platform enhancements and third-party tool integrations.

Lessons Learned

Serverless Advantage: Transitioning to a serverless architecture offers significant benefits in terms of scalability and reduced overhead, but it also requires a shift in traditional application design and deployment paradigms.
Integration Overhaul: Incorporating services like ECS with Fargate and RDS Aurora Serverless necessitates a deeper understanding of the intricacies of each service to ensure seamless integration and optimal performance.

Infrastructure as Code: Utilizing CloudFormation and CodePipeline for infrastructure orchestration highlighted the importance of adopting Infrastructure as Code (IaC) practices for consistency, speed, and reduced human error in deployments.

Results

50% reduction in daily data ingest processing time
50% increase in development throughput
50% decrease in system integration time
Improved platform performance
Increased reliability and security
Significant improvements to end-user experience
Quicker feature releases and system integration

Risk Management Solutions Provider

Risk Management Solutions Provider

Industry Context

Problem Statement

Proposed Solution & Architecture

Metrics for Success

Lessons Learned

Results

Development Throughput

System Integration Throughput

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