success/riskpro-modernizing-the-fintech-platform-by-implementing-a-scalable-microservices-architecture

Riskpro: Modernizing the Fintech Platform by Implementing a Scalable Microservices Architecture

Riskpro:

Riskpro:

Modernizing the Fintech Platform by Implementing a Scalable Microservices Architecture

Industry: Banking, Financial Services & Insurance

Delivery Center: India

Riskpro: Modernizing the Fintech Platform by Implementing a Scalable Microservices Architecture-Industry Context

Industry Context

The investment management industry is a rapidly evolving one. FinTech and WealthTech players increasingly need access to real-time data to stay competitive amidst ongoing regulatory changes and innovative technologies. Players who -can leverage modern platforms and harness data intelligently are best suited to capitalize on this era of rapid change. 

RiskPro-Client Challenge

Client Challenge

Riskpro is a FinTech platform offering risk assessment, proposal generation, model trading, and portfolio monitoring tools for investment advisors at wealth management institutions, emphasizing effective risk management with leading-edge technology. The client relied on rigid legacy systems, constraining its innovation ability. The prototype lacked scalability, impacting its ability to keep pace with growing demands and data. Further, the company needed help with frequent outages, technical debt, and manual processes that affected its reliability. The legacy monolithic architecture led to lengthy release cycles. Outdated interfaces made it difficult for the company to integrate with external systems and leverage AI/ML for real-time insights. This led to limiting the client’s ability to deliver optimized experiences to the investment advisors. To empower its customers with cutting-edge capabilities to make informed decisions and mitigate risks, the client needed to modernize its platform. This required transitioning to a scalable, resilient architecture that could ingest real-time data. Refactoring its code base and revamping the product was also necessary for continuous refinement.

Approach

Recognizing the need for a scalable and resilient solution to modernize the Riskpro's platform, Encora strategically chose AWS for its robust capabilities. AWS’ versatility, security, scalability, and resiliency aligned perfectly with the client’s need for a next-generation platform. AWS also provided robust security capabilities and compliance certifications crucial for sensitive financial data. AWS facilitated the delivery of a highly reliable and fault-tolerant infrastructure, essential for critical risk assessment, proposal generation, and portfolio monitoring functions. 

Our delivery of a modernized and optimized platform was made possible through: 

  • Product Management - Adopted a microservice-oriented architecture to rebuild the client’s platform with the aim of improving modularity, deployments, security, logging, and fault tolerance. 
  • Product Development - Acquired an in-depth understanding of the client’s legacy platform to incorporate all legacy features. 
  • Data Pipeline Engineering - Developed and executed a legacy data migration strategy; Encora’s team also rebuilt the client’s nightly data ingest pipeline framework. 
  • UX Design - Modernized the platform’s user experience. 
  • Microservices Architecture & Domain-Driven Design (DDD) - Accelerated the client’s release cycle using a new microservice architecture. 

AWS Services

Amazon EC2

Amazon Lambda

Amazon VPC

Amazon ECS

Amazon Relational
Database Service (RDS)

Amazon SES

Amazon CloudWatch

Amazon SNS

Amazon SQS

AWS Fargate

Amazon API Gateway

Results

Utilizing AWS, Encora’s engineers renovated the client’s platforms, leveraging cutting-edge technology to meet the evolving customer needs. As a result, the company can focus on rapidly improving its risk management solutions rather than managing technical debt. With serverless computing, API, and auto-scaling, RiskPro: 

  • Transitioned to a secure, resilient, scalable cloud-based infrastructure, which improved platform performance and availability. 
  • Delivered an exceptional end-user experience with real-time, customized insights that enabled the advisors to make informed decisions swiftly and mitigate risks effectively. 
  • Improved scalability and fault tolerance with the microservices architecture. 
  • Reduced operational costs and overheads with AWS Lambda and other computing services. 
  • Facilitated rapid release and delivery of new features with developer tools and services. 
  • High throughput and low latency for real-time data insights and accelerated feature delivery. 
  • Lowered integration time, allowing for rapid iterations. 
  • Reduced in daily data ingest processing time by 50%.

Development​ Throughput​

Development​ Throughput​

System​ Integration​ Throughput

System​ Integration​ Throughput

With Encora, you benefit from our broad experience in developing cloud-first, data-first, and AI-first solutions, crafted to optimize your technology investment for today and the future.

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Santa Clara, CA

+1 (480) 991 3635

letstalk@encora.com

Innovation Acceleration

Get the most from AWS when you work with Encora

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Santa Clara, CA

Innovation Acceleration