Financial Services / Modern Data Platform

Asset Manager’s Data Management Project Sparks Digital Transformation

People Working at Computer

Company Overview

For money management firms, making the most of every dollar is critical to maintaining a good reputation with customers.

For one finance leader, this was especially true; from wealth management to life insurance, this firm was directing trillions of dollars in customer assets. To earn — and keep — their customers’ trust, this company needed help finding a solution to streamline the reporting process and cut costs.

The Challenge

Mainframe vendors charge a premium for their systems and operation. With the volume of data that they were processing daily, millions of dollars could be saved by migrating that processing load to other platforms.

To help eliminate wasteful reporting against the company’s mainframe, the company’s IT branch designed an internal solution. Their original design utilized expensive software created to perform sophisticated visual analysis.

Unfortunately, once deployed, the software did not meet the business users’ requirements, and users continued to use the mainframe reports instead. Hundreds of users were pulling datasets onto their personal machines and massaging it in Excel before forwarding it on to either a financial advisor or another department, creating inefficiencies.

Additionally, the initial solution’s challenging architecture meant it didn’t work as intended. The system resulted in misaligned architecture that was hindering company performance and driving unnecessary costs. They needed a solution that could accommodate hundreds or thousands of different datasets. A traditional solution would require constant maintenance by a programming team.

The Solution

As part of an initial engagement, the financial giant asked BlueGranite to design a new front end on top of their existing solution to help users access necessary data. 

Once the new front end was designed, it became clear a complete overhaul would better serve users. While the new front end worked as designed, it was limited by an unresponsive back end. Users would need thirty seconds or more to get small datasets. Larger datasets would take longer. While the back end could dole out huge datasets quickly, it was relatively slow at the small and medium datasets the users needed.

To that end, BlueGranite put together a new, complimentary back-end proof of concept for the company to test out.

The company’s original design used a distributed architecture — the wrong technology for the task it needed to perform. BlueGranite’s experience with various modern data architectures across different technology stacks allowed them to remove bias and provide the best technology for this particular use case. 

BlueGranite implemented a new relational database management system to ease data migration and integration and provide streamlined access to customer financial data and reporting. With the new back end, query time dropped dramatically, giving users a much more responsive experience. With a dynamic metadata driven architecture, it dramatically reduced the effort needed to incorporate these new and ever-changing datasets into their solution.

The Results

BlueGranite created a secure, affordable, and easy data access solution for this company, as well as an effortless pathway to transition to the cloud — a move that could reduce operational costs and increase scalability. 

Additionally, BlueGranite was able to implement a near real-time systems process that ingests, stores, and optimizes new reports, and creates additional metadata surrounding them, allowing fluid user interaction.

Wondering how we can help harness the potential of your data? Contact BlueGranite today. We’d love to help you explore the possibilities.

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