Client
Banks that have merged or acquired new businesses.
Goal
Manage migration and integration complexity post M&A.
Tools and technologies
The Iris business acquisition playbook for banks.
BUSINESS CHALLENGE
Solution
- Consolidate multiple acquisition playbooks to create a single standardized framework for their lending business
- Define insourcing steps for business and technology teams and create a migration strategy with quantifiable recommendations and a reusable checklist for insourcing activities.
- Assess capability and readiness and help them choose from insourcing options:
- Achieve full migration of data and systems
- Achieve partial migration of systems and data migration and integration
- Manage data integration and connectivity for lending business.
Outcomes
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Get in touchDeliver personalization via report automation
Client
A leading asset management firm based in the U.S.
Goal
Help asset managers deliver personalized solutions to establish differentiation.
Tools and technologies
AquaData Studio, Java, Perl, Python, Spring, Hibernate, VRS, PostgreSQL, Composite and MS SQL.
BUSINESS CHALLENGE
- Its front, mid and back office functions needed a lot of manual effort
- Business rules were inconsistent and data duplication was rampant
- User experience on the platform needed significant improvement
- Clients were unable to get a holistic view of their accounts
- Data validation was consuming a lot of manhours
SOLUTION
- Our team streamlined and integrated the client’s front, middle and back office functions. We helped the client integrate their back-office solutions with their custodians, reducing complexity in information exchange, eliminating reconciliation and increasing operational efficiency by more than 75%.
- We automated the creation of more than 7,000 reports.
- Improved experience for retail and institutional clients by automating the generation of complex compliance and strategic reports.
- Developed a strategic reporting module that gave customers a holistic view of their accounts and holdings.
- Set up a business data validation team offshore.
- Enabled self-service option for bespoke reports.
OUTCOMES
- Automated the exhibits process with 75% increase in throughput
- Our report automation solution reduced manual effort by 70% and improved monthly artefact generation throughput by 40%
- Reduced manual effort for customization in client profile management by 60%
- Achieved $50,000 savings monthly in data validation for client profile management
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Get in touchA robust platform for investment advisors
Client
A leading brokerage and wealth management firm based in the U.S.
Goal
Create a best-in-class platform for registered investment advisors (RIAs).
Tools and technologies
Pivotal Cloud Foundry, Spring Boot, Spring Cloud Gateway, Angular 6, TIBCO AMX BW, SQL Server, Hybrid Automation Framework (Selenium, Appium, Perfecto) and AppDynamics
BUSINESS CHALLENGE
With growing competition from nimble fintechs, custodians are under pressure to provide RIAs a differentiated experience. Many of them are looking to use advanced technology solutions such as machine learning, artificial intelligence and data and analytics to help RIAs improve the end consumer experience.
Our client had multiple legacy platforms built over the years that was preventing it from providing their RIAs with a secure, integrated and cost-effective solution.
SOLUTION
Iris has been played an integral role in transforming the client’s technology landscape from a legacy system to a modern, open, API-based architecture. The solutions we have implemented include:
- An open access platform with API architecture as part of the client’s go-to-market strategy. We continue to work on integrating third party vendor applications and RIA back-office applications onto this platform.
- The platform is highly reliable and secure with protection of data at rest and in motion using encryption. We have enabled encryption of data in transit to protect over 100+ integrations outside the client environment. We have used SAML and OAuth for user authentication.
- An SSO solution provides multi-factor authentication (MFA) and a framework for privileged access management to secure customer information. The Iris team has also ensured mobile security for iOS & Android devices and helped the client plug platform vulnerabilities.
- Developed responsive design as part of the UI transformation initiatives for core trading, advisory and educational solutions.
- Transformed monolithic application into micro services-based architecture.
- Provided flexible development capabilities with distributed Agile teams and extensive test automation reducing time to market and achieving significant cost savings.
- Digitized end-to-end client onboarding with features for bulk onboarding, advisor authorization and ability to submit statutory documentation online and offline.
- Created back-office solutions for money movement and cash and asset management that allowed RIAs to get a holistic view of clients and serve them on the go.
- Customizable workflow to serve needs of individual advisor firms.
OUTCOMES
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Get in touchGain speed to market with DevOps solutions
Client
The client is a leading wealth management firm in the U.S.
Goal
DevOps strategy to shorten production timelines and speed time-to-market.
Tools and technologies
JIRA, Jenkins, GitHub, AWS, ECR, Docker, EKS and Helm.
BUSINESS CHALLENGE
The client used multiple legacy applications with a highly complex codebase to run its operations. As a result, it had long production lifecycles and spent several person-hours in integration and deployment.
On the technology front, the client faced challenges in the way server-side applications were defined, stored and managed. Its IT team also had to manage the deployment of multiple Kubernetes manifest files.
SOLUTION
Iris recommended that the client move to a microservices ecosystem. Here’s how we deployed the solution:
- We defined an enterprise-level DevOps strategy using Helm
- Identified the scope of apps that needed to be on-boarded across the enterprise
- Implemented a DevOps pipeline for microservices on the Kubernetes cluster
- Deployed the infrastructure, dependencies and applications with Kubernetes using Helm
- Delivered continuous improvement through Helm release updates and rollbacks
OUTCOMES
The DevOps pipeline significantly improved time-to-market for new releases.
- 20x faster release cycle
- 40% improvement in quality with end-to-end traceability
- 15x improvement in the mean time to deployment (MTTD)
We also put in place robust security control and validation processes; and provided for auditable release requests.
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Get in touchAnti-money laundering: managing regulatory risks
Client
A leading global bank with operations in over 100 countries
Goal
Address data quality and cost challenges of legacy AML application infrastructure
Tools and technologies
Hadoop, Hive, Talend, Kafka, Spark, ETL
BUSINESS CHALLENGE
The client’s legacy AML application infrastructure was leading to data acquisition, quality assurance, data processing, AML rules management and reporting challenges. High data volume and rules-based algorithms were generating high numbers of false positives. Multiple instances of legacy vendor platforms were also adding to cost and complexity.
SOLUTION
Iris developed and implemented multiple AML Trade Surveillance applications and Big Data capabilities. The team designed a centralized data hub with Cloudera Hadoop for AML business processes and migrated application data to the big data analytical platform in the client’s private cloud. Switching from a rule-based approach to algorithmic analytical models, we incorporated a data lake with logical layers and developed a metadata-driven data quality monitoring solution. We enabled the support for AML model development, execution and testing/validation, and integration with case management. Our data experts also deployed a custom metadata management tool and UI to manage data quality. Data visualization and dashboards were implemented for alerts, monitoring performance, and tracking money laundering activities.
OUTCOMES
The implemented solution delivered tangible outcomes, including:
- Centralized data hub capable of handling 100+ PB of data and ~5,000 users across 18 regional hubs for several countries
- Ingestion of 30+ million transactions per day from different sources
- Greater insights with scanning of 1.5+ Billion transactions every month
- False positives reduced by over 30%
- AML data storage cost reduced to <10 cents per GB per year
- Extended support to multiple countries and business lines across six global regions; legacy instances reduced from 30+ to <10
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