Next generation chatbot eases data access

BROKERAGE & WEALTH

Next generation chatbot eases data access

Gen AI tools help users of retail brokerage trading platform obtain information related to specific needs and complex queries.

Client
Large U.S.-based Brokerage and Wealth Management Firm
Goal
Enable a large number of users to readily access summarized information contained in voluminous documents.
Tools and Technologies
Google Dialogflow ES, Pinecone, Llamaindex, OpenAI API (GPT-3.5 Turbo)
Business Challenge

A large U.S.-based brokerage and wealth management client has a large number of users for its retail trading platform that offers sophisticated trading capabilities. Although extensive information was documented in hundreds of pages of product and process manuals, it was difficult for users to access and understand information related to their specific needs (e.g., How is margin calculated? or What are Rolling Strategies? or Explain Beta Weighting).

Solution

Our Gen AI solution encompassed:

  • Building a user-friendly interactive chatbot using Dialogflow in Google Cloud
  • Ringfencing a knowledge corpus comprising specific documents to be searched against and summarized (e.g., 200-page product manual, website FAQ content)
  • Using a vector database to store vectors from the corpus and extract relevant context for user queries
  • Interfacing the vector database with OpenAI API to analyze vector-matched contexts and generate summarized responses
Outcomes

The OpenAI GPT-3.5 turbo LLM (170 bn parameters) delivered impressive linguistic search and summarization capabilities in dealing with information requests. Prompt engineering and training are crucial to secure those outcomes.

In the case of a rich domain such as a trading platform, users may expect additional capabilities, such as:

  • API integration, to support requests requiring retrieval of account/user specific information, and
  • Augmentation of linguistic approaches with semantics to deliver enhanced capabilities.

Gen AI For Software Engineers

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The State of Central Bank Digital Currency

The State of Central Bank Digital Currency

Innovations in digital currencies could redefine the concept of money and transform payments and banking systems.




    The State of Central Bank Digital Currency

    Do you trust your data?

    Data driven organizations are ensuring that their Data assets are cataloged and a lineage is established to fully derive value out of their data assets.

    Central banking institutions have emerged as key players in the world of banking and money. They play a pivotal role in shaping economic and monetary policies, maintaining financial system stability, and overseeing currency issuance. A manifestation of the evolving interplay between central banks, money, and the forces that shape financial systems is the advent of Central Bank Digital Currency (CBDC). Many drivers have led central banks to explore CBDC: declining cash payments, the rise of digital payments and alternative currencies, and disruptive forces in the form of fin-tech innovations that continually reshape the payment landscape.

    Central banks are receptive towards recent technological advances and well-suited to the digital currency experiment, leveraging their inherent role of upholding the well-being of the monetary framework to innovate and facilitate a trustworthy and efficient monetary system.

    In 2023, 130 countries, representing 98% of global GDP, are known to be exploring a CBDC solution. Sixty-four of them are in an advanced phase of exploration (development, pilot, or launch), focused on lower costs for consumers and merchants, offline payments, robust security, and a higher level of privacy and transparency. Over 70% of the countries are evaluating digital ledger technology (DLT)-based solutions.  

    While still at a very nascent stage in terms of overall adoption for CBDC, the future of currency promises to be increasingly digital, supported by various innovations and maturation. CBDC has the potential to bring about a paradigm shift, particularly in the financial industry, redefining the way in which money, as we know it, exchanges hands.

    Read our perspective paper to learn more about CBDCs – the rationale for their existence, the factors driving their implementation, potential ramifications for the financial landscape, and challenges associated with their adoption.

    Download Perspective Paper




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      Meet us at InsureTech Connect Vegas 2023

      Meet us at InsureTech Connect Vegas 2023

      Meet us at InsureTech Connect Vegas 2023

      Meet our insurance expert, Venkat Laksh, at InsureTech Connect 2023 and learn how insurers use our InsurTech Solutions in automation, AI, data & analytics, and cloud, to secure the digital future of their businesses.

      With the theme, “The Future of Insurance is Here,” InsureTech Connect’s annual conference, ITC Vegas, noted as the world’s largest gathering of insurance innovation, will be at Mandalay Bay in Las Vegas, Nevada, from October 31 to November 2, 2023.

      The Conference features 14 educational tracks that will showcase insurance industry leaders, top use cases, and actionable insights relevant to the 9,000+ insurers, innovators and entrepreneurs from around the world who are expected to attend. Technology applications and advancements will be a major focus in each session.

      Meet up with Venkat Laksh, Iris Software’s global lead in insurance, at ITC Vegas 2023 or afterward to learn how insurers are applying our InsurTech Solutions in automation, AI, data science, enterprise analytics and cloud, to amplify their business competencies and secure their digital futures.

      You can also contact Venkat or learn more about the InsurTech services and solutions that help future-proof insurance enterprises here: Insurance Technology Services.

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      Connect at the NMSDC 2023 Conference & Exchange

      Connect at the NMSDC 2023 Conference & Exchange

      Connect at the NMSDC 2023 Conference & Exchange

      Meet Venkat Laksh, Global Lead - Insurance, at the National Minority Supplier Development Council 2023 Conference in Baltimore to learn how our advanced tech solutions and success as an MBE benefit our clients.

      As a long-time, certified Minority Business Enterprise (MBE) and strategic partner of the National Minority Supplier Development Council (NMSDC), we are pleased to again participate in its annual Conference & Exchange. This year, it’s at the Baltimore, Maryland Convention Center from October 23-25, 2023.

      Venkat Laksh, Global Lead - Insurance, will represent Iris. Connect with him there, or at any time, to learn how our advanced technology solutions and services benefit our clients’ digital transformation journeys as well as support their CSR and DEI commitments.

      Iris’ successful growth journey over the past 32 years and our experience delivering Automation, Cloud, Data & Analytics, and Integrations, leveraging emerging tools like artificial intelligence (AI), machine learning (ML), and natural language processing (NLP), to Fortune 500 and other companies in varied industries, including Financial Services and Insurance, sync perfectly with NMSDC’s mission and the Conference agenda. You can find those here: About (nmsdcconference.org).

      The NMSDC Conference & Exchange provides several days of networking and educational opportunities for C-suite executives, supplier diversity and procurement professionals, and MBEs. Take the opportunity to connect with Venkat Laksh at the 2023 Conference or afterward to discuss how Iris’ capabilities can help your enterprise realize the benefits of future-ready technology.

      You can also visit Industry-specific tech services to learn more and contact us.

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      Join us at the Women in Payments Symposium 2023

      Join us at the Women in Payments Symposium 2023

      Women in Payments Symposium October 2023

      Meet Pallavi Bhargava, Client Partner, at the Symposium in Toronto, Canada to learn about advanced technology solutions for the banking, financial services, and payments industries.

      Each year, the Global Association of Women Leaders in Payments hosts annual forums in several regions around the world for women payments professionals to connect, share ideas, learn the latest trends and challenges in fintech and the payments market, and to advance change. These annual events usually feature a theme as well as presentations and workshops with many of the industry’s top female leaders.

      Pallavi Bhargava, Client Partner, is attending the Women in Payments Symposium 2023 in Toronto, Canada at the Westin Harbour Castle Hotel on October 11 and 12. She will be available there and afterward to discuss how Iris Software’s capabilities help organizations in the payments industry realize the benefits of future-ready technology.

      The theme of this Symposium is Future Focus. One of the session introductions nicely expresses why: “Banks and businesses…have embarked on a modernization journey, trying to re-imagine their systems and get ready for the world of tomorrow. While each institution has paved their own path, all are seeking common goals; integration into new technologies, cost reduction, improved risk and security management, and operational efficiency and many are yet to start.”

      With the continual growth and evolvement of e-commerce, digital currencies, real-time payments, security, liquidity, and fintech, many banks and financial services and payment providers are applying emerging technologies in automation, cloud adoption, and advanced data & analytics to future-proof their businesses.  

      As an experienced provider of data engineering, enterprise analytics, automation, cloud, DevOps and integration solutions to banks and financial services companies that provide payment card processing and transactions, Iris is knowledgeable about the rapid advances in these areas and leveraging accelerators like AI/ML and NLP.

      Further, Iris is PCIDSS 4.0 certified to ensure robust cyber security and compliance for our clients. The Payment Card Industry Data Security Standard applies to all entities involved in payment card processing, as well as all other entities that store, process, or transmit cardholder data and/or sensitive authentication data.

      Visit Core Banking Solution: Banking Software Consulting Services to explore our innovative approach and strategies and to get in touch.

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      Release automation reduces testing time by 80%

      PROFESSIONAL SERVICES

      Release automation reduces testing time by 80%

      DevOps implementation and release automation improved testing time, product quality, and global reach for a leading multi-level marketing company.

      Client
      A leading multi-level marketing company
      Goal
      Shorten the release cycle and improve product quality
      Technology Tools
      Amazon CloudWatch, Elasticsearch, Bitbucket, Jenkins, Amazon ECR, Docker, and Kubernetes
      Business Challenge

      The client's Commercial-off-the-shelf (COTS) applications were built using substandard code branching methods, causing product quality issues. The absence of a release process and a manual integration and deployment process were elongating release cycles. Manual configuration and setup of these applications were also leading to extended downtime. Missing functional, smoke, and regression test cases were adding to the unstable development environment. The database migration process was manual, resulting in delays, data quality issues, and higher costs.

      Solution
      • Code branching and integration strategy for defects / hotfixes in major and minor releases​
      • Single-click application deployment, including environment creation, approval and deployment activities​
      • Global DevOps platform implementation with a launch pad for applications to onboard other countries​
      • Automated configuration and deployment of COTS applications and databases​
      • Automation suite with 90% coverage of smoke and regression test cases​
      • Static and dynamic analysis implementations to ensure code quality and address configuration issues​
      Outcomes

      Automation of release cycles delivered the following benefits to the client:

      • Release cycle shortened from once a month to once per week
      • MTTR reduced by 6 hrs
      • Downtime decreased to <4 hours from 8 hours
      • Product quality and defect leakage improved by 75%
      • Testing time reduced by 80%
      • Reach expanded to global geographies
      • Availability, scalability, and fault tolerance enhanced for microservices-based applications
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      NJ Top Workplace Award recipient three years in a row

      NJ Top Workplace Award recipient three years in a row

      NJ Top Workplace Award recipient three years in a row

      Our overall employee engagement score stands out at 39% above the IT industry benchmark for 2023.

      This year’s Top Workplaces NJ Survey, conducted from January 3 to 19, 2023, validated the Iris Software work culture on various factors, establishing us as a top employer in NJ once again. Iris also was honored as a Top Workplace in NJ in 2021 and 2022. 

      An employee engagement firm located in Exton, Pennsylvania, Energage, conducts surveys of NJ employees on behalf of NJ.com, which organizes the annual Top Workplace NJ awards. It assesses companies on different measures to identify the top workplaces. Iris Software and all other firms in the survey were evaluated on four culture drivers— PerformAlignConnect, and Coach.

      Iris again scored a remarkable 93% employee participation rate in this year’s survey. On overall Employee Engagement, Iris’ score came in at 78%, surpassing by 39% this year’s IT industry benchmark score of 56% and registering an increase from last year’s score.

      Two other notable metrics where employees rated Iris over 90%, nearly 10% higher than other companies in the survey, and increased its scores from last year, included:

      • Iris Software motivates me to give my very best at work.
      • I would highly recommend working at Iris Software to others.

      Along with the increases in our overall score and the above compared to last year, components related to pay, work-life balance, and training also witnessed a significant jump in scores. 

      Stanley Mohan, Vice President of Human Resources for North America, stated, “We are very proud that 2023 is the third year in a row Iris Software is named a NJ Top Workplace. A big thank you goes to our employees for their contributions and efforts – they make a difference every day - and for thrice recognizing our continuous efforts to put them first by providing a positive workplace culture and excellent workplace experience.”

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      Focusing on Reuters Future of Insurance USA 2023

      Focusing on Reuters Future of Insurance USA 2023

      Focusing on Reuters Future of Insurance USA 2023

      Meet our insurance expert, Venkat Laksh, at Reuters Future of Insurance USA 2023 and learn how insurers leverage our InsurTech Solutions, applying automation, AI, data & analytics, and cloud, to future-proof their businesses.

      Reuters hosts the Future of Insurance USA 2023 Conference on June 27 and 28, 2023 at the Marriott Marquis in Chicago, Illinois. With the tagline, “Redefine Insurance to Power Profitable Growth,” the forum boasts 80+ CEO and executive speakers, 450+ attendees from 100+ U.S. insurance companies, and 20+ carrier case studies.

      Participants represent all lines of insurance and every area of the business: strategy, innovation, operations, technology, product, customer, distribution, claims and risk. All are focused on optimizing people, processes and products and their future-readiness in the dynamic insurance ecosystem.

      Industry executives and thought leaders helped Reuters identify the four key prevailing themes expected among the presentations, panel discussions and networking meetings:

      1. Navigating change and achieving growth
      2. Delivering value with new technology
      3. Crafting flexible, relevant products
      4. Exceeding customer expectations

      Amid ongoing disruptions, the insurance sector continues to face challenges as well as growth opportunities. Insurers with steady focus on strategy, innovation and advanced technology capabilities or partnerships in big data, AI, application programming interfaces and digitalization across the value chain, are best positioned to streamline operations, diversify offerings and meet customer demands. The many industry and thought leaders assembling at the Reuters Future of Insurance USA 2023 Conference will share best practices and expound on these insights.

      Catch up with our insurance expert, Venkat Laksh, a client partner for strategic accounts, at the Reuters Future of Insurance USA 2023 Conference, or any time, to discuss how our InsurTech services and solutions can help future-proof your insurance enterprise. Visit Insurance Technology Services | Iris Software to learn more and connect.

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      DevOps solution improves scalability by 5x

      LIFE SCIENCES

      Automated app & infra deployment improves scalability

      Automated app and infra deployment with DevOps implementation help a leading medical company launch applications in new geographies, improve time-to-market, and reduce the total cost of ownership.

      Client
      North America-based fertility and genomics company
      Goal
      Expand business reach, reduce time-to-market, and support critical compliance
      Technology Tools
      .NET 5, Vue.js, AWS Secrets Manager, AWS Transfer Family, Amazon RDS, Amazon EKS, Amazon Route 53, Amazon CloudFront, Terraform, GitLab
      Business Challenge

      The client wanted to expand its reach to Canada, Europe, and APAC regions to meet the requirements for a 10x increase in their user base. Legacy application infrastructure and code built on the old tech stack, with high technical debt, were slowing down the rollout of new features, making the client less competitive. The infra-deployment process was only partially automated, stretching the time-to-market to three months. The total cost of ownership was relatively high. HIPPA and PII compliance were also not supported.

      Solution

      Iris modernized the application into microservices, built the infrastructure using Terraform and automated its provisioning and configuration.

      • Application developed using .NET 5 and Vue.js
      • Architecture transformed into cloud-native
      • AWS Managed Services, including Secrets Manager, AWS Transfer Family, RDS, EKS, Route 53, CloudFront, and S3, configured using Terraform
      • EKS Cluster and associated components provisioned via Terraform
      • App pushed to container registry using GitLab pipeline
      • Secrets (API keys, database connection strings, etc.) and app images moved to EKS Cluster using S3 Bucket Helm
      • Static code analysis, coverage and vulnerability scans integrated to ensure code quality and reduce configuration issues
      Outcomes
      Our DevOps solution enabled the client to achieve significant benefits, including:
      • Application launch in Canada and Europe; Asia Pacific release in the pipeline
      • HIPPA and PII compliance
      • 5x scalability improvement from weekly average usage
      • Time-to-market reduced from three months to 3 weeks
      • Total cost of ownership lowered by 50%
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      API migration benefits leading logistics company

      TRANSPORTATION AND LOGISTICS

      Phased API migration benefits leading logistics company

      Phased migration of Boomi APIs to Apigee helps a leading logistics company improve performance and scale without business disruption

      Client
      A leader in truck transportation and logistics services
      Goal
      Migrate Boomi-based logistics APIs to improve performance and scalability
      Technology Tools
      Apigee, Boomi, Swagger, JMeter, Postman, GCP
      Business Challenge

      The client's existing Boomi Atom platform with logistics APIs had lifecycle and monitoring issues, with frequent and elongated downtimes, causing customer experience challenges.

      The system did not support the logging of events, and API transactions were untraceable. Identifying the number of customers facing issues and incidents when APIs were not working was difficult. The absence of alerting mechanisms, scalability concerns, and the Boomi platform's high licensing costs were other critical challenges.

      An optimized API governance system was required to provide an abstraction for the backend services, security, and efficiencies around rate limiting, quotas, and analytics.

      Solution

      Iris strategized the smooth transition of 250+ Boomi APIs, starting with 20 in the pilot phase. The entire migration was planned to occur in four waves.

      First, the pseudocode of Boomi APIs was documented and reviewed. The team then developed proxies in Apigee X following a TDD (Test-driven Development) approach. A well-defined logging framework was provided to the client for capturing appropriate parameters for tracking API calls.

      Seamless migration of API keys from Boomi API Management (APIM) to Apigee X apps was performed. Network routing at F5 for the individual proxies was implemented to transfer the traffic from Boomi to Apigee post migration in each wave. Process metering, monitoring, and adherence/compliance hooks were inserted into the system.

      Outcomes

      Our API migration solution delivered the following outcomes:

      • Improved performance and scalability by 30%
      • Centralized logging and alerting for both APIM and backend systems resulting in 40% MTTR (Mean Time for Ticket Resolution)
      • Apigee analytics enablement for API traffic, request latency, response time, target errors, and transaction revenue analysis
      • Enablement of API discovery, monetization, registration, partner onboarding, and governance
      • Ability to integrate the system into the Apigee developer portal
      • Eliminated Boomi licensing cost
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