Client
A U.S.-based investment bank
Goal
Improve data collation and information quality for enhanced marketing and client reporting functions
Tools and technologies
Composite C1, Oracle DB, PostgreSQL, Vermilion Reporting Suite, Python, MS SQL Server, React.js
BUSINESS CHALLENGE
The client’s existing investment data structure lacked a single source of truth for investment and performance data. The account management and marketing teams were making significant manual efforts to track portfolio performance, identify opportunities and ensure accurate client reporting. The time-consuming and manual processes of generating marketing exhibits and client reports were highly error-prone.
SOLUTION
Iris implemented a comprehensive investment data infrastructure for a single source of truth and improved reporting capabilities for marketing content and client report generation. An automated Quality Assurance process was instituted to validate the information in critical marketing materials, such as fact sheets, snapshots, sales kits, and flyers, against the respective data source systems. Retail and institutional portals were developed to provide a consolidated view of portfolios, with the ability to drill down to underlying assets, AUM (Assets Under Management) trends, incentives, commissions, and active opportunities.
OUTCOMES
The new data infrastructure delivered a holistic, on-demand view of investment details, including performance characteristics, breakdowns, attributions, and holdings, to the client's marketing team and account managers with:
- ~95% reduction in performance data and exhibit information discrepancies
- ~60% improvement in operational efficiency in core marketing and client reporting functions
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Get in touchBrokerage platform transformation improves UX
Client
A leading U.S. brokerage firm with $1+ trillion in assets and serving 6,000+ RIAs
Goal
Resolve online platform accessibility, functionality and timeliness issues
Tools and technologies
Angular 9, Jenkins, Pivotal Cloud Foundry, Oracle, Kubernetes, Spring, Docker
BUSINESS CHALLENGE
Client’s existing brokerage platform supporting over 6,000 Registered Investment Advisors (RIAs) and containing information about assets valued at more than $1 trillion had accessibility issues. The high cost of owning and maintaining outdated technologies and time-to-market for new features were adding to the business challenges.
SOLUTION
Iris transitioned the client’s monolith applications to microservices to transform the RIA platform. An open-source, cloud technical stack was leveraged to develop a single-page, micro-UI-based application. BFF (Backend for Frontend) design was applied, and Angular 9 was used to achieve superior compatibility on mobile devices. Widgets were introduced to enable seamless transitions within third-party applications. Consolidated user views were created to track assets and their performance for a unified experience for the RIAs.
OUTCOMES
- Fully functional mobile views
- 100+ integrated third-party applications
- Instant and seamless access to client accounts
- Downtime for hot deployments of fixes brought to zero
- Technical debt decreased by 45%
- Release timelines shortened by 80%
- Issue resolution time reduced by 90%
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Get in touchCloud Data Lakehouse for Single Source of Truth
Client
A medical devices and fertility solutions company
Goal
Establish a cloud data warehouse for a single source of truth and timely month-end activities
Tools and technologies
Azure Data Factory, Azure Data Lake, Power BI, Synapse Analytics
BUSINESS CHALLENGE
The client had multiple instances of ERPs, sales systems, and warehouses built on obsolete technology and frameworks. The existing system siloed the data, resulting in inconsistent versions of the truth. The client's finance and sales teams were struggling to reconcile data offline and feed the same back into the ERPs, causing significant delays in month-end activities. As the record systems were also not synced and legacy reports were built on the interim warehouses, line managers and executive teams were not able to extract actionable and comprehensive insights. A solution to onboard and integrate new datasets on an ongoing basis was required to support the data merger and acquisition process.
SOLUTION
A transformation strategy to transform data and BI applications to MS Azure was finalized. The transformation was executed in phases and included discovery, report rationalization and foundational build of a global system of reporting.
The solution included the data ingestion process with Azure Data Factory, data storage and processing using Azure Data Lake and Synapse Analytics, reports and dashboards with Power BI. A utility to accelerate the onboarding of new data entities was conceptualized and delivered to onboard and integrate new datasets to support mergers and acquisitions.
OUTCOMES
Iris data practitioners helped the client overcome key challenges and advanced data warehousing capabilities by:
- Establishing a "single version of the truth" that enabled data-driven decisions and timely completion of month-end and other critical activities
- Delivering analytics to cash business processes, including subject areas of sales, inventory, shipping, finance, etc., on Power BI
- Facilitating the generation of actionable, insightful reports and dashboards, allowing "self-service" consumption for the business leadership
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Get in touchIT modernization lowers costs for capital markets
Client
A major financial institution
Goal
Re-engineer key compliance application for greater efficiency
Tools and technologies
Oracle 12c, 19c, Elastic, Java and Kafka
BUSINESS CHALLENGE
SOLUTION
OUTCOMES
The solution improved the user experience, turnarounds, data quality, deal compliance, and risk management processes while lowering the costs. Major impacts of the solution include:
- Reduced system issues by 93%, while 7% tackled subsequently
- Reduced enterprise-level license costs significantly
- Improved advanced search features
- Reduced costs of multiple searches per document by $200,000 per year
- Enabled views generation for info responses in less than 3 seconds
- Reduced system maintenance and development efforts by 20%
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Get in touchPlatform re-engineering for operational efficiency
Banking & Financial
Re-engineering data extraction platform for increased efficiency
A legacy data extraction platform was limiting business efficiency and transaction processing capabilities. Iris system modernization and platform re-engineering platform services advanced the operational efficiency manifold.
Client
One of the top 20 brokerage banks in North America
Goal
Modernize an existing, licensed data platform to meet the increasing volume of transactions and product offerings
Tools and technologies
Python, Core Java, Oracle, ETL Framework, Apache Zookeeper, Anaconda, Maven, Bamboo, Sonar, Bitbucket
BUSINESS CHALLENGE
SOLUTION
OUTCOMES
- Quicker, real-time configuration and execution of 500+ jobs for loading trade feed
- Zeroed downtime, even during the trade reference data changes
- 15% faster onboarding of the new feed or data source
- Nearly 20% faster throughput for various critical feeds with parallel processing feature
- Reduced anomalies and duplication with improved consistency
- 35-40% savings in annual third-party platform/ module license fees.
- Standardized and streamlined onboarding processes and turnaround time, scaling the operations efficiencies
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Get in touchTech stack automation expedites script development by 3x
Manufacturing
Tech stack automation expedites script development by 3x
Manual processes across the multi-technology stack were severely affecting the script development cycles in terms of time, effort and cost. Iris application agnostic Test Automation framework and DevOps integration helped the client reduce the script development time and cost significantly.
Client
A leading building supplies manufacturing company
Goal
To support 30+ applications stack for UI, E2E, APIs, performance, mobile automation along with DevOps pipeline integration
Tools and technologies
.NET Core, PeopleSoft, Salesforce, WMS, JavaScript, Angular, Foxpro, C#, Selenium, SpecFlow, RestSharp, Nunit, Mobile Center/Emulators, Allure, Jira, Azure Pipeline, GitHub
BUSINESS CHALLENGE
The client had technology stacks comprising of diverse technologies that were difficult to manage. Substantial manual effort and time were spent on integrating the checkpoints, elongating the development process. Validating end-to-end business flows across different applications was the prime challenge. Reporting processes were also scattered across the entire application stack, making it vulnerable.
SOLUTION
Iris developed a robust application agnostic Test Automation framework to support the client’s multiple-technology stacks. Following the Behavior-driven Development (BDD) approach to align the acceptance criteria with the stakeholders, we built business and application layers of the common utilities in the core framework. Our experts identified E2E business flows to validate the downstream impact of the change and automated the entire stack through the shift-left approach. Azure DevOps integration enabled a common dashboard for reporting. The client attained complete version control to track production health and enforce strong validations.
OUTCOMES
Iris Automation solution enabled the client to surpass several business goals. The key outcomes of the delivered solution included:
- ~65% Increase in automation coverage
- 100+ Pipelines for in-scope applications across multiple environments
- 3700+ Test Automation scripts execution per sprint cycle achieved across applications
- 3X Faster script development of behavior-driven test cases
- Multi-day manual test effort reduced to a few hours of automated regression
- 70% Reduction in effort
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Get in touchIT modernization boosts Insurance customer base
Insurance
IT modernization boosts Insurance customer base
Existing applications and business systems of a Fortune 500 Insurance Carrier were inadequate to meet customer expectations. Iris business systems transformation solution enabled the client to deliver a consistent customer experience, improving acquisition and retention significantly.
Client
A leading American Fortune 500 Insurance Services Provider, offering insurance, investment management and other financial products and services across the Americas and 40 other countries
Business Drivers
To advance business agility and customer experience through modernized business systems
Technologies and Frameworks
C#/.NET, JAVA, DevOps, Python, NodeJS, App Services, Managed Application Support
BUSINESS CHALLENGE
SOLUTION
OUTCOMES
- Infrastructure availability increased to 99%
- Optimized maintainability reduced the KYC process time by 75%
- Customer response time cut down by around 40%
- Promoter score incremented from 5 to 9 out of 10
- Customer retention improved by nearly 80%
- Customer acquisition increased by 65%
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Get in touchSFTR solution strengthened market leadership
Client
A leading provider of market data and trading services
Goal
Support complex regulatory reporting with automated solution
Tools and technologies
Java, Spring Boot, Apache Camel, CXF, Drools BRE, Oracle, JBoss Fuse, Elasticsearch, Git, Bitbucket, Sonar, Maven
BUSINESS CHALLENGE
SOLUTION
OUTCOMES
- Generating additional revenue from extending the new reporting services to 17 firms.
- Beating the industry benchmark (~91%), achieving a higher transaction acceptance rate (~97%), and match reconciliation at the trade repository.
- Supporting a high throughput of 6 million transactions per hour which is scalable up to 10 million.
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Get in touchCloud transformation increases business agility
Standards & Membership
Global Standards organization increases business agility
Existing applications supporting the business were built on monolith architecture with high technical debt. Iris transformed over 15 years old monolith applications into microservices with automated integration and cloud deployment to deliver faster MVPs.
Client
A non-profit global organization responsible for developing and maintaining standards, including barcodes with over 115 local member organizations and over 2 million user companies
Business Drivers
To deliver MVPs in shorter cycles, reduce Mean Time for Ticket Resolution (MTTR), and lower the total cost of ownership
Tools and technologies
C#/.NET Core, Python/DJango, NodeJS/Express, Azure WAF, Azure APIM, App Services, Azure Kubernetes Service, Azure Monitor, Application Insights
BUSINESS CHALLENGE
SOLUTION
Azure cloud offered some of the foundational features like container orchestration, app engine, integration, API gateway, monitoring and others, making cloud-specific modernization a natural choice.
Modernization strategy involved reverse engineering of on-premise applications, domain-specific grouping the product backlogs by, adopting domain-driven design, and using open source cloud-friendly software with CI/CD pipeline. We transformed the applications to a .NET core framework using cloud-native design principles on Azure cloud. The solution was developed using Azure App Services, front door and service bus following the agile development approach with two-week sprints.
OUTCOMES
Iris helped the client realize multiple business benefits, including higher agility, resiliency and cost-efficient IT operations. Key outcomes of this cloud modernization engagement are:
- Reduction in Mean Time for Ticket Resolution (MTTR) by 30%
- Increase in application and infrastructure uptime to 99.9%
- Real-time visibility of application and infra metrics
- Enabled bi-weekly MVP delivery
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Get in touchAnti-money laundering software saves $1M
Client
A top 5 global bank
Goal
Create a unified platform for anti-money laundering functions, analytics, and compliance implementations
Tools and technologies
Angular 5, Java, Open Shift, and DevOps
BUSINESS CHALLENGE
The client expanded its fraud and anti-money laundering (AML) monitoring functions, involving multiple lines of business and 15,000 employees. The scaled system led to the lack of standardization of frameworks and resultant adoption of disjointed, manual-intensive, and high-cost AML technology. The ongoing disconnect hindered the efforts of automating, consolidating; and implementing AML functions, enterprise analytics, and regulatory compliance efficiently throughout the organization.
SOLUTION
Iris optimized existing operations and technology investments by developing and implementing a unified point of access for the discrete AML functions, featuring micro-front-end architecture. Engineered to be horizontally scalable through containerization with common authentication and authorization gateways, the single user interface (UI) allows onboarding and control of multiple extended AML functions, including visualization of metrics.
OUTCOMES
- Hassle-free transition from multiple to a single UI
- Unified, streamlined user experiences with more effective sessions
- Creation of standardized deployment procedures for AML rules and applications
- Saving of nearly $1M on infrastructure costs
- Reduced infrastructure maintenance time
- Frictionless migration of applications to the cloud
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