This is our story of transforming the data infrastructure of a leading investment advisory firm to increase operational agility, cost efficiency and reporting performance.
The wealth management sector has grown rapidly over the last few years, driven by a spate of mergers and acquisitions. However, this has also resulted in companies grappling with legacy technologies and operational challenges as they endeavor to harmonize disparate systems. At the same time, mounting regulatory pressures have underscored the need for firms to transform their digital capabilities.
Multiple legacy systems and data silos, which meant that the company lacked a single source of truth and found it difficult to obtain a unified view of the customer. Pain points included:
Processes were thus protracted and subject to human error, resulting in sub-optimal customer experience, increased costs to the firm and higher compliance risk.
The company wanted to modernize its legacy data warehouse and develop an integrated reporting platform for managing clients, portfolios, accounts and asset information, with self-service reporting for use across business units.
Leveraging Triange Center of Excellence, a key pillar of WNS Triange (our data, analytics, AI and research practice). We deployed a data lake solution on Azure cloud to modernize the legacy data warehouse of the client.
Key aspects of the solution included:
New data analytics solution built on Azure cloud to ingest and process datasets from disparate sources
Azure toolkit used for storage, computation and consumption processes
Legacy codebase (SQL server integration services) re-written using cloud technologies (data bricks)
Power BI reports used to build dashboards
Azure DevOps pipelines established to automate the deployment process
WNS partnered with the client to explore industry-wide best practices on data and cloud engineering and Azure stack implementation, employing a consultative and collaborative approach. This ensured joint ownership of project deliverables and helped identify needs beyond the immediate project scope for more holistic digital transformation.
More importantly, since the client managed personal financial data for High Net Worth Individuals (HNWIs), we developed a robust data governance strategy, which included measures to manage personal data and provide a 360-degree view of the customer.
users accessing an integrated and secure analytics platform
improvement in the availability of actionable analytics for decision-making
reduction in time to onboard new datasets
increase in data consumption
performance improvement with reference to data scalability
savings in cloud cost due to a virtual data warehouse design
reduction in data outliers and anomalies, owing to machine learning-driven quality process
WNS Triange (formerly WNS Research and Analytics practice) powers business growth and innovation for 120+ global companies with data, analytics and Artificial Intelligence (AI). Driven by a specialized team of over 4000 analysts, data scientists and domain experts, WNS Triange helps translate data into actionable insights for impactful decision-making. Built on the pillars of consulting (Triange Consult), future-ready platforms (Triange Nxt), and domain and technology (Triange CoE), WNS Triange seamlessly blends strategy, industry-specific nuances, AI and Machine Learning (ML) operations, and intelligent cloud platforms.
Driving a futuristic edge are WNS Triange’s modular cloud-based platforms and solutions leveraging advanced AI and ML to provide end-to-end integration and processing of data to actionable insights. WNS Triange leverages the combined strength of WNS’ domain expertise, co-creation labs, strategic partnerships and outcome-based engagement models.
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31 August 2023
Banking & Financial Services
09 August 2023