Mid-Market Financial Services Organization Finds Success with Event-Driven Architecture
Financial services firm provides accurate and timely investment advice to their clients with the help of Cloudtech
About
This financial services organization provides financial planning, advice, and educational resources that investors need in a timely manner - including retirement planning, wealth preservation, brokerage services, and more. The organization services customers worldwide to help them realize their financial goals.
Business Challenge
The data ingestion process of a well-known financial services organization was not designed to scale to handle peak and projected future volume levels. Failures in that process could directly impact their ability to provide accurate and timely analysis, reporting, and investment advice.
Were that to happen, the ensuing reduction in assets under management and future opportunity loss would easily total tens of millions of dollars. Additionally, the data came from multiple sources in multiple formats and the whole system was governed by FINRA compliance regulations, including data encryption.
Technical Challenge
The organization needed an event-driven data processing solution that securely ingests, prepares, analyzes, and scales during peak and projected volume levels. This solution needed to handle data from multiple data sources in multiple formats, be cost-effective, and meet their FINRA compliance regulations. This solution would also allow the organization to have access to timely analysis and reporting with a comprehensive visualization of the data.
AWS Services Adopted for this Solution
- Amazon EventBridge, for data requests
- AWS Lambda, for file validation
- AWS Glue, for ETL
- Amazon Athena, for queries
- Amazon QuickSight, for data visualization
- Amazon CloudWatch and Amazon SNS for monitoring and alerts
Event-Driven Architecture Solution for Financial Services Firm
Cloudtech implemented an event-driven solution anchored by Amazon EventBridge, AWS Lambda, and AWS Glue. During non-working hours, Amazon EventBridge triggers Lambda to request new data and store it in Amazon S3. AWS Lambda also performs file validation before moving on to a AWS Glue Crawler and then AWS Glue Job for ETL to an AWS Glue Catalog, where the data is queried using Amazon Athena and visualized using Amazon QuickSight. Monitoring and alerting are handled throughout the process flow using Amazon CloudWatch and Amazon SNS. The result not only enhances scalability and accuracy, but also enables cost savings.
“Cloudtech's event-driven architecture solution is the backbone of our timely and accurate investment advice that our clients rely on.”
- VP of Engineering, Financial Services
Event-Driven Architecture Results
Cloudtech provided the organization with an event-driven data processing solution which was secure, scalable, and handled multiple data sources and data formats. In addition, the solution provided timely analysis, reporting and a comprehensive view which allowed the organization to provide accurate investment advice to their clients. In turn, this solution helped the organization avoid the potential future opportunity losses which could have cost them tens of millions of dollars.
Increase Your Data Security
Learn how you can realize the benefits of an event-driven architecture for your financial services data, to improve security, analysis, and customer experience. Contact Cloudtech today.