Recode’s Data Engineering Enables Client’s Open Banking Strategy
The Client
Our client is a global banker operating in the EU, and Australia and New Zealand.
To drive its expansion strategy in Australia, the client had decided to launch “Open Banking.” This is an initiative to enable the bank’s customers to manage all their banking needs and licensed partners to offer various financial products—all in “one marketplace.”
To drive its expansion strategy in Australia, the client had decided to launch “Open Banking.” This is an initiative to enable the bank’s customers to manage all their banking needs and licensed partners to offer various financial products—all in “one marketplace.”
Business Challenges
Recode’s Solution
Our comprehensive solution included designing a Lambda architecture that ably manages the massive data volumes expected. We implemented it completely using Microsoft’s full-service Azure cloud computing technology to provide a strong backbone for highly fault-tolerant and scalable data processing.
Here’s an overview of how Recode helped the bank activate its business strategy…
Data Ingestion & Transformation
- ADF (Azure Data Factory) is used to ingest data from multiple sources.
- Hybrid approach realized in the Lambda architecture implemented on Azure to access batch- and stream-processing methods as required.
- Real-time changes are pushed into the Azure Service Bus.
- Azure Function Apps consume, transform, and insert the data into an Azure Cosmos database (NoSQL).
- ADF processes batch data pipelines.
Data Lake
- All customer, account, and transaction files from different systems are stored in the raw layer in ADLS Gen2 (Azure Data Lake Storage).
- After data transformation and massaging, files are stored in parquet format in the clean layer in ADLS Gen2.
- All daily and historical data extracts are maintained in the data lake.
Data Warehouse
- Azure Synapse Analytics is used for storing accounts, transactions, facts, and dimension data.
- A reporting layer consumes daily accounts and transaction data for analysis.
- Type 2 SCD (Slowly Changing Dimensions) is implemented for dimensions, working with ADF Data Flow and loaded into Synapse Analytics.
CDC (Change Data Capture)
- Data is loaded incrementally from Azure SQL Managed Instance to Azure Storage using Change Data Capture (CDC).
- With ADF Lookup and Copy Activity, CDC is implemented to load data from Azure SQL Managed Instance daily.
Self-Service Analytics & Visualizations
- Our Azure Synapse Analytics workspace supports advanced analytics and reporting with Microsoft Power BI.
- Building and visualizing self-service reports is enabled with Power BI.
Our data engineering has catalyzed this client’s strategy to empower their customers with a single go-to platform, manage their enterprise Big Data requirements, and integrate various players for true Open Banking.
High Level Architecture implemented in Azure for secure and seamless data exchange
Business Outcomes
The Recode solution has helped our client to create a fintech partner ecosystem (leveraging APIs provided by banks and other financial players) and generate new digital business…
01
The Open Banking initiative supports a massive base of 10 million customers, managing their account and transaction data across Australia and New Zealand.
02
Financial institutions across the region leverage the financial data at one place to take quick credit decisions and grow their loans and mortgages portfolio.
03
The modernized enterprise data warehouse unwraps real time analytics that helps financial players to extend their services and offer customized products for potential new customers.
With our high-performance data engineering underpinning its Open Banking launch, this client is seeing improved customer engagement, product inquiries, and sales growth.
Services
Powering Industry 4.0 with Digital Transformation
Recode Solutions accelerates digital transformation with Industry 4.0 technology, optimizing operations, enhancing efficiency, and driving business growth.
GEN AI
Tapping into the boundless potential of advanced generative technologies to revolutionize innovation.
AI-Led Automation
Our automation implementation dramatically reduced contact centre errors to save $650,000 in costs for our retailer client.
Data & Analytics
End-to-End data architecture, ingestion and implementation empower customers with a single go-to platform underpinning their aggressive growth strategy.
Integration Services
Our cost-effective, 360-degree solution involves strategy, architecture, and hybrid implementation. Unlocks 15% additional customer acquisitions by enabling vendor seamlessness.
Digital Commerce Solutions
Recode is the client’s IT partner, driving its future state target of 70% YOY growth with secure, scalable, and screaming-fast modernization.
# 1 Software-First approach
Recode Solutions As Your IT Partner
