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.”
BUSINESS CHALLENGES
For implementing their Open Banking program, the client’s plan was to provide a secure data exchange and market platform. Customers would require to provide their consent to share their account-, transaction-, and other banking-related data to licensed third parties in Australia and New Zealand to access a full portfolio of financial products and services.
The bank sought a complete data engineering solution to implement this technology-driven strategy to increase customer stickiness and share-of-wallet growth. Their vision for this marketplace portal was to enable their customers to manage all their banking needs in one place, and easily switch or sign up for new products or banks.
Key to success would be an “open banking data architecture” characterized by the highest privacy and security safeguards, at the same time assuring availability and flexibility to all involved parties.
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) 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 the customer, account, and transaction files from the different systems are stored in a 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 used for storing account, transactions, facts and dimension data.
- A reporting layer consumes daily account and transaction data for analysis.
- Type2 SCD (Slowly Changing Dimensions) implemented for dimensions working with ADF Data Flow and loaded in 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 was implemented to load data from Azure Managed SQL Instance daily.
Data Warehouse
- Azure Synapse Analytics used for storing account, transactions, facts and dimension data.
- A reporting layer consumes daily account and transaction data for analysis.
- Type2 SCD (Slowly Changing Dimensions) implemented for dimensions working with ADF Data Flow and loaded in Synapse Analytics.
Self-Service Analytics & Visualizations
- Our Azure Synapse Analytics workspace supports advanced analytics and reporting with Microsoft’s Power BI.
- Building and visualizing self-service reports 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…
The Open Banking initiative supports a massive base of 10 million customers, managing their account and transaction data across Australia and New Zealand.
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.
Financial institutions across the region leverage the financial data at one place to take quick credit decisions and grow their loans and mortgages portfolio.With our high-performance data engineering underpinning its Open Banking launch, this client is seeing improved customer engagement, product inquiries, and sales growth.
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RECODE SOLUTIONS
India
2nd Floor, Magnum Block,
Phase 2, Chennai One IT SEZ,
Pallavaram – Thoraipakkam 200ft Road, Thoraipakkam, Chennai 600097
Ph: 044 6610 7300
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Houston, TX 77042
Email: info@recodesolutions.com
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RECODE SOLUTIONS PTY LIMITED
Level 14, 440 Collins Street,
Melbourne Vic. 3000
ABN 88 645 507 802
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