When Private Wealth Systems reached a phase of hypergrowth in 2019, they started to experience outages due to bottlenecks in their wealth management system. They needed a custom modernized digital platform with specific key features to improve their performance, scalability, security and cost optimization.
Enhancing Performance: In an industry as dynamic as Wealth Management, speed matters. And the firm relied on its current Software to enable its global customer base, including ten of the largest global private banks. They needed a platform that served 99.99 uptime and the ability to make real-time updates, which is essential for delivering financial data.
Cutting Costs: One of the major unavoidable aspects of running applications are the maintenance & licensing costs. For reducing these costs, we offered to implement proactive and responsive maintenance strategies. By rightsizing cloud resources, and continually optimizing the use of software licenses, our goal was to put the best cost optimization strategy in place.
Improving Security: As financial data transactions were a part of the daily routine for them, a highly secure system was to be implemented. A modern secure cloud solution to avoid even the smallest of chances of any cyber threats and/or attacks, that could result in massive outages.
SourceFuse understood that this implied a complete digital transformation of their business processes & architecture, and proposed a strategic re-architecture of the cloud infrastructure for enabling smooth business operations.
SourceFuse targeted an intelligent approach for migrating their infrastructure to AWS. We decided to sync all their data via CloudEndure during offline hours to deliver a modernized solution that encouraged faster time-to-market and enabled the client to increase productivity. For them to embrace continued and smooth business operations, we also implemented a zero-downtime policy enabling them to operate round the clock.
With the success of the cloud infrastructure and data modernization, 40% cost reduction was achieved by following the best cloud cost optimization practices. By right-sizing resources, we avoided overprovisioning and focused on scaling capacity to match the shifting demand as per their data requirements.
For improving security, we created an enhanced logging and security system via an encryption mechanism. AWS Shield enabled us to achieve the highest security standards. It granted control over how traffic reached the systems by enabling our DevOps team to create application-specific security rules. This helped put web security at multiple points in the development process chain.
The new application is powered by a flexible microservices architecture that makes real-time updates and the rollout of new features smoother than before. A new UI layer and modern visualizations were implemented on the front end that provide an organized and clean look, as well as an optimized user experience. The new application now has draggable, resizable, and configurable widgets making the platform highly responsive, configurable, and appealing.
Results and Benefits
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Cost reduction after migration to AWS and implementation of cloud cost optimization best practices
Security and Compliance:
By implementing AWS Shield and AWS GuardDuty