A major New Zealand bank set out to implement an event-driven architecture solution to improve compliance, performance, and internal efficiencies, ultimately aiming to better serve their customers. With a purpose to help New Zealanders succeed, this bank's strategic priorities focused on fixing, simplifying, and performing – helping them become a simpler, stronger financial institution.
The Driving force
The bank recognized an exciting opportunity to revolutionise their data utilisation processes. In a dynamic and evolving business landscape, the need for efficient data consumption from diverse sources within the organisation presented a golden opportunity for growth and innovation. With data scattered across multiple systems, including the core infrastructure and other key platforms, there was a pressing need to establish a unified method for data consumption.
The prevailing business landscape necessitated a shift away from costly legacy systems that would no longer be supported in the future. The bank recognized the importance of adapting to emerging data types while minimizing the associated costs of change. To align with the organization's overall targets, it was crucial to identify a solution that would offer an optimal Total Cost of Ownership (TCO) while enhancing operational capabilities.
The bank aimed to achieve a cohesive data integration strategy that would facilitate seamless data flow and eliminate information bottlenecks. By implementing a unified system, they would address data accessibility, facilitate decision-making processes, and improve operational efficiency. Additionally, they aimed to align their enterprise architecture and engineering principles, ensuring the sustainability and scalability of the chosen solution.
The Approach
Although various solutions had been developed internally, they were not yet ready for production workloads. The bank recognized the need for external expertise to overcome the challenges they faced and create a robust, enterprise-grade solution built upon AWS. ClearPoint was approached to provide the required guidance and support in architecting a simplified and adaptable solution that would meet their current and future data integration needs.
As part of this, the bank sought ClearPoint's support in transitioning its data integration solutions from architectural design to practical implementation. They required practical guidance in adopting an Event-Driven Architecture (EDA) and effectively implementing it within its systems. The bank recognized the critical importance of having a knowledgeable and experienced team to guide them through the complexities of implementing such a system, and chose to partner with ClearPoint due to the team's extensive experience in Event-Driven Architecture.
Our proven track record in delivering successful projects, coupled with our ability to provide high-level engineering output and leadership, made us the ideal choice for the bank. They trusted our expertise to deliver a solution that would not only meet their immediate needs but also align with their long-term goals and vision."
- Angel Petrovski, Principal Engineer, ClearPoint
ClearPoint recognised the potential to provide a scalable and resilient framework for the bank's data integration challenges. By leveraging the team's extensive experience and combining it with the bank's in-depth domain knowledge, ClearPoint aimed to create a solution that would not only meet their immediate requirements but also lay a foundation for future enhancements and scalability. This approach ensured that the solution would be robust, flexible, and aligned with industry best practices.
With their significant experience in event-driven architecture, ClearPoint delivered high-quality engineering outputs and provided valuable technical leadership."
- Head of Engineering at the bank
ClearPoint engaged in close collaboration with the bank's Transactions team, thoroughly understanding their existing infrastructure, data sources, and desired outcomes. This allowed the design and implementation of a solution that seamlessly integrated data from various sources while adhering to the principles of event-driven systems. Taking this approach emphasised simplicity, scalability, and adaptability, ensuring that the implemented solution would be easily modifiable and enhanced over time.
The Outcome
In collaboration with the bank's team, ClearPoint designed a flexible solution with architecture that allows for the processing of additional data streams through the same data platform. This flexibility ensures that the solution can adapt to future data requirements and enables the client to scale their operations seamlessly. The implementation of the solution resulted in the following key metrics and advantages:
- Unified data view and enhanced transaction processing: The deployed stack successfully delivered data pipelines from various bank sources, including the core systems, enabling a unified view of transition and future payment data. This improvement in technology stack also facilitated the provision of customer functionality through bank Core APIs, ensuring seamless access to transaction data via both bank tools and open banking channels.
- High Performance and Scalability: The performance-driven solution implemented is capable of processing over 250 real-time transactions per second, providing the bank with the necessary speed and throughput to handle large volumes of data in real-time. This significant improvement in processing capabilities allowed for faster and more efficient transaction processing, contributing to enhanced customer experiences.
- Compliance and Auditability: Aligned with financial and bank standards, the implemented system provided robust auditability features. The auditable nature of the solution ensured compliance with regulatory requirements and provided a secure and reliable data platform for the client's operations.
- Improved internal efficiencies and quicker business outcomes: The platform created can now be leveraged by various bank entities and solutions, resulting in improved internal efficiencies and faster delivery of business and customer needs. By providing a unified data platform, the client could streamline their operations, eliminate data silos, and make data-driven decisions more efficiently.
- Alignment with data mesh and banking group strategies: The solution incorporated the principles of data mesh, enabling the efficient flow of data in and out of the platform. This alignment with the broader banking group's strategies and initiatives ensures consistency, interoperability, and future scalability.
Through close collaboration, the bank has aligned their enterprise architecture and engineering principles, ensuring the implemented solution was not just a fix for the present but a foundation for future sustainability and scalability. This endeavor was not just about addressing challenges but embracing an opportunity for transformative growth.
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