success story

Financial services firm reduces data processing time and increased daily loads by over 50%

Fast analytics and reporting with cloud-based data warehousing solution

The client, a US-based financial services company, faced challenges due to its on-premises data warehousing (DWH) system. It processed data from over 125 source systems, involving over 300 source files or processes and an average of 15-20 transformations per source file. However, meeting the growing demand for modernization was challenging for the legacy system. Hence, transitioning from an on-premises DWH to a cloud-based DWH was a business imperative for the client.

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The Challenge

Legacy DWH leads to operational challenges

The client’s existing legacy data warehouse system faced several critical issues that hindered its performance and functionality. The antiquated system struggled to keep pace with the evolving data processing demands and several operational challenges. The challenges of the legacy DWH system included:

  • Longer processing time, increased support effort, and cost due to multiple reconciliation points with limited data models
  • End customers experienced challenges in updating their portfolios on real-time market rates due to siloed batch processes
  • The individual data warehouses for risk, assets, and finance (BS and IS) lacked 360-degree view for end customers
  • Legacy technology limitations necessitated continual band-aid solutions to support new business demands
  • Lack of self-service for data ingestion and reporting resulted in heavy dependence on IT support
The Solution

Streamlining efficient data modernization and unified analytics

Virtusa’s accelerated transformation solution helped automate and reduce modernization efforts, a rinse-and-repeat model that can be standardized across other client LOBs. The strategy we implemented for the client includes:

  • A unified data model consisting of risk, assets, and finance to generate 360-degree
  • A metadata-driven modern data processing framework to automate data ingestion from source to different data layers
  • Data pipeline on the cloud with dynamic infrastructure provisioning to help faster data ingestion and process
  • Automated data validation and quality checks using great expectations and a robust run control instrumentation to track failures and exceptions
  • Re-run feature to enable multiple ETL cycles without compromising on data integrity
  • Self-managed Data Warehouse as a Service (DWaaS) for on-demand, scalable, and high-performance data querying and sharing
Financial services firm reduces data processing time and increased daily loads by over 50%
The Benefit

Virtusa’s innovative solution led to the consolidation of disparate databases into a single and simplified data warehouse, ensuring enhanced data integrity, consistency, and storage optimization. The benefits include:

  • Over 50% increase in daily loads with decreased data processing time
  • Quick win corporate data processing framework that can be standardized across businesses
  • 80% reduction in effort due to automated initial data ingestion processes 
  • Seamless and costless data sharing with business partners
  • Enabling advanced downstream data consumption and analytics with Power BI integration
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