A robust platform for investment advisors

Brokerage & Wealth

A robust platform for investment advisors

A prominent U.S. brokerage firm transformed its monolithic legacy apps for registered investment advisors (RIAs) into a microservices-based open platform and significantly improved user experience.

Client

A leading brokerage and wealth management firm based in the US.

Goal

Create a best-in-class platform for registered investment advisors (RIAs).

Tools and technologies

Pivotal Cloud Foundry, Spring Boot, Spring Cloud Gateway, Angular 6, TIBCO AMX BW, SQL Server, Hybrid Automation Framework (Selenium, Appium, Perfecto) and AppDynamics

BUSINESS CHALLENGE

With growing competition from nimble fintechs, custodians are under pressure to provide RIAs a differentiated experience. Many of them are looking to use advanced technology solutions such as machine learning, artificial intelligence and data and analytics to help RIAs improve the end consumer experience.

Our client had multiple legacy platforms built over the years that was preventing it from providing their RIAs with a secure, integrated and cost-effective solution.

SOLUTION

Iris has been played an integral role in transforming the client’s technology landscape from a legacy system to a modern, open, API-based architecture. The solutions we have implemented include:

  • An open access platform with API architecture as part of the client’s go-to-market strategy. We continue to work on integrating third party vendor applications and RIA back-office applications onto this platform.
  • The platform is highly reliable and secure with protection of data at rest and in motion using encryption. We have enabled encryption of data in transit to protect over 100+ integrations outside the client environment. We have used SAML and OAuth for user authentication.
  • An SSO solution provides multi-factor authentication (MFA) and a framework for privileged access management to secure customer information. The Iris team has also ensured mobile security for iOS & Android devices and helped the client plug platform vulnerabilities.
  • Developed responsive design as part of the UI transformation initiatives for core trading, advisory and educational solutions.
  • Transformed monolithic application into micro services-based architecture.
  • Provided flexible development capabilities with distributed Agile teams and extensive test automation reducing time to market and achieving significant cost savings.
  • Digitized end-to-end client onboarding with features for bulk onboarding, advisor authorization and ability to submit statutory documentation online and offline.
  • Created back-office solutions for money movement and cash and asset management that allowed RIAs to get a holistic view of clients and serve them on the go.
  • Customizable workflow to serve needs of individual advisor firms.

OUTCOMES

  • We enabled the client to securely integrate over hundreds of third-party apps and RIA back-office applications.
  • Our test automation and Agile solutions helped the client reduce time to market for new features by 40%.
  • Reduced the regression cycle duration by 60% with automated tests over six months.
  • Reduced the regression cycle duration by 60% with automated tests over six months.
  • Improved performance of business transactions by 30% to 40% on the web platform.
  • Addressed > 70% of security and vulnerability issues, leading to a better customer experience.

Related Stories

Digital ledger secures trading integrity

Automated, expandable digital ledger system resolves trade reconciliation and compliance issues and lowers costs for global bank

Learn more

Software transformation gets compliance for bank

Risk and compliance framework QA & testing helps global bank improve internal data analysis and acquire FDIC compliance.

Learn more

Platform re-engineering for operational efficiency

A leading brokerage bank improved operational efficiencies with data extraction platform modernization.

Learn more

Contact

Our experts can help you find the right solutions to meet your needs.

Get in touch
Copyright © 2022 Iris Software, Inc. All rights reserved