IT modernization lowers costs for capital markets

Capital Markets

IT modernization lowers costs for capital markets

Age-old applications built on legacy technologies were affecting the client’s investment banking functions. Iris modernized the existing application architecture and helped the client save tremendous costs and turnaround time.

Client

A major financial institution

Goal

Re-engineer key compliance application for greater efficiency

Tools and technologies

Oracle 12c, 19c, Elastic, Java and Kafka

BUSINESS CHALLENGE

The client’s existing database application architecture was resulting in poor performance that was adversely affecting 10,000 investment banking functions. The age-old application posture was disrupting the compliance process for the global M&A, IPO, and other financing deals. The client’s customers were encountering problems such as regulations access, inconsistent or unusable data/deal search results, lagging database updates, delayed response time. The need for a capable system to support duplicate searches, and increasing ad-hoc IT redress efforts and costs were other prime concerns.

SOLUTION

Our tech experts re-engineered the entire compliance application and set up a new software system. We upgraded selective elements to improve the infrastructure performance and usage feasibility. The modernized system with new technology architecture streamlined processes and enabled faster, more advanced interactions between the information databases, search queries, and retrieval mechanisms. Complex procedures and the process of viewing features were also simplified.

OUTCOMES

The solution improved the user experience, turnarounds, data quality, deal compliance, and risk management processes while lowering the costs. Major impacts of the solution include:
  • Reduced system issues by 93%, while 7% tackled subsequently
  • Reduced enterprise-level license costs significantly
  • Improved advanced search features
  • Reduced costs of multiple searches per document by $200,000 per year
  • Enabled views generation for info responses in less than 3 seconds
  • Reduced system maintenance and development efforts by 20%

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