LEADING FINANCIAL SERVICES COMPANY
Cloud-Native Microservices Drive Next-Generation Products
What if... we could modernize legacy technologies to speed product development and improve customer satisfaction?
Our client is a broker offering an electronic platform for the trade of financial assets. It also provides margin lending, and cash management services, and has more than 12 million client accounts and client assets of approximately $1.2 trillion.
Legacy Systems Couldn't Keep Up With the Demands of the Business
The financial services industry is notably reliant on technology, with unique demands for access, and new technology and regulations that require constant change for companies to keep up.
This was a problem for our client, which was using legacy technologies to run monolith applications that were extremely difficult to change and maintain, causing a long lead time to market.
We broke down the client’s applications into microservices that can be independently developed, deployed, and scaled on a cloud platform, and then built these microservices into custom products to serve the client’s customers.
A Next-Generation Transaction Platform With Microservices
Several applications had to be broken down in order to allow the client to move more nimbly and better compete with features and products that both met regulatory demands as well as the needs of its customers to quickly and easily conduct transactions.
To do this, we first created secure, resilient, extensible, and reusable microservices. We then used the microservices as building blocks for custom products for trading, balances and positions, transactions, research, asset movement, a message center and more. These replaced existing monolith applications and support the features and capabilities demanded by the business and customers.
The cloud-native microservices were deployed to VMware Tanzu Application Service, providing a PaaS platform that is robust, scalable, and promotes easy deployment of new features. The platform was built using tools including Java, Spring Boot, and React.
The result was an easy-to-use, intuitive, mobile-ready product running tens of millions of daily transactions, with tens of thousands of transactions being processed every second.
Our knowledge of cloud-native microservices technology and our ability to develop custom-built products for a demanding industry made us the perfect partner to help our client modernize its business.
Results
Cloud-Native Innovation Brings Efficiencies and Savings
By modernizing with microservices using VMware Tanzu Application Services and creating a new product from that base, the client increased its ROI on the platform and decreased the total cost of ownership of the infrastructure.
Development speeds increased 3x, with overall deployment efficiencies increasing 10x. As a result, the client can release new features within weeks instead of months, and deployments that were once quarterly became weekly events.
The new, custom-built platform allows the client’s customers to easily conduct mobile transactions, while the microservices allow the client to deploy new features rapidly, bringing constant improvements to the customer experience.
Our knowledge of cloud-native microservices technology and our ability to develop custom-built products for a demanding industry made us the perfect partner to help our client modernize its business.
