A financial services provider in India sought to improve its asset management operations by upgrading the native system for, customer use and overall channel management. MSRCosmos delivered a powerful end-to-end solution to strengthen workflow and improve business outcomes. The solution is on track to streamline any work-frame in top-line financial systems to reduce the turnaround time of a task.
About the Client
The client ranks among the largest financial services providers in India.
Incorporating functional changes to drive digital transformation
An easily accessible and functional website is appreciated by all. But when it comes to designing a UX for multiple generations, it builds up a challenge. With smart tech making a foothold in every household, the need to align with the ever-changing user behavior has become the need for every business. And, accommodating all these evolving needs through one foolproof network is what our client persevered for.
Having understood the need of the times, the client wanted to create a similar minimal-search user interface (UI) supported by a power-packed backend engine when it came to their asset management operations. As part of the upgrade process, the team identified areas of improvement both in the front-end and the backend tech infrastructure. While they orchestrated a series of modern developments on their website in-house, improvising the backend infrastructure required the help of specialists. To resolve this, they sourced in MSRCosmos’s expertise, who has been a reliable partner to their collaborates in their solution based endeavors.
MSRCosmos LLC is a Diversity & WBENC certified software services company that works with the core mission to cater to enterprises and workforces of varied verticals with an enhanced range of IT service offerings. We offer insightful solutions to help organizations drive innovation and accelerate their company’s growth with a full spectrum of big data and advanced analytics, application development and lifecycle maintenance and enterprise resource planning and cloud services to keep them ahead of the competition and deliver real business value.
The Perfect Solution Partner
MSRCosmos was tasked to improve the ‘time to respond’ from the back-end systems. MSR had already partnered with the client’s parent company on several projects and, as a testimony to its strong delivery was awarded this assignment.
Detecting the challenge
Upon discussion, MSR and the client identified 3 core pillars that needed tech upgrade to maintain a strengthened infrastructure – front end (website), the logic engine, and the database. As part of the first phase of the digital upgrade, MSR took the plunge to improve the tenant system.
On close scrutiny, the MSRCosmos team detected that the old backend operating system failed to justify its capability as the APIs backing the processes lacked 1) service log and 2) code-wise execution details. This resulted in limited accessibility of the database with high network latency. Wherefore, the team lagged to resolve errors/issues that came their way. This set-up called for an up-gradation that could underpin the new age requirements with an effective engine, without actually hindering their database.
Overcoming the tide
Post intensive discussions with the client and explaining to them the essential mechanisms of a robust backend system, MSRCosmos proposed the immediate need to deploy Microsoft BizTalk Server to automate business processes. On receiving the nod from the client, MSR pulled in their proficient talents to successfully accomplish the task. The outcome: high transparency with a quick response rate. The turn-around time for response drastically lowered by 12 times.
Over 200 APIs across multiple business functions were worked upon based on business criticality.
A few APIs were:
- Withdrawing amount from given folio and scheme
- Getting scheme and bank details based on the Folio Number
- Validation of Foreign Account Tax Compliance Act
- Getting Payment Banks ID and Name
- Saving Cart details against a folio
- Saving Pre-Payment details for Purchase and SIP
- Saving Post Payment details for Purchase and SIP
- KYC and Aadhar validation
Old System Vs New System
(As depicted above) The complete architecture of the legacy system was redesigned to increase the transparency and response rate. We see how the improved system is compartmentalized to streamline information flow.
The business data flow channel as depicted in the new system is as follows:
|Receive Port||Determine Log Request||To determine whether or not an add LOB data record is associated with an update operation on the table, the original operation value is logged to the LOB.|
|Confirm Subscription Validation||To confirm and validate the subscription, and in-case of unauthorization, send a response to the endpoint owner.|
|Confirm Checksum Validation||Perform Checksum validation and in-case of mismatch alert with a response.|
|Receive Pipeline||Conversion of JSON to XML||Quickly convert the JSON request to XML request for BizTalk internal processing.|
|Orchestration||Initiate Business Processing||Initiate the whole business processing.|
|Business Rules||Business Validation||Validate the request message from existing data and perform correction where needed.|
|Send Pipeline||Conversion of XML to JSON||Convert the response back from XML to JSON format.|
|Send Port||Reduce Average Log Response Time||To reduce turnaround time and respond to messages by quickly logging to the LOB Log database.|
Things took great shape
The client has now successfully built a holistic platform for its critical asset management function, powered by a reliable backend engine. The new setup makes it easy for users to access data with faster results, thereby empowering every employee and business partner to achieve their purpose.
With BizTalk running the backend functions, it has now become easy for the client to manage the infrastructure which is modern and compliant to all security and infrastructure related controls. The icing on the cake was lower software development cost enabled by BizTalk Services that provides out-of-the-box, cloud to on-premises and line-of-business application integration. In short, it’s an overall improvement in the IT landscape, which accelerates the journey of digital transformation for the client’s asset management.
|Time to respond||High||Low|
|Services availability||As per SLAs||High|
|Documentation||Not descriptive & inconsistent||Detailed and help developers to upgrade the system in the future|