A Leading Financial Services Company Achieves Significant Operational Cost Savings Through Data Migration and Modernization

THE CLIENT

A top-tier financial services company based in the US with an impressive array of investment products and services, banking solutions, expert financial/retirement planning services.

THE CHALLENGE / REQUIREMENT

The client faced a significant challenge in modernizing their on-premise data and analytics ecosystem, which included legacy data warehouse and data lake systems. Following an acquisition, they needed to streamline their operations and create a scalable, cost-effective data ecosystem that could handle their multi-petabytes of data, both old and new.

THE SOLUTION

Mphasis conducted a comprehensive analysis of the existing data environment and,

Eliminated data redundancies and corresponding workloads, by removing the need for data exchange between the data warehouse and data lake systems.
Established a clear data lineage from data ingestion to consumption, to ensure data accuracy and completeness. We also implemented dashboards to improve program execution efficiency, providing the client with real-time insights and actionable data.
Ensured an efficient program rollout by defining the overall program execution framework, including data migration/modernization execution.

We leveraged our “Xenon” migration offering, along with proprietary tools, partner tools, and automation capabilities during this modernization, right from the evaluation and analysis stage to the execution stage, including data validation and certification, conversion of schema, SQL, and parallel run.

Data migration and data certification process consisted of automated steps facilitated by the Mphasis Data Migration Utility (DMU) and data validation tool (MD-Cert).

We helped the client migrate their data warehousing, analytics, and business intelligence capabilities from their on-premise architecture to a cloud-hosted architecture on Google Cloud Platform (GCP). The modernization effort included using GCP's powerful BigQuery and Dataproc platforms to revamp their existing data warehouse and data lakes.

The successful implementation of the program, from planning to execution, enabled us to establish a strong collaboration with the client’s SDEA (Strategy, Data Engineering, and Architecture) team to co-innovate on newer technology initiatives.

With this modernization, the client was able to streamline operations, increase scalability, and reduce costs, all while harnessing the power of the Google Cloud Platform.

BUSINESS BENEFITS

Enabled multi-million dollars of operational cost savings while achieving data migration accuracy and saving on the modernization program cost.

By standardizing and simplifying the technology stack for the data platforms, we have eliminated complexity and reduced costs, making it easier for the client to focus on their core business.

The scalable reference data platform with modern analytics capabilities helped the client to quickly and easily access data needed to make informed decisions that drive business success.

Eliminated operational risk related to technology vendor instability, such as with MapR.

Our innovative solutions ensured that the client's data and analytics platform remains stable, secure, and reliable, even in the face of technological changes.