Hexaview Created a Data Lake by Integrating Multiple Data Sources using AWS services

About the Company

Our client is a U.S.-based financial Services firm. The company is a FinTech firm redefining the relationship between asset managers and their back office. Our client is dedicated to excelling in settlements, clearances, record maintenance, regulatory compliance, accounting, and IT services and administration.

Business Goals

Our client is on a mission to create a culture of service. The company aims to change the value proposition at the back office and to be the world's best-consolidated back-office solution provider for discretionary and advisory-managed accounts among many custodians, clearing agents, and brokers for any financial instrument and investment component.

Challenges

The client faced a myriad of challenges in managing and analyzing their data, sourced from various outlets with diverse formats and structures. The absence of a standardized structure in much of the acquired data posed significant difficulties in organizing and extracting meaningful insights.

The sheer volume of records added complexity, demanding efficient storage solutions to alleviate the daunting task of data management. Without a systematic approach, accessing and maintaining data consistently became challenging, potentially leading to operational inefficiencies. Consequently, the client encountered obstacles in conducting effective data analysis, impeding their ability to derive valuable insights and make informed decisions based on the wealth of information at their disposal.

Solutions

Hexaview successfully addressed the challenges faced by the client through a comprehensive set of solutions:

1. Robust Data Integration Strategy: Hexaview implemented a robust data integration strategy, enabling the harmonization of data from multiple sources. This streamlined the client's ability to aggregate and work with diverse data types effectively.

2. Data Structuring Techniques and Tools: Introducing advanced data structuring techniques and tools, Hexaview transformed unstructured data into organized formats. This not only facilitated easier organization but also enhanced the overall accessibility and usability of the data.

3. Centralized Scalable Storage Solutions: Hexaview established a centralized and scalable storage solution capable of accommodating the vast volume of records generated by the client. This ensured efficient storage while providing scalability to meet the client's future data storage needs.

4. Empowered Data Analytics Capabilities: Hexaview provided the client with advanced data analytics capabilities, empowering them to extract meaningful insights from their data. This enhanced analytical capability facilitated informed decision-making, allowing the client to derive valuable insights and make strategic choices based on their data. Through these tailored solutions, Hexaview not only addressed the existing challenges but also equipped the client with the tools and infrastructure needed for efficient data management and analysis.

Architecture

Impacts

• The client experienced a remarkable 53% reduction in the time required for data analysis, optimizing workflow efficiency, and enabling quicker and more informed decision-making.

• The solution contributed to a reduction in environmental costs by up to 42 percent, emphasizing a commitment to sustainability and responsible business practices.

• With automated processes and streamlined portfolio management, the client achieved notable operational efficiency gains of approx. 33%, allowing resources to be redirected toward strategic initiatives and innovation