Our client, one of the largest retail banks in Australia, faced operational challenges related to compliance with banking regulations, establishing fraud management best practices, and enhancing their credit risk capabilities. These challenges were compounded by the absence of established processes and capabilities to capture real-time data from their SaaS banking platform.
Ingrity’s solution architects conducted a comprehensive assessment of the client’s current technology stack, focusing on Spark, and proposed a framework for streaming real-time data. The designed framework aimed to ingest real-time banking transactions into their big data platform. After receiving validation and approval from the client’s architectural team, the framework was successfully implemented.
The implementation of real-time data integration delivered several benefits to our client:
Furthermore, the implementation of real-time data ingestion positioned our client to become part of a wider consortium of open banking players. By gathering information from various financial services organizations, they could accurately assess a prospect’s creditworthiness and proactively contribute to combating financial crimes like money laundering and fraud.
Ingrity’s solution transformed the client’s data capabilities, enabling them to make data-driven decisions in real-time, achieve regulatory compliance, and enhance customer service. The client experienced significant improvements in their operational efficiency and readiness to participate in the evolving open banking landscape.