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success story

Australian bank re-imagines customer experience with real-time data platform

Modern data platform on Azure to comply with Open Banking standards

Our client, a well-established and reputed regional bank in Australia that takes pride in providing a human way to banking, wanted to prioritize digital transformation as central to their data management platforms. Serving over many customers across Australia, the client wanted to brace the momentum towards Consumer Data Rights (CDR), starting with achieving compliance on Open Banking APIs.

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The challenge

The client found it complex to manage extensive real-time data needs to meet CDR regulatory requirements on their current platform.

Their existing data platform did not support the Consumer Data Standard’s (CDS) needs in data completeness and latency. The critical product data required for the data platform supporting CDS exists in the core banking system, which could only be retrieved through REST API. The customer looked at an optimal solution that could help provision, manage, and consume high-quality real-time data within their organization.

The solution

Virtusa collaborated with the customer in building an affordable and agile modern data platform on Azure to help them access and manage their data efficiently and boost productivity with increased security. Virtusa helped by doing the following:     

  • Building a scalable data platform that served the data in near real-time to the CDS API
  • Building data ingestion pipelines to capture real-time changes from Core Banking System (Oracle DB) and Internet Banking (SQL Server DB) databases 
  • Leveraging StreamSets DataCollector CDC Solution, Azure functions, and Azure SQL services to provide a cost-effective solution
  • Simplifying the process to perform complex data transformations tasks with Azure SQL
Australian bank re-imagines customer experience with real-time data platform

The benefit

Virtusa’s well-architected modern data platform offered the customer a robust and secure framework to efficiently provide real-time data to the data recipients through CDS APIs. We provided a future-proof framework to ensure data security and manage industry protocols.

We helped the customer with:

  • Delivering value: On-time compliance with the CDR data protocols
  • Smarter data insights: Delivers data in near real-time to the CDS API
  • Operational simplicity: 30% cost savings with data modernization capabilities
  • Scalable platform: Extended services to provisioning and management of other data needs within organizations 

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