FinTech Revolution
How we helped a leading financial institution modernize their infrastructure and reduce operational costs by 35%.
Overview
Our client, a leading financial institution with over 50 years of history, was struggling with outdated legacy systems that were hindering their ability to compete with newer, more agile fintech startups. They needed a comprehensive digital transformation to modernize their infrastructure, improve customer experience, and reduce operational costs.
ASOTECH was brought in to lead this transformation, which involved migrating from legacy systems to a modern cloud-based architecture, implementing new security protocols, and developing a suite of digital banking services for their customers.
The project was completed over a 12-month period and resulted in a 35% reduction in operational costs, a 60% improvement in system performance, and a significant increase in customer satisfaction scores.
Project Details
Client
Global Financial Services
Industry
Financial Services
Duration
12 months
Services
Cloud Migration, System Integration, Custom Software Development, Cybersecurity
Technologies
AWS, Kubernetes, React, Node.js, MongoDB, Terraform
Challenge
The client was operating on legacy systems that were over 20 years old, resulting in slow processing times, frequent outages, and high maintenance costs. They were losing market share to more agile competitors and struggling to meet evolving customer expectations for digital banking services.
- Outdated legacy systems
- High operational costs
- Poor customer experience
- Security vulnerabilities
- Inability to quickly launch new products
Solution
ASOTECH developed a comprehensive digital transformation strategy that included migrating core banking systems to the cloud, implementing a microservices architecture, and developing a suite of modern digital banking services.
- Cloud migration to AWS
- Microservices architecture implementation
- Development of new mobile and web applications
- Enhanced security protocols
- Automated CI/CD pipelines
- Staff training and knowledge transfer
Results
The digital transformation resulted in significant improvements across all key performance indicators, positioning the client for long-term success in the competitive financial services market.
- 35% reduction in operational costs
- 60% improvement in system performance
- 99.99% system uptime
- 40% increase in customer satisfaction
- 50% faster time-to-market for new products
- 28% increase in digital banking adoption
Implementation Process
Discovery & Planning
We began with a comprehensive assessment of the client's existing systems, identifying pain points, security vulnerabilities, and opportunities for improvement. This phase included stakeholder interviews, system audits, and the development of a detailed transformation roadmap.
Cloud Migration
We migrated the client's core banking systems to AWS, implementing a secure, scalable infrastructure using Kubernetes for container orchestration. This phase included data migration, testing, and the implementation of disaster recovery protocols.
Application Development
Our team developed new mobile and web applications using React and Node.js, providing customers with a modern, intuitive banking experience. We implemented features such as real-time transaction monitoring, personalized financial insights, and secure authentication.
Training & Deployment
We provided comprehensive training to the client's IT staff and end-users, ensuring a smooth transition to the new systems. The deployment was executed in phases to minimize disruption to business operations, with continuous monitoring and support throughout the process.
"ASOTECH's expertise in digital transformation was instrumental in our success. They not only modernized our technology infrastructure but also helped us build a culture of innovation within our organization. The results have exceeded our expectations, and we now have the agility to compete effectively in today's rapidly evolving financial services market."
Sarah Johnson
CTO, Global Financial Services