Tier-One Investment Bank Leapfrogs Competition with MarkLogic Database
Industries:
Financial ServicesProducts:
MarkLogicFull Story
Challenge
Clients of the global research and analysis unit of the bank expect to easily access up-tothe-minute content in whatever format they choose. To meet this demand, the bank sought a system that could scale with clients’ constantly changing requirements, especially the growing demand for mobile delivery and alerting.
Additionally, the bank’s legacy system (based on Oracle and FAST) did not provide analysts with the ability to search and access previous reports at a component level. Adding that capability, which would facilitate reuse of content, and thus improve efficiency as well as information quality, was a significant undertaking. The existing system also did not have the flexibility to quickly add new features. It could not meet the demands of a constantly changing, highly competitive market where being first-to-publish was critical to retaining and growing readership.
Solution
To build the new solution, the bank explored NoSQL and open source technology. While the initial price tag was attractive, the cost of open source implementation would require an unpredictable and considerable amount of services and consulting. Support was also seen as too big an unknown. Potential licensing obligations and the legal implications of intellectual property were also areas of concern.
The bank decided to build an equity research authoring and delivery solution based on the MarkLogic® database. MarkLogic was selected due to its unique combination of the flexibility and scalability of NoSQL as well as enterprise features such as security and disaster recovery.
Result
The new MarkLogic-based solution has increased revenue for the bank and its reputation as the go to research firm, while also savings hundreds of thousands of dollars in technology costs. MarkLogic enables the bank to offer clients up-to-date research on global developments ahead of the competition in their preferred delivery method.
Lower TCO
Rather than paying numerous team members to conduct costly ETL processes, the bank is saving money because the MarkLogic databases ingests data “as is.” The single platform reduced total cost of ownership (TCO) by at least 50 percent over its legacy technologies.
Agility and Faster Time-To-Market
Because the MarkLogic database can quickly ingest data, the team has achieved efficiency beyond its expectations. Development cycles shrunk to three to four weeks from six to 12 months. And more users are served with less infrastructure requirements. Due to this, the bank achieved first-to-publish status, which is critical in its competitive market.
Improved Data Quality and Service
Historical research can be searched at a component level, which enables analysts to more efficiently reuse research. Scalability is easily managed and the speed of adding mobile delivery and real-time alerting has enabled the research group to recapture its leadership status.