Real-time transactions bring everyday banking closer to customers
Overview
The client is one of the major banks, headquartered in Australia, providing banking, financial products and services to retail, small business, corporate and institutional clients, operating in more than 30 markets globally. The bank aimed to digitally transform its business by adopting emerging technologies, microservices and digital innovation to improve customer service and launch more convenient products.
We partnered with the client to modernize its payment service platform, replacing legacy systems with a microservices-based integrated system to meet growing customer demands.
The Challenge
The client faced challenges in leveraging real-time data integration, which necessitated modernizing their payment service platform to a microservices-based integrated system.
Scaling the bank's legacy mainframe-based payment platform into a cloud-native platform was also a visible challenge. They aimed to simplify and consolidate their digital infrastructure and processes to improve efficiency and effectiveness. Additionally they were looking to reduce overall operational costs and adopt a modern API and microservices-first architecture.
The Solution
We helped the client transform and upgrade its legacy architecture and dynamic real-time processing capabilities by implementing end-to-end technology modernization. The end goal was to make it faster for the bank to develop and deliver new features.
- Enabling real-time APIs and microservices across digital services
- Migrating to MongoDB for faster, cloud-native data access
- Implementing modern UI design standards for developer agility
- Launching a robust roadmap for ongoing cloud adoption and innovation
- Developing 17+ new customer-facing apps to improve digital interactions
The Impact
The engagement delivered significant improvements enhancing the client's market position and operational efficiency.
- Achieved 5X growth in digital transformation initiatives with 42+ apps utilizing the MongoDB datastore
- ~AUD $3 million unlocked by adopting a future-ready tech stack, reducing long-term operational and infrastructure costs
- 99.9% uptime achieved for core banking tier-one applications, minimizing disruptions and payment clearance failures
- 52% faster audit logging compared to the legacy relational data store, boosting compliance and traceability
- Delivered real-time analytics on live data without having to move data back and forth
- Empowered developers to build great apps and services for customers through microservices-first architecture
- Supported data on all devices and edge locations without manual data sync
- Scaled the payment system to manage payment transactions valued at more than AUD $2 billion
- Delivered real-time business intelligence and powered in-app visualizations for various banking use-cases using MongoDB Charts
Beyond the Numbers
This transformation propelled the bank into a new era of digital readiness and operational excellence. By moving from legacy systems to a more agile and optimized microservices architecture, the client gained significant efficiencies that directly translated into faster development and delivery of new features.
This foundational shift ensures sustained innovation and positions the client for agile responses to market dynamics, securing long-term growth and competitiveness in the global financial landscape.
Celebrating Success
Our collaboration laid the groundwork for the client to deliver extraordinary customer experiences and foster innovation through resilient and efficient digital payment services.
By simplifying complex infrastructure and accelerating digital capabilities, the client is now better equipped to respond to industry changes and customer demands. This success story highlights the profound impact of a strategic digital transformation in enabling financial institutions to deliver seamless, efficient and customer-centric services, significantly elevating the Total Experience for all users.
The insights from the Cloud Evolution report also found that 80% of organizations believe public cloud value is fully realized only when applications are modernized during migration and 76% reported employing platform engineering to accelerate cloud-native development. These findings highlight how strategic modernization drives both innovation and operational efficiency in financial services.
