Implementing Data Analysis for Operational Optimization and Increased Business Performance
Businesses today have access to more data than ever before, from customer transactions and interactions to operational metrics and financial …
Data management in the Fintech sector is a significant tool for helping deliver the latest updates in the financial world. Companies across the globe develop from scratch or utilize the already existing solutions to provide the best user experience when working with financial technologies. In the article, we are reviewing our experience with building a data mining solution for our clients as well as the way we transitioned them to more scalable Power BI services.
Our client is one of the leading English companies providing an extensive range of services to large banks to improve the decision-making process. The main goal is to assist them in monitoring the use of documentation, define their purpose and minimize the risk of failure.
Among the utmost important tasks, the Agiliway software development team had to
To perform the solution implementation, the client’s initial requirement was to build one from scratch rather than utilize the already existing services and incorporate them into their platform. This one was successfully accomplished, so the platform architecture comprises
After using the system for a while and analyzing the user experience, the new version of the solution was switched to Power BI, as it allows introducing changes to the information and entering new data without spending additional time on development and testing the charts’ behavior regarding the accuracy of the data visualization. With Power BI JS on the current version of the portal, all reports are rendered for Business Analysts utilizing the Power BI desktop application. The report is then accessed by the end-users.
Among many benefits of adding Power BI is that users can compose charts in their desktop application after connecting to all the necessary data sources. In addition, Business Analysts get access to insights on Risk Assessment based on the inserted data. These risks are thoroughly analyzed and generated into tables according to multiple filters, i.e. complexity, significance, contributing factors, etc. Furthermore, users can view each file separately, if they are more interested in a specific data dossier statistic.
After introducing Power BI to the platform, it was decided to transition to other Microsoft products including Microsoft Single Sign-On and Azure Active Directory. This decision allowed using the service principle, where an organization gets a single license for all the users instead of buying separate ones.
Incorporating the MS services into the given FinTech solution led to saving a significant amount of time and effort on support, therefore, spending less money and getting a more flexible product. The Agiliway development team introduced a builder that allows our clients to introduce any changes and manage the reports on their own.
In case the client doesn’t want to use the Power BI service, we also developed a simplified version of the solution. This way users can have a look at some of the potential the system has to offer. There is an overview mode, where one can see data in a chart and get to see what types of files were utilized to build the chart. If they want to see a more detailed report on data use, what errors the system shows, and so on, it is recommended to switch to Power BI.
Data accuracy and constant support are the key components of a successful FinTech solution. The incorporation of Microsoft services makes the support and data management process simpler. Moreover, the client does not need to spend additional time on development or support. The services the product connects to are easy to set and maintain. Adding Microsoft SSO along with Azure Active Directory ensures easy yet secure sign-in as well save reduces costs for purchasing multiple licenses for the users.
As of today, the solution is widely utilized and receives positive feedback from end-users. Business Analysts view it as a great tool while working with data. It helps determine what information delivers more value and calculate KPIs of the employees and departments based on the analysis of how well they use and interpret the available data.
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