Client
Our client is a distinguished Fortune 500 financial services firm with a robust portfolio encompassing mortgages related to single-family, multi-family, and capital markets business units. Boasting a substantial revenue exceeding $15+ billion, the company operates with a dedicated workforce of nearly 8000+ employees.
$15+ billion in revenue
Challenge
The company’s on-premises monolithic application, developed on legacy technologies like Java and TIBCO BusinessWorks impeded our client’s time-to-market for introducing new features. It led to declining application performance, resiliency, capability, scalability, and security.
The existing setup lacked seamless integration capabilities for internal and Commercial Off-The-Shelf (COTS) products, resulting in challenges for establishing a single source of truth and enabling robust data business intelligence. Furthermore, data and application security needed improvement, and the absence of easy integration for external client data increased turnaround times.
The imperative to exit the data center for cost optimization and the overarching goal to enhance overall customer experience, both internally and externally, were critical objectives.
Furthermore, our client was looking to transform their processes:
Underwriting
Transforming their underwriting platform posed challenges with mitigating risks tied to manual processes, optimizing profitability, enabling efficient credit risk assessments, and ensuring customer-friendly eligibility checks for home loans. Our application modernization initiative demanded a strategic overhaul to enhance efficiency, reduce errors, and navigate complexities in a dynamic financial landscape. The specifics being:
- Enable a comprehensive platform to process 3x volumes of data in 50% reduced time compared to legacy system
- Enable an API based platform for servicers to interact with our client in exchanging loan details for faster underwriting approvals
- Provide automated Underwriting guidelines
- Comprehensive Risk Assessment and Eligibility determination
- Enhance credit risk assessment with use of Trended Credit Data
- Improve market competitiveness
Credit Capabilities
The credit process faced a pivotal challenge in establishing a credit risk transfer mechanism for Mortgage-Backed Securities (MBS). The primary goals were to diminish credit risk through guaranty fees, implement loss sharing on every loan, accelerate the launch of new business features, reduce lead times, and elevate market competitiveness within the dynamic financial landscape. The specifics being:
- To reduce risks and manual processes
- Improve Market efficiency through consistent and programmatic issuance of various credit risk sharing products
- Minimize impact on borrowers, renters and lenders by offering attractive investment option for investors
Solution
Amaze® for Assessment and Migration
We leveraged Amaze® to automate cloud modernization of the application from on-premises to cloud. Our client’s expectation was transformation of existing technology to a cloud ecosystem without changes in business logic, with added vigilance toward code quality and security standards.
Hexaware’s Amaze®, our end-to-end cloud transformation platform, helped us strategize and accelerate modernization and migration of Java applications to cloud-native microservices architecture. It oversees and automates code refactoring for macro services, containerization, data integration, re-platforming, DB migration, and more.
The Amaze® platform helped our client to sail through the transformation with:
- Automated Assessment: This includes assessing the existing on-premises application code base to identify technical and business impacts of re-platforming the application and data landscape to AWS.
- Code Refactor Automation/Acceleration: We automated the process of updating and improving the code to break down a large, single application into smaller, independent services that communicate through REST API endpoints.
We also packaged the application into containers suitable for AWS Fargate, and we organized the data to ensure it all comes from one reliable source, utilizing Lambda. Furthermore, we transferred both the database code and the data to Amazon Relational Database Service (RDS), using Aurora and Oracle, as well as to Amazon Redshift.
This was all part of modernizing the outdated technology to match our client’s plans for the future.
Amaze® re-factored & re-platformed 20+ applications and its supporting data landscape to AWS cloud-native services.
Amaze® helped migrate from monolith to microservices without changing its business logic or impacting our client’s day-to-day business in a minimal time of 8 weeks. The entire process included:
Application Modernization using AWS Cloud
With the combination of both Hexaware’s Amaze® platform and cloud expertise, our client achieved twice the time to value and 40% cost savings of re-platforming the application to AWS versus manually reconfiguring the application line by line.
The transformation helped our client to align the application technology stack to their target state architecture and saved them large licensing costs by migrating from IBM WebLogic Application server to Apache Tomcat on AWS.
Data Transformation using AWS Cloud
The data infrastructure from on-prem was transformed to AWS cloud native services with Lambda functions & Python code on EMR/EC2 instances orchestrated by AWS step functions to create data integration pipelines and hydrate processed data on AWS Data Lake, AWS RDS instances, and Amazon Redshift clusters for transaction processing & Data Analytics.
TIBCO BW Processes re-platform to AWS Cloud
The legacy TIBCO BusinessWorks processes were running on-prem for data integration, data sourcing, vending, and application integration purposes. Based on JMS queue, REST/SOAP APIs were re-platformed to Java Spring Boot microservices and deployed on ECS Fargate clusters. This helped our client save on licensing costs and future enhancement development/deployment costs.
Amaze® helped transform the complex monolithic application into microservices in just 8 weeks.
Benefits
New Capabilities with Cloud Applications
Our client is now able to process loan acquisition requests from lenders 40% faster and provide rapid response on bulk data by exposing API interfaces for seamless integration with third party providers, lenders, and servicers.
A Single Centralized View on All Data
Holistic democratization of data with a single source of truth for enterprise and external consumers including processing large data volumes through events like system triggers or user actions.
TCO Reduction with AWS Cloud
Attained a 30% reduction in Total Cost of Ownership, with cost-efficiency and effectiveness.
Our client saved on TIBCO BusinessWorks application servers, de-centralized application deployment/execution with elastic infrastructure scaling up or down based on peak volume and usage. This resulted in savings related to infrastructure maintenance and future enhancement development/deployment.
The Amaze® Difference
- Rapid Cloud Transformation: Achieved successful cloud transition within an impressive 8-week timeframe.
- Reduced Migration Effort: Achieved tasks twice as fast as manual efforts, significantly enhancing efficiency and reducing project timelines.
- Low Development Costs: Realized substantial savings, cutting development costs by an impressive 40%.
- Faster Code Deployment: Enhanced agility and saved 40% costs in code deployment and ongoing maintenance efforts.
Summary
In the fast-paced world of financial services, where agility, security, and cost efficiency are paramount, Hexaware spearheaded a transformative journey. By orchestrating the seamless re-platforming of applications and databases onto AWS, we not only delivered substantial savings of $5 million but also achieved this feat in an astonishing 50% less time than traditional manual efforts.
As we retire the dedicated data center infrastructure, the narrative evolves into a story of strategic evolution and future-readiness.
In the financial sector, where data is currency and technology is the backbone, Hexaware’s transformation has empowered our client to navigate the digital landscape with confidence, efficiency, and a future-ready technological architecture.
