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IMPLEMENT A NEW DATAMART TO HANDLE BACK OFFICE FOR A SCALING ONLINE INSURANCE BROKER

Growing pains for a scaling FinTech business outgrowing its existing back-end finance systems platform, overwhelmed with data errors.

Challenges

  • An online Fintech business’s customer base was growing at double digits

  • Home-grown Australian business built from the ground up with finance system built in-house

  • Back office finance system wasn’t invested to scale with the business’s growth

  • Complex transactional use cases due to inconsistent treatment of insurers

  • Constant daily struggle with data integrity – short cuts were developed to patch errors

  • Introduction of monthly payment option made the number of errors balloon on daily basis

Solution

  • Spent a period of time diagnosing the main problem, gathering data and interviewing the key SMEs

  • Decided to re-build the finance system with key triggers built around key business processes and accounting definitions

  • Planned out a number of Sprints to build out a MVP Finance System

  • Mobilised a team of SQL developers, BA’s, QA and Product Owner

  • Broke out the project based on key business processes and lines of business

  • Delivery of a new database


Added Value

  • The number of errors previously experienced has disappeared through good data governance & well documented transactional triggers

  • The project was designed and led with a finance lens as opposed to a pure IT focused solution

  • The business matured its approach using agile methodology over time

  • The business learned about its financial exposures and inconsistencies

  • The business is now able to scale with confidence the data mart will handle all types of scenarios