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

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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