A global foreign exchange enterprise is on a mission to transform its data estate to streamline its operations, power innovative customer-first products and meet ambitious revenue growth targets.
The organisation has a global network of customers to support but was unable to respond to their evolving needs due to difficulties in legacy IT infrastructure. Its approach to data needed modernising to better understand customer behaviour, transactions and performance in real time. This would unlock new growth opportunities and upskill the workforce in how to better utilise data.
Working with Mesh-AI, the organisation will have a cloud data platform to:
In order to increase customer retention and deliver on ambitious growth targets in a market disrupted by digital-only organisations, this client had to overcome the following challenges:
To build the cloud-based data platform and strategic data product, we first identified the availability and purpose of data sources, onboarding these to power corresponding dashboards. The cloud platform enables real-time performance reporting, shifting from batch data production at the end of a business day, and allowing products to be underpinned by real-time transaction data and enriched with additional data sources. It gives domain owners across the business access to richer insights and power data-driven decision making.
By enabling our client’s engineers, we paved the way for them to ingest data, develop modern architectures, and test and deploy new products. We concluded by establishing a set of data governance policies, enforced with metadata management and data contracts with stakeholders from across the business to future proof for further product development.
In just over three months, this client has been able to begin development of new digital products and services based on an innovative cloud-based data platform and robust data mesh principles. These new products are expected to drive revenue growth in the millions of pounds, unlocking new streams that will help the enterprise reach its ambitious targets.
They are now armed with a Retail Performance data product, powered by real-time performance data and providing insights to the whole enterprise. This information was previously hidden or unknown with data only available after the close of business each day. With higher quality and more accessible data, increasing customer retention is now an achievable goal.
Additionally, the ability for customers to now track their currency exchange seamlessly across retail outlets, mobile app and website, has meant that customer experience has significantly improved for all consumers.