Next generation chatbot eases data access

BROKERAGE & WEALTH

Next generation chatbot eases data access

Gen AI tools help users of retail brokerage trading platform obtain information related to specific needs and complex queries.

Client
Large U.S.-based Brokerage and Wealth Management Firm
Goal
Enable a large number of users to readily access summarized information contained in voluminous documents.
Tools and Technologies
Google Dialogflow ES, Pinecone, Llamaindex, OpenAI API (GPT-3.5 Turbo)
Business Challenge

A large U.S.-based brokerage and wealth management client has a large number of users for its retail trading platform that offers sophisticated trading capabilities. Although extensive information was documented in hundreds of pages of product and process manuals, it was difficult for users to access and understand information related to their specific needs (e.g., How is margin calculated? or What are Rolling Strategies? or Explain Beta Weighting).

Solution

Our Gen AI solution encompassed:

  • Building a user-friendly interactive chatbot using Dialogflow in Google Cloud
  • Ringfencing a knowledge corpus comprising specific documents to be searched against and summarized (e.g., 200-page product manual, website FAQ content)
  • Using a vector database to store vectors from the corpus and extract relevant context for user queries
  • Interfacing the vector database with OpenAI API to analyze vector-matched contexts and generate summarized responses
Outcomes

The OpenAI GPT-3.5 turbo LLM (170 bn parameters) delivered impressive linguistic search and summarization capabilities in dealing with information requests. Prompt engineering and training are crucial to secure those outcomes.

In the case of a rich domain such as a trading platform, users may expect additional capabilities, such as:

  • API integration, to support requests requiring retrieval of account/user specific information, and
  • Augmentation of linguistic approaches with semantics to deliver enhanced capabilities.
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Brokerage platform transformation improves UX

Brokerage platform transformation improves UX

Brokerage & Wealth

Brokerage platform transformation achieves superior UX

A monolithic registered investment advisor (RIA) platform transformed into microservices helps a leading brokerage firm achieve enhanced operations and user experience.

Client

A leading U.S. brokerage firm with $1+ trillion in assets and serving 6,000+ RIAs

Goal

Resolve online platform accessibility, functionality and timeliness issues

Tools and technologies

Angular 9, Jenkins, Pivotal Cloud Foundry, Oracle, Kubernetes, Spring, Docker

BUSINESS CHALLENGE

Client’s existing brokerage platform supporting over 6,000 Registered Investment Advisors (RIAs) and containing information about assets valued at more than $1 trillion had accessibility issues. The high cost of owning and maintaining outdated technologies and time-to-market for new features were adding to the business challenges.

SOLUTION

Iris transitioned the client’s monolith applications to microservices to transform the RIA platform. An open-source, cloud technical stack was leveraged to develop a single-page, micro-UI-based application. BFF (Backend for Frontend) design was applied, and Angular 9 was used to achieve superior compatibility on mobile devices. Widgets were introduced to enable seamless transitions within third-party applications. Consolidated user views were created to track assets and their performance for a unified experience for the RIAs.

OUTCOMES

The RIA platform transformation enabled the client to achieve significant functional enhancements, including:
  • Fully functional mobile views
  • 100+ integrated third-party applications
  • Instant and seamless access to client accounts
  • Downtime for hot deployments of fixes brought to zero
  • Technical debt decreased by 45%
  • Release timelines shortened by 80%
  • Issue resolution time reduced by 90%

Contact

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How to transform your risk reporting mechanisms

How to transform your risk reporting mechanisms

Capital Markets

How to transform your risk reporting

A leading brokerage firm improved its UI and lowered costs with a future-ready risk reporting platform.

Client

The client was a brokerage firm with a strong presence in the capital markets.

Goal

Improve risk reporting and calculations.

Tools and technologies

Dot Net, C#, Greenplum, JUX Proprietary Framework and HTML5.

BUSINESS CHALLENGE

The client's market risk reporting and limit monitoring platform was based on products that were reaching the end of their service lines in the foreseeable future — Microsoft's Silverlight for viewing rich content and IBM's Netezza for data warehousing. They wanted to move to a new-technology platform. Among the big challenges was a lack of user-friendliness, a high cost of ownership because of the maintenance needed, and a lack of scalability because the data could not be clustered. The existing systems did not enable efficient audit trails and tracking of users. Iris had to identify alternatives that would sit well with 55 other applications in the system.

SOLUTION

We considered building a visualization platform using the latest JavaScript frameworks such as Angular or React but settled on making a fresh user interface and UI framework on HTML5. We developed new UI widgets to provide better user experience, making it possible for users to customize their workspace. We integrated the module to manage a user’s role and access level. In all, we provided a modern, flexible interface for application deployment that was developed in-house.

OUTCOMES

We successfully moved all the 55 applications to the new platform. As a result, the total cost of ownership was expected to be 15% lower after the migration. It was also built for the future — a distributed, scalable, mobile-ready platform. It had an integrated module for managing user roles and access levels and could be customized with various themes to provide better user experience. User tracking and audit trails were enabled. 15% Lower total cost of ownership 55 Apps moved to new platform

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A robust platform for investment advisors

A robust platform for investment advisors

Brokerage & Wealth

A robust platform for investment advisors

A prominent U.S. brokerage firm transformed its monolithic legacy apps for registered investment advisors (RIAs) into a microservices-based open platform and significantly improved user experience.

Client

A leading brokerage and wealth management firm based in the U.S.

Goal

Create a best-in-class platform for registered investment advisors (RIAs).

Tools and technologies

Pivotal Cloud Foundry, Spring Boot, Spring Cloud Gateway, Angular 6, TIBCO AMX BW, SQL Server, Hybrid Automation Framework (Selenium, Appium, Perfecto) and AppDynamics

BUSINESS CHALLENGE

With growing competition from nimble fintechs, custodians are under pressure to provide RIAs a differentiated experience. Many of them are looking to use advanced technology solutions such as machine learning, artificial intelligence and data and analytics to help RIAs improve the end consumer experience.

Our client had multiple legacy platforms built over the years that was preventing it from providing their RIAs with a secure, integrated and cost-effective solution.

SOLUTION

Iris has been played an integral role in transforming the client’s technology landscape from a legacy system to a modern, open, API-based architecture. The solutions we have implemented include:

  • An open access platform with API architecture as part of the client’s go-to-market strategy. We continue to work on integrating third party vendor applications and RIA back-office applications onto this platform.
  • The platform is highly reliable and secure with protection of data at rest and in motion using encryption. We have enabled encryption of data in transit to protect over 100+ integrations outside the client environment. We have used SAML and OAuth for user authentication.
  • An SSO solution provides multi-factor authentication (MFA) and a framework for privileged access management to secure customer information. The Iris team has also ensured mobile security for iOS & Android devices and helped the client plug platform vulnerabilities.
  • Developed responsive design as part of the UI transformation initiatives for core trading, advisory and educational solutions.
  • Transformed monolithic application into micro services-based architecture.
  • Provided flexible development capabilities with distributed Agile teams and extensive test automation reducing time to market and achieving significant cost savings.
  • Digitized end-to-end client onboarding with features for bulk onboarding, advisor authorization and ability to submit statutory documentation online and offline.
  • Created back-office solutions for money movement and cash and asset management that allowed RIAs to get a holistic view of clients and serve them on the go.
  • Customizable workflow to serve needs of individual advisor firms.

OUTCOMES

We enabled the client to securely integrate over hundreds of third-party apps and RIA back-office applications. Our test automation and Agile solutions helped the client reduce time to market for new features by 40%. Reduced the regression cycle duration by 60% with automated tests over six months. Increased test automation coverage to 70%. Reduced defect leakage to less than 1%. Improved performance of business transactions by 30% to 40% on the web platform. Addressed > 70% of security and vulnerability issues, leading to a better customer experience.

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