Financial Services Organization Turns Big Data into Business Insights

In this era of digital transformations, organizations across all verticals have access to more data than ever before. The common challenge these organizations are facing is leveraging all this data they possess to expose truly valuable insights. This proves to be an even bigger challenge for the financial services industry due to the complexity and sensitivity of their massive volume of data. For this reason, many financial institutions are seeking innovative Big Data and analytics solutions to gain smarter business insights. Vertical Trail recently engaged with MOBILEMONEY to develop an environment to optimize their Big Data use.

MOBILEMONEY is one of the largest privately held ATM companies in the US and the nation’s largest mobile ATM provider. With 20+ years of historical success and integrity, MOBILEMONEY is a leader in the financial services and technology industry.

The company designs, installs, and supports ATMs with financial service kiosks for convenience store chains, hospitality organizations, gaming properties, special events, and financial institutions. Their mobile ATM services are used by the largest fairs, entertainment, and live music events in the country. MOBILEMONEY’s technology, nationwide regional offices, and 24/7 US-based support infrastructure enables consumers to interact with their funds in a secure and convenient way. MOBILEMONEY’s primary focus is helping consumers access the funds they need when and where they need those funds: retail locations, banks, casinos, and live events.

CHALLENGE

MOBILEMONEY is currently expanding and exploring new business opportunities. As a result, the organization’s requirements for collecting and analyzing their data are rapidly growing and evolving. MOBILEMONEY requires the collection of real-time data on all their ATMs nationally to understand how to ensure their ATM network is resilient and proactively serviced. MOBILEMONEY also requires the ability to understand patterns of usage, allowing them to optimize their cash management systems and become more operationally efficient.

By better understanding their customers’ data with the following solution, MOBILEMONEY provides a better, more proactive customer experience and attracts more happy customers.

MOBILEMONEY engaged with Vertical Trail to create a Big Data architecture that leveraged AWS technologies to store and analyze data. Prior to engagement, they were using a basic SQL database environment.

TECHNICAL SOLUTION

As part of the initial phase, we selected AWS Aurora to provide an elastic database environment to accommodate their need for their database to expand and contract as their data volume fluctuates based on their seasonal business demand. In order to accommodate future demand, we have architected a more robust Big Data environment, based on Hadoop (AWS EMR) to accommodate the future demand to analyze a wider variety of data (e.g., structured, semi-structured, and unstructured). These improvements will allow them to proactively manage many elements of their business.

The architecture leverages AWS Big Data services to store and analyze data. Further, the solution utilizes Python to manipulate, view, and analyze key datasets. Other AWS technologies used as key parts of the architecture include ECS, CloudFormation, Virtual Private Cloud (VPC), and Direct Connect. In addition, the following ISV tools and technologies were used: Django, Redis, and Nginx.

The new environment utilizes these technologies to gather geographic data from their systems and other relevant data sources and efficiently stores a diverse set of data, including structured, semi-structured, and unstructured data. The environment allows for easy access to the data through visual dashboards.

OUTCOME

A portal displaying the ATM data is used by MOBILEMONEY’s executive, operational, and sales teams to analyze and proactively resolve potential challenges and quickly identify new customer opportunities.

BENEFITS OF A BIG DATA SOLUTION

The solution provides MOBILEMONEY with the ability to quickly pinpoint data in various geographical regions as well as the ability to proactively manage their national ATM infrastructure. Additionally, it allows them to expand and contract their environment as needed. The new portal also helps promote a culture that values innovation and the use of new technologies. Using this solution, MOBILEMONEY has ultimately gained the ability to identify new opportunities with their clients.

ABOUT VERTICAL TRAIL

Vertical Trail delivers modern data solutions using cloud and open source technologies. We accelerate innovation and improve performance. Learn more about Vertical Trail and how our data-driven solutions can transform your business. Ready to start the ascent? Contact us.

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Read: How Banks Can Harness Data to Reinvent the Customer Experience