Impact Story | Engineering

Growth Acceleration Through Legacy Modernization For A Fintech Company

Success Story | Intelligence

Accelerate Cloud Adoption Using TVS Next Cloud Roadmap for Data & Analytics

The client is a New York-based Business Financing lender that provides merchant cash advances and short-term small business loans.

How Did It All Start

The client’s legacy monolith application generated revenue but lacked the agility to implement any new initiative to increase business growth. It was a huge challenge when the client wanted to add external funding sources and loan sources to the lending system. This exercise required several months of planning, and the legacy platform had to undergo significant upgrades for this one addition.

The application had no data analytics and OLAP capabilities, effectively preventing the client from capitalizing on revenue opportunities through cross-selling. The legacy application also led to slow operations and reduced productivity among employees.

 

What Did We Do

After carefully analyzing the client’s existing application infrastructure, the TVS Next team created a four-stage modernization strategy — Discover, Re-host on Azure, Re-engineer & Re-architect Application and Implement DevOps — to solve the client’s problems.

Through the accelerated discovery investigations, TVS Next came up with a list of significant challenges in the legacy application and prepared a transformation track for each of these challenges. At the end of discovery, we provided a roadmap, with the entire application split into modules and features. Every process within the application was accounted for and mapped into user journeys. We gave the client a list of architecture that can continue to be maintained as-is and the proposed infrastructure upgrades. TVS Next then put together a team of business analysts, technical architects, cloud architects, scrum masters, UI/UX designers, full-stack engineers, automation architects, and technical project managers to work on the transformation project.

Discovery Findings

Transformation Journey

We transformed the client’s monolithic application architecture into a microservices-based architecture. The microservices are decomposed based on the business functions within the client’s organization. We changed the legacy UI into a modern UI/UX to increase ease of use, productivity, and collaboration. We changed the reporting module from an excel-based custom-coded one to a Tableau-based real-time visualization. The new application contains auto-scale capabilities to support the client’s business expansion. By leveraging the API Management Service of Azure, TVS Next has made partner integrations at scale into a seamless and quick process.

The Business Outcome

The cloud modernization and implementation brought in many benefits to the customer, such as:

  • 4 Weeks to 4 Days Accelerated partner onboarding time
  • 35% Faster Time to market for engineering releases
  • 25% Efficiency Increase Of lending staff through the modernized application
  • 35% Increase in number of deal approvals due to application agility

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