• October
  • 2021

What does it take to build fast and scalable digital financial experiences?

Imagine yourself searching for information online. You see a list of results for your search query and click on the first option that seem relevant. Then you see an empty screen as you realize that loading this page will take time. Frustrating? We think so too.

Slow response times take a toll on the user experience of any digital journey. Many visitors might not want to come back to using a slow service, and people tend to grow ever more impatient as technology develops. It is certain that a similarly sluggish digital wealth management journey would cause the same irritation and signal a lack of professionalism and attention to detail.

Digital competitiveness holds speed as a vital performance measurement for the modern user experience. To achieve higher levels of customer satisfaction, businesses across numerous industries should deliver both a quality service with the fastest user experience.

Why cloud technology matters?

Just like other digital businesses, financial institutions must be flexible to adapt to ever-changing consumer expectations. To meet the demand, the financial businesses roll out new digital services that aim to meet the requirements for speed and cost-efficiency, while delivering realistic and reliable evaluation of the underlying financial decision-making. In this environment, cloud-native technology becomes essential to digital strategies of the industry. Cloud technology enables banks and insurers to use open-source platforms, frameworks and tools to build fast and secure applications.

In the world of financial planning, the speed of customer journeys is closely tied to using cloud technologies. Cloud-native applications tend to show low response times and scalable performance. Leveraging cloud technology helps OutRank, Kidbrooke’s financial simulation engine, to deliver at least 10x performance compared to competitive offerings. It is built to scale well across different workloads, which is essential for seamless performance in the context of large organisations serving many end-customers. The new compute instances – with the existing environment – can be quickly spun up as and when needed in a few seconds.

Realistic underlying assumptions and the quality of calculations underpinning financial decision-making make up the core value offered by financial institutions. It is hardly a space for cutting corners and compromising on quality, as the financial evaluations delivered by your institution are deeply connected to customer experience. Currently, the most compute-intensive processes utilised by OutRank are the forecasts and ranking of alternative decisions to find an optimal one. To give you an idea about its performance, OutRank can simulate non-trivial balance sheets under rebalancing strategies over hundreds of timesteps across thousands of scenarios in less than a second.

These performance results are reported for the highest service levels currently available in the standard hosting configuration. However, higher performance requirements can be met technically but will require a more advanced hosting set-up which can be configured on a case-by-case basis.

Cloud-native software offers world-class security

Cloud technology provided by our partners is affordable to host and represents world-class security and reliability levels. Since OutRank is completely stateless regarding end-customer data, privacy-related compliance concerns are easily dealt with. A stateless architecture is a software design concept. It means that each request from the client to the server must hold all the information necessary to understand the request and cannot take advantage of any stored context on the server. Thus, stateless applications are more secure than stateful because they do not store sensitive data and therefore does not bear the risk of being leaked. Furthermore, each session is carried out as it was the first time, and responses are not dependent on earlier sessions.

How do performance and scalability of a simulation engine help you achieve your goals?

OutRank helps financial institutions to achieve their business goals by supplying superior performance and scalability for any financial planning journeys. These factors are a vital element of modern digital customer experiences, which would help you build your brand and foster lasting customer loyalty. Additionally, OutRank is designed for zero-planned maintenance downtime, enabling uninterrupted delivery of seamless financial decision-support to end-customers.

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