Case Study: Empowering Fintech Innovation – Nexla Streamlines Data Integration for a Leading Asset Management Company to Scale Data Operations and GenAI

Case Study: Empowering Fintech Innovation – Nexla Streamlines Data Integration for a Leading Asset Management Company to Scale Data Operations and GenAI

Introduction

A leading innovator in the asset management industry serving over 1,300 top institutional investors in more than 10 countries, is at the forefront of integrating Generative AI into data management processes. As a public fintech SaaS company, the company manages and reconciles over $7.3 trillion in assets, with 90% of their reconciliation processes fully automated. Given the vast scale of their operations, efficient and accurate data management is crucial for maintaining their high standards of service and innovation.

Challenges

As the company scales its customer base and product offerings, it faces challenges in ingesting data from diverse sources and formats, managing frequent unpredictable schema changes, and aggregating heterogeneous data for downstream consumers.

Solution

Nexla addresses these challenges with:

  • Universal connectors for any file and API integration.
  • Active metadata intelligence to detect changing schemas and properties.
  • Built-in validation, record-level lineage, and intelligent monitoring to ensure data quality.
  • Data packaged into canonical, consumable data products.
  • Enabling retrieval-augmented generation workflows for GenAI solutions.

Impact

  • Built pipelines connecting to 250 financial data providers with minimal manual effort
  • Maintained 2400 daily active data flows in one tool
  • Productionized GenAI solutions by enabling retrieval-augmented generation
  • Scaled data engineering team’s efficiency and reduced ticket backlogs.

Ingesting From Diverse Sources and Formats

The asset management SaaS company needed to manage data from over 250 providers in various formats and schemas. As the company scaled, manually building pipelines and maintaining the dataflows were no longer sustainable. 

Nexla supports all relevant data sources and formats in the asset management industry. With automatically generated universal connectors, Nexla created pipelines for the company’s data warehouse, FTP and API sources, portfolio management systems, market data systems, and internal data systems used by financial data providers. Common formats include SWIFT, BAI, CSV, XML, Parquet, Delta, and Fixed Width, among others. This capability is crucial for seamless integration and efficient aggregation and reconciliation of over 2,400 daily active data flows, reducing manual effort and potential errors associated with data format conversions.

Self-service via Readily-consumable Products

The company leverages Nexla to transform diverse data into canonical data products that are readily consumable by downstream users. Nexla detects schemas and schema changes from all ingested data and provides both out-of-the-box and advanced custom transforms. This way, the data is standardized and packaged into canonical product form. 

These data products are searchable and come with built-in governance capabilities, making them easily manageable and traceable. This transformation allows self-service capabilities within the company, enabling data users such as data scientists to join different datasets, create further derivative data products, and make data available for downstream consumption. This streamlined process empowers teams to derive valuable insights with minimal dependency on IT support.

Maximizing Efficiency in Realtime

In the world of asset management, timely data acquisition is crucial for minimizing missed opportunities and maximizing profits. Nexla’s real-time data integration capability ensures that the company can deliver data rapidly, which is essential for maintaining the accuracy and reliability of financial reports and other critical information. With Nexla, the company can provide their clients with up-to-date information on their dashboards, facilitating swift and optimized decision-making.

Furthermore, Nexla addresses the issue of data fragmentation, which can hinder decision-making and operational efficiency. By consolidating fragmented data streams into a unified view not only improves the overall quality of data management but also allows the company to serve their clients more effectively and maintain high levels of customer satisfaction.

Elevating Generative AI Use Case with RAG

The company is a pioneer in utilizing generative AI systems to create specialized models for regulatory and accounting needs. Nexla elevates the effectiveness of their GenAI initiatives by enabling retrieval-augmented generation (RAG). 

By supplementing ready-to-use data extracted from internal files and applications, Nexla is able to provide company and industry-specific context to prompts and results generated by the company’s GenAI solution. This enables the company to productionize and integrate their solution into various products in a short time frame, allowing them to achieve three key capabilities: 

  • Knowledge Awareness: Understanding the company’s operations and providing fast, accurate answers to customer queries without prolonged customer support interactions.
  • Application Awareness: Recognizing the specific applications users are operating within and providing relevant reports and insights.
  • Data Awareness: Understanding user data and its context within reports, allowing for detailed, data-driven responses to complex queries.

Driving Asset Management Excellence with Nexla

By partnering with Nexla, the leading asset management SaaS provider has efficiently navigated complex data integration challenges. Nexla’s advanced capabilities handle diverse data formats, frequent schema changes, and heterogeneous data aggregation, resulting in seamless pipelines with 250 financial data providers and 2400 daily active data flows. This transformation empowers users with self-service capabilities, reducing IT dependency and enabling swift decision-making. Real-time integration ensures rapid, accurate information delivery, optimizing decisions and maximizing profits. Nexla also enhances the provider’s Generative AI initiatives, integrating GenAI solutions for fast, accurate, and contextually relevant insights.