ABN AMRO Moves Progress-Powered Credit Store App to Azure Cloud; Achieves 40% Faster Data Processing, Lower TCO and Improved Business Resilience
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Insights
ABN AMRO's transition of its Credit Store application to Microsoft Azure represents a strategic move towards optimizing operational efficiency and cost management. The reported 40% decrease in data processing time is a significant improvement that could result in enhanced responsiveness to credit applications, ultimately affecting the bank's ability to generate revenue through its lending business. Furthermore, the lower Total Cost of Ownership (TCO) implies a reduction in operational expenses, which could positively impact the bank's profit margins and be reflected in future financial statements.
The migration to Azure, facilitated by MarkLogic Data Hub's cloud neutrality, is also a testament to the bank's agility in adapting to technological advancements. This flexibility in choosing cloud providers allows for competitive negotiations and potential cost savings. Investors should monitor the bank's subsequent quarterly reports for evidence of cost savings and efficiency gains, which could lead to a revaluation of the bank's stock.
The deployment of ABN AMRO's application across three availability zones on Azure is a critical factor in enhancing business resilience. This multi-zone approach ensures that in the event of a zone failure, the other zones can handle the load, minimizing downtime and maintaining continuity of service. Such an architecture is essential for financial institutions where uptime is closely tied to customer trust and regulatory compliance.
Furthermore, the MarkLogic Server cluster's ability to automatically recover from outages without administrator intervention is an advanced feature that reduces the risk of data processing interruptions. This technical capability not only improves the bank's operational reliability but also demonstrates a proactive stance on risk management, which is crucial in the financial sector.
The utilization of MarkLogic Data Hub for a 360-degree view of data is a significant enhancement for ABN AMRO. This unified view enables the bank to more effectively manage and analyze client data, leading to better risk assessment and decision-making in its credit business. By harmonizing and enriching data from siloed sources, the bank is likely to achieve greater accuracy in its credit scoring models, which could reduce default rates and improve portfolio quality over time.
Moreover, compliance with corporate and regulatory requirements is a critical aspect of the banking industry. The ability to meet these requirements in the cloud environment showcases the bank's commitment to data governance and security, which is increasingly important in an era of heightened data privacy concerns.
ABN AMRO becomes the first bank in Europe to bring its Progress MarkLogic-powered application to Microsoft Azure
BURLINGTON, Mass., March 12, 2024 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of infrastructure software, today announced that ABN AMRO Bank, one of the largest banks in the Netherlands, migrated its Progress-powered Credit Store application from on-premises to Microsoft Azure leveraging MarkLogic® Data Hub's cloud neutrality and deployment flexibility—resulting in faster data processing, increased business resilience and lower Total Cost of Ownership (TCO).
With 300 years of history, 365,000 commercial clients and offices in 13 countries worldwide, ABN AMRO is committed to harnessing the power of digital to get closer to its clients and their needs. Built on the MarkLogic Data Hub repository, the bank’s Credit Store application enables business users to assess the risks of and approve or reject credit applications based on client data collected from various siloed sources.
Utilizing the powerful capabilities of MarkLogic Data Hub, the bank was able to set up a database cluster to perform intensive tasks over three availability zones, without sacrificing computing power. In the case of downtime, the MarkLogic® Server cluster can automatically recover from the outage, continuing to process data queries without any immediate action needed by an administrator. In addition, by moving to the cloud, they have removed the need for physical machines leading to significant financial and operational gains, decreasing the bank’s total cost of ownership.
To boost its performance and simplify its overall technology environment, ABN AMRO partnered with Infosys to migrate the Credit Store application. Since MarkLogic solutions are cloud-agnostic, they were able to successfully move the application to Azure on schedule and within budget, accelerating time to market for its business users. Data is now processed during the night, giving business users quick access to real-time data and enabling them to fast track the decision-making process each morning.
“By moving Credit Store to Azure with MarkLogic Data Hub, we’ve not only decreased data processing time by
The MarkLogic Data Hub helps organizations gain operational excellence by delivering a 360-degree view of their operations, customers and people. It is a data integration and data modeling solution that connects all of an organization’s multi-structured data and transforms it for both transactional and analytical purposes. The Data Hub works by ingesting data as is, from any source, indexing it for immediate query and search and curating it through harmonization, smart mastering and enrichment.
“For financial organizations, making the transition to the cloud is a critical milestone on the path to digital transformation and among their most important IT initiatives,” said John Ainsworth, EVP & General Manager, Application and Data Platform, Progress. “The MarkLogic Data Hub reoffers the ability to adapt to changing business needs, navigate regulatory requirements and improve business continuity.”
About Progress
Progress (Nasdaq: PRGS) provides software that enables organizations to develop and deploy their mission-critical applications and experiences, as well as effectively manage their data platforms, cloud and IT infrastructure. As an experienced, trusted provider, we make the lives of technology professionals easier. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com.
Progress and MarkLogic are trademarks or registered trademarks of Progress Software Corporation and/or one of its subsidiaries or affiliates in the U.S. and other countries. Any other trademarks contained herein are the property of their respective owners.
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Progress
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FAQ
What major bank in Europe migrated its Progress-powered Credit Store application to Microsoft Azure?
What technology was leveraged for the migration of the Credit Store application?
What benefits did ABN AMRO Bank experience after migrating to Microsoft Azure?
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Which company did ABN AMRO Bank partner with for the migration of the Credit Store application?
