In this digital era, one major challenge that most of the CPA firms face relates to sourcing and analyzing of data from multiple sources. With an increasing number of data sources, complexity in information, and increasing regulations with regards to data, there is a need to have a robust platform that will make this process of data generation/capture, storage, usage, and archival/disposal seamless and secure through automation and optimization.
RoboInfocom’s client was also facing a similar challenge wherein it needed access to aggregate financial information from various sources. RoboInfocom developed a robust and secure solution to handle the data lifecycle and analysis process using MS Azure PAAS Solution, the leading cloud platform. Microsoft Azure Products provided the client with the server, databases, and software licenses with zero capital investment. Within a short span of development time, the client was able to launch their business services. Thanks to Rapid-Application-Delivery (RAD) model, RoboInfocom built the custom-solution on the Microsoft Azure platform. Integrating the solution with Yodlee, a third-party financial data aggregator, helped the client quickly and securely access critical customer data.
Device Integrated
Azure Hub Devices
End user satisfaction
Service desk
Global reach
ABOUT THE CLIENT
The client is a leading CPA firm, offering diverse accounting-based consulting services to mid-market customer firms since 1965. They were looking for a secure, robust solution to automate the end-to-end data delivery with integration to a third-party API.
CHALLENGES
The high volume, velocity and variety of information assets require advanced forms of processing if they are to be used as insights for decision making. For CPA firms, access to information from multiple banks or financial institutions is the key to assessing their customers’ financial health and provide advisory or consulting services based on this data. Bank statements, information on assets & liabilities, transactions, investment holdings, and current account data make up a chunk of this data. Apart from a holistic view of their customer’s data, the CPA firm also needs regular access to the financial data to do further analysis of their customers’ assets and liabilities.
The client wanted a customized solution that will help them access the required data from Envestnet Yodlee, a data aggregator platform, subject to approval from their end customers.
SOLUTIONS OFFERED BY ROBOINFOCOM
RoboInfocom created a Cloud-Native Solution on Microsoft Azure using Azure App Service, Azure SQL Database, and Azure Repos, to make the access to data sources both automated as well as on-demand.
- RoboInfocom developed a customer portal using Azure Webservice, which allows the customers of client to grant or revoke access to their data, sourced through Yodlee API. These builds trust and transparency to the client’s consulting services.
It also enables the end customers to link or unlink their bank accounts in such a way that they have full control of granting access to select-accounts.
The Internal Portal has functions to manage the customer onboarding, user-account set up and on-demand data retrieval.
On-demand data retrieval includes a facility to share the downloaded data via Citrix Share, which eventually populates the data to the targeted server of the client.
The portal data is stored on Azure SQL Database- an intelligent, scalable, relational database service built for the cloud.
INTEGRATION SOLUTIONS
was challenged with integrating the Azure Cloud solutions with a third-party API, which was Yodlee in this case. Both Azure and Yodlee platforms have enormous capabilities and functions, tied around multiple use cases. Picking the best, while meeting the requirement is what ideally drives a better solution. In this case, integrating Azure services with Yodlee API requires a deep understanding of both to design a secure, optimal, effective solution. After an extensive analysis of API and Azure, RoboInfocom created the perfect integrated solution which addresses the client’s current challenges and also scales up in the future.
AUTOMATION OF DATA RETRIEVAL
RoboInfocom developed the Windows Service application to automate the retrieval of the financial data from Yodlee API and populate on the targeted server of Client. Authentication is performed with Yodlee’s JWT token algorithm.
It is flexible that it can be configured manually to customize the parameters and executed according to the needs of the business process.
Result
340 + Hours
Time Saved in a Year by Automating Financial-Data-Sourcing Process
3x Faster
Customer Onboarding
5 Weeks
Time taken to Develop the Solution with MS Azure Cloud Solutions
$0 CAPEX
For Infrastructure, Server Licenses and Software Tools
