Today we announced that our customer Avanza Bank is approaching its goal of reaching one Million Banking Customers Powered by our In-Memory Computing Platform.
Avanza leverages our In-Memory-Computing platform as the underlying core software architecture to power their completely digitalized banking offering, supporting the growing demand for instant response times and easy-to-use applications from any device.
Understanding their competitive market and delivering on customers’ expectations has boosted Avanza’s customer base by 5X and is Sweden’s most satisfied banking customers, 9 years running.
Services provided by Avanza, and fully powered by GigaSpaces include:
- On-line trading with real time trading recommendations
- Avanza Zero, Sweden’s first no-fee fund
- A green room for climate positive investment decisions
- Portfolio Generator, easy and fast well-diversified personal portfolio creation
- Face recognition for banking apps
- Mortgage services
- Pension offerings
- Open Banking
Download Avanza case study and discover how to boost your customer base by 5X>>
Avanza prides itself on its agility to introduce new innovative services and with GigaSpaces microservices-based platform, they have increased the number of microservices from 150 to 954. The distributed, scalable platform seamlessly supports the fast-growing number of transactions, over 28 million customer visits per month and spikes in queries resulting from Avanza’s open banking initiatives.
Figure 1: Scaling for growing number of deals per day and support for spikes
“GigaSpaces enables us to deliver on our vision of providing a fully digital bank that services our customers solely through high performance personalized retail banking applications,” said Peter Strömberg, CIO at Avanza Bank. “We have been writing banking history and will continue to do so with the help of GigaSpaces technology to enable our developers to innovate with confidence, knowing that our data infrastructure can handle the rapid growth in the number of advanced applications, concurrent users and transactions.”
Avanza was challenged with an architecture that wasn’t delivering the performance, speed, scale and availability that they required.
Figure 2: Previous Avanza architecture that lacked, performance, speed and scale
They were experiencing:
- Slow data transfer on large data sets
- Slow execution of complex queries
- High latency
- Poor scalability
- Cache eviction issues
- Time-consuming manual optimizations
- Single points of failure
A simplified, scalable, microservices architecture was achieved with GigaSpaces:
Figure 3: Current Avanza architecture – running all on-line services on GigaSpaces distributed in-memory platform
Leveraging the GigaSpaces platform, Avanza benefits from assured performance, scalability, low-latency and high availability.
There is Less operational risk in the development and weekly release cycles hence a greater focus on tactical improvements:
- Allowing the developers to focus on building innovative services for business value, with little upfront work
- Agile application and new feature development and deployment
- Ability to deploy on-premise, cloud and hybrid – which was in line with the migration from on-premise to cloud
- No additional auxiliary infrastructure was to be rolled out and maintained resulting in immediate cost savings
Avanza plans to continue on its path of innovation by leveraging GigaSpaces augmented transactions technology for further personalizing banking services. They are also looking towards simplifying deployments across environments using GigaSpaces’ Red Hat OpenShift Operator support.
“We are proud to partner with Avanza to help them continuously create superior online banking user experiences,” said Moshe Weizman, Director of France and Nordics at GigaSpaces. “We are committed to providing the technology they need for augmented transactions as Avanza continues to innovate and raise the bar on the quality of the online banking services.”
Learn how Avanza boosted their customer base by 5X>
