Efficient data management is essential in the FinTech industry for providing real-time updates and giving financial institutions more control. The Agiliway team has created a data mining system that allows the smooth viewing and analysis of enormous volumes of financial data by using their custom software development skills to construct the solution.
In this article, Agiliway shares their experience of incorporating scalable Power BI services into FinTech solutions, revolutionizing data management for our clients.
Background
One of the clients, a leading English company specializing in empowering banks with advanced decision-making processes, approached Agiliway with the challenge of developing a robust BI solution. Their goals included visualizing large datasets stored in an MS SQL database, generating interactive reports and charts, and ensuring secure data access and user log tracking for financial institutions.
The client’s initial demand for solution implementation was to construct one from scratch, rather than to make use of or integrate with preexisting services or infrastructure. Since this goal was reached, the platform architecture now consists of:
- API implementation on the back end utilizing MS.NET and SQL databases.
- React application enables visualization of data analysis via numerous interactive charts to provide precise analyses on the front-end.
Delivering Power BI to the Financial Technology Service Provider
After meticulous evaluation and user feedback analysis, Agiliway decided to transition the solution to Power BI.
Power BI offers the following benefits in addition to its user-friendly drag-and-drop interface:
- Enables the effortless introduction of changes.
- Quick updates of information.
- Testing data visualization accuracy without extensive development efforts.
- Business analysts can render reports within the Power BI desktop application, which end-users can access seamlessly.
- Using Power BI JS on the current version of the portal, the Power BI desktop application renders all reports for business analysts.
- Business analysts gain insights on risk assessment based on inserted data.
- A thorough analysis of risks generated into tables with multiple filters.
- Users can view each file separately, focusing on specific data dossier statistics.
- Enables the effortless introduction of changes, updating information, and testing data visualization accuracy without extensive development.
Once Power BI was introduced, the decision was made to incorporate other Microsoft products, including Microsoft Single Sign-On and Azure Active Directory. This strategic move allowed the utilization of the service principle, where a single license covers all users instead of purchasing separate licenses for everyone. This integration of MS services into the FinTech solution resulted in significant time and effort savings for support, leading to cost reduction and a more flexible product. The Agiliway development team implemented a builder that empowers clients to introduce changes and manage reports independently.
On the back end, a Node.js server authenticates users through Microsoft Single Sign-On. If the user belongs to the authorized group within the organization and possesses the necessary access privileges, a special token is generated from the Power BI service, granting access to view reports for all authorized users. This eliminates the need for purchasing individual licenses for each user.
Another valuable service employed in the product is Power Query, which serves as an interface for importing and editing data, facilitating the connection of external data to the platform. This advanced tool caters to the needs of business analysts who seek well-structured data with specific logic. The data can be transformed into any format or content desired by the business analysts.
To ensure data security, Azure Active Directory is utilized. The Product Owner or Administrator defines user or group permissions for accessing specific information scopes. Azure AD, a cloud-based solution for data access management, guarantees a high level of data protection through the Microsoft Single Sign-On policy. All data is generated and stored either on the client’s premises or in the cloud, ensuring that unauthorized access is prevented.
In cases where the client prefers not to use the Power BI service, a simplified version of the solution has been developed. This allows users to explore some of the system’s capabilities. An overview mode is available, enabling users to view data in a chart format and identify the types of files used to build the chart. For more detailed reports on data usage and system errors, it is recommended to switch to Power BI.
Summary
Incorporating Power BI services into FinTech solutions has significantly enhanced data accuracy, support, and management for Agiliway clients. By leveraging Microsoft services, we have simplified the development and maintenance processes, eliminating the need for additional resources and licenses. The solution empowers business analysts to identify valuable information, calculate KPIs, and optimize data utilization, contributing to enhanced decision-making processes and improved outcomes.
Today, the solution provided by the Agiliway is widely adopted and receives positive feedback from end-users and business analysts who appreciate its capabilities. We take pride in revolutionizing data management in the FinTech sector and look forward to continuing our mission of delivering innovative and scalable solutions to our clients.