Even as businesses came to a screeching halt on March 25, 2020?paying heed to the Prime Minister?s call for a nationwide lockdown to curb the spread of Coronavirus?some businesses in India had laid the groundwork to be adequately prepared with business continuity plans.
MyMoneyMantra, a pioneer in the financial services distribution company, was able to get back into business quickly within 24 hours of the lockdown because of the various digitization initiatives the company had undertaken over the past four years. Says Aparna Sharma, Director – Product and Marketing, ?Thanks to digital transformation, we could resume part of our business within 24 hours. Although some divisions took a while to resume, all our operations were up and running within a week.?
In particular, the Data Lake initiative which had gone live just before the lockdown helped MyMoneyMantra to quickly get back to normalcy. The Data Lake captures all organizational data at a single location, making all customer data easily accessible and providing visibility into individual profiles when customers availed any financial service. So the company could easily bounce back as it could immediately provide access to customer data across all its businesses. As a financial services distribution company, this had critical implications as having access to customer data is at the core of its business.
MyMoneyMantra typically partners with banks and financial institutions to distribute various products such as secured and unsecured loans, insurance policies, credit cards and mortgages, through its online and physical distribution network. With over 100 partnerships, data is crucial to its sales and marketing strategy to accurately understand the needs of its customers and map it with the right offering from its partners.
But the company?s challenge was that data was lying in silos within the organization and given the large number of partnerships, there was a lot of data overlap. Amongst other challenges, a major disadvantage of data duplication was that it was affecting the quality of marketing campaigns as different teams were reaching out to the same set of customers, making different offers.
The company had taken a strategic call to go phygital by combining the strength of its physical presence across 60 locations with a digital platform. This meant a massive internal exercise to overhaul its systems and capabilities to put in place a data strategy that systematically captured data from all sources, cleansed and enriched the data and made it available to all business users in an easily accessible manner.
The Data Lake automated the company?s data management capabilities by capturing data at source, storing it at a central location, sorting through the data to make sure only unique customer profiles are stored in a standardized format for specific marketing campaigns and businesses functions.
Built on AWS Cloud, MyMoneyMantra worked with Delhi-based Umbrella Infocare to design and implement its data strategy which resulted in setting up a Data Lake using S3, an infinitely scalable storage solution from AWS. Leveraging AWS native security solutions, such as encryption at rest and IAM-based access, data is ingested using Scoop and data transformation is done using Spark on AWS Elastic MapReduce and the transformed data is stored in Redshift, a warehousing service from AWS.