Tier 1 Investment Bank
This North American Bank’s highly respected research and analysis team is comprised of nearly 400 research analysts across over 20 countries. They offer equity and fixed income research plus market and product-specific analysis for both the individual and institutional markets.
Clients of the global research and analysis unit of the Bank expect to be able to easily access up-to-the-minute content in whatever format they choose. To meet this demand, the Bank sought a system that could scale with clients’ constantly changing requirements, especially the growing demand for mobile delivery and alerting.
The Bank’s legacy system did not provide analysts with the ability to search and access previous reports at a component level. Adding that capability, which would facilitate reuse of content, and thus improve efficiency as well as information quality, was a significant undertaking. Built on Oracle and FAST, the system did not have the flexibility to quickly add new features. It could not meet the demands of a constantly changing, highly competitive market where being first-to-publish was critical to growing and retaining readership.
The Bank built an equity research authoring and delivery solution based on MarkLogic Server instead of the incumbent technologies. The MarkLogic Server solution provides the agility, time-to-market, and research quality improvement the Bank sought. Historical research can be searched at a component level which enables analysts to more efficiently reuse research. Scalability is easily managed and the speed of adding mobile delivery and real-time alerting has enabled the research group to recapture its leadership status.
The selection process included open source technology. While the initial price tag was attractive, the cost of implementation would require an unpredictable and considerable amount of services and consulting. Support was also seen as too big an unknown. Potential licensing obligations and the legal implications of intellectual property were also areas of concern.
MarkLogic enabled the Bank to offer clients up-to-date research on global developments ahead of the competition in their preferred delivery method. The firm achieved efficiency beyond its expectations. Development cycles shrunk to 3 to 4 weeks from 6 to12 months. More users are served with less infrastructure requirements. The single platform reduced total cost of ownership (TCO) by at least 50% over legacy technologies.
Due to the project’s success, other groups within the Bank are in active discussions with MarkLogic to help them with their information challenges.
MarkLogic was selected because the existing, as well as other alternative systems, would not provide the agility the Bank needed to achieve first-to-publish. Nor did it allow new features and functionality to be added. Not only has the Bank boosted revenue and its reputation as the “go to” research firm, they simultaneously saved hundreds of thousands of dollars in technology costs.