The financial services industry has undergone significant changes in the wake of the pandemic, and with recent banking news and developments it’s likely the sector’s landscape has changed forever. Notable shifts in customer demographics, consumer behavior, and an emphasis on digital transformation, regulations and compliance have disrupted longheld business processes.
As a result, banks and payment providers are moving to cloud-based data strategies to gain insights and improve organizational transparency, security and efficiency. In this article, we shine a spotlight on T. Rowe Price Group, and how they prioritized data to better compete in an evolving industry.
T. Rowe Price: Legacy data integration platform migration
T. Rowe Price Group is an American publicly owned global asset management firm. It offers various investment products such as IRAs, Rollover IRAs, 529s, Equity & Fixed Income Mutual Funds. T.Rowe Price’s goal was to retire their legacy systems and migrate their CRM to Salesforce. In the process, the team determined their existing integration solution would need an update as well. Maintenance was too costly and the technology was too rigid, requiring multiple interfaces to do application and data integration — which required more time and more money to manage.
SnapLogic’s hybrid capabilities coupled with Snowflake’s CDW helped them modernize their existing environment as they retired old systems and moved over to newer cloud applications, still able to connect to old systems during the transition.
T. Rowe Price was able to proceed with their digital transformation initiatives in building a customer-360 view from multiple data sources to personalize the customer experience and provide the next best action/offer. Currently, there are 150+ users, 4 business units and 17 applications being integrated by one single integration platform. Check out Jyotsna Sharma’s session on how she automated data using SnapLogic.
As the two examples above suggest, the pairing of SnapLogic with Snowflake added tremendous value to T. Rowe Price with a single integration platform across all data, all apps and APIs.
With more than 100 fellow customers, across multiple verticals, SnapLogic and Snowflake work together with many financial services institutions to streamline data processes, ensure data quality, and drive business value from data assets. Reach out to learn more!