Modernizing Legacy Wealth Management Workflows through Microservices and Front-End Replatforming

  • Authors

    • Abhiram Potharaju Senior Software Engineer, Wells Fargo–Trust & Wealth Technology, USA. Author

    DOI:

    https://doi.org/10.67228/30713498/IJADSMC-2020PII4U1C

    Published 11-30-2020

  • Legacy Modernization, Microservices, Angular, Spring Boot, Enterprise Workflow, Financial Services, Replatforming, Scalable Architecture

    Issue

    Vol. 3 No. 2 (2020)

    Section

    Articles

    How to Cite

    [1]
    A. Potharaju, “Modernizing Legacy Wealth Management Workflows through Microservices and Front-End Replatforming”, IJADSMC, vol. 3, no. 2, pp. 01–22, Nov. 2020, doi: 10.67228/30713498/IJADSMC-2020PII4U1C.

  • Abstract

    The wealth management industry is in the middle of quickly replacing legacy monolithic systems, which offer reliable core processing but are costly to maintain, don’t scale well and have inflexible architectures and outdated user interfaces, in order to meet changing regulatory demands and digital customer expectations. To tackle these challenges, financial institutions are employing a dual-pronged approach to modernization combining a microservices architecture with a front-end re-platforming. It can decompose monolithic applications into loosely coupled, domain-driven services like portfolio management, compliance & client onboarding, enabling independent deployments, horizontal scaling and fault isolation through secure APIs and automated DevOps pipelines. At the same time, the presentation layer can be modernized with a modern front-end framework (React, Angular or Web Components) allowing banks to provide responsive, real-time, omnichannel client experiences without disrupting core operations. In this paper we present a phased migration framework for replacing legacy components in phases to reduce operational risk. The results show a tremendous improvement in scalability, deployment frequency, service availability, response times and overall maintainability, laying the agile foundation for future innovations such as robo-advisory services, AI and real-time analytics.

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