Finance and Insurance
Finance and Insurance in a Digital World
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Finance and Insurance: The need for a Balance between Stability and Innovation
Barely any other sector uses IT as long as the finance and the insurance sector does. Hence there are many stable processes and system landscapes. However, at the same time there is a new competition coming from firms with innovative new digital business models. Mobile apps or approaches on artificial intelligence hold potential to offer customers entirely new services and can lead to competitive advantages.

Case: Scalable Transaction API
Scope
The ongoing digitalization of the finance and insurance sector results in enormous amounts of data and transactions that need to be processed. Therefore, scalability becomes a crucial factor for digital business models in this area.
Requirements
A financial service provider wants to integrate a real time credit rating in his products. For this it is planned to track multiple interactions of the users in order to calculate a score at the end of the transaction. The system needs to be able to handle many contact points of a few thousand users in parallel.
Solution
The created system consists of a highly scalable API that is based on the functional Elixir language. Moreover, the data is stored and processed in an Apache Kafka cluster that provides real time capabilities via message queuing. For the tracking part a custom JavaScript library was created. For horizontal scaling, the solution is completely dockerized and runs in a Kubernetes cluster.
Used technology

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