Customer story

"$350,000 savings per year & 20% boost in data team productivity"

Anthony M. Jerkovic
Head of Data
$350,000 savings per year & 20% boost in data team productivity

Executive summary

Business challenge

Novo wanted to set up an agile data infrastructure to support the rapid growth of its digital banking products.

Solution

5X set up a zero maintenance & easy-to-operate data platform based on Bank Novo’s use cases, compliance requirements, and budget. 

Impact

Bank Novo built & managed a data platform with ZERO data platform engineers. 5X improved productivity & streamlined operations, saving them $350,000 / year.

Novo

data stack

Fivetran

Ingestion

Snowflake

Date Warehouse

dbt

Data Modeling
Metabase

Metabase

Business Intelligence

The challenge

The need for new infrastructure arose when Novo quadrupled its customer base to 100,000 accounts in just six months.

“Our data infrastructure was not equipped to sustain the rate of growth we were experiencing. We considered building the stack in-house but the ecosystem of data vendors was too vast to vet & manage effectively. We rejected the idea since it would take months to evaluate, sign-up, & integrate different vendors.”

Anthony

Anthony M. Jerkovic

Head of Data

The 5X solution

Zero maintenance, easy-to-operate data platform that scales with the business.

Novo ultimately selected 5X as it provided everything it needed:

Fully managed data platform

Flexibility to choose best-in-breed vendors & switch as business scales

Ability to operate all vendors from a single place

Zero maintenance

Streamlined operations to swap vendors as the platform scales

“I found their vendor recommendations on-point & with solid reasoning. Saved us a lot of time that otherwise be waster on vendor discovery.”

Anthony

Anthony M. Jerkovic

Head of Data

5X helped drive three key business goals

Optimizing marketing spends

Understanding app usage & user behaviour

Preventing fraud & money laundering

The Impact

The need for new infrastructure arose when Novo quadrupled its customer base to 100,000 accounts in just six months.

“I was particularly impressed with features around operation & maintenance. Unified SQL editor & vendors cards enabled us to perform tasks faste. And since 5X managed the platform, we’re able to run a 40-member data engineering team with 0 platform engineers!”


Jerkovic adds, “5X’s cost optimization suite fine-tunes our platform & ensures we get the most out of every dollar spent. Our data team can now focus on driving business impact instead of worrying about routine maintenance & upkeep tasks.”

Anthony

Anthony M. Jerkovic

Head of Data

What’s in store for the future?

With the platform 5X has delivered, Novo is now prepared for rapid change.

We’ve gone from a 3 people data team to 40 and the stack has kept up with the change. Since 5X enables us to expand capabilities, add new categories and vendors, we don’t have to think through every possible edge case in the data model in advance,” he says. ”We love this balance of deep functionality with flexibility.”

Anthony

Anthony M. Jerkovic

Head of Data

Company

Novo is an online business banking platform with no hidden fees built for small business owners.

Headquarters

Miami, Florida, USA

Industry

Software, Banking, Fintech

Achievement

Award-winning banking platform built for SMBs

Company size

387 employees

Features used:

Build, operate and optimize