$350,000 savings per year & 20% boost in data team productivity
Award-winning banking platform built for SMBs
387 employees
Fintech
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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.
Top Shelf data stack
Novo data stack
Data sources
Data Ingestion
Data Storage
Data Reporting
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 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
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“I found their vendor recommendations on-point & with solid reasoning. Saved us a lot of time that otherwise be waster on vendor discovery.”
Anthony M. Jerkovic
HEAD OF DATA
5X helped drive three key business goals
Optimizing marketing spends
Understanding app usage & user behavior
Preventing fraud & money laundering
The Impact
$350,000
savings per year
20%
boost in data team productivity
“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.”
Before
60
Days
After
2
Days
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What’s in store for the future?
With the infrastructure 5X has delivered, Jerkovic says, “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 M. Jerkovic
HEAD OF DATA
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