Raymond James Financial

Oracle Customer Success

Raymond James chose Oracle Data Integration to improve financial advisor productivity

Summary

Raymond James chose Oracle Data Integrator and GoldenGate to power a real-time operational data store to consolidate heterogeneous databases. It delivered high-performance replication and easily integrated with Oracle's ETL solution to generate client performance reports in seconds, not minutes. This enabled thousands of financial advisors to help clients make better decisions.

Business challenges

Raymond James Financial is a leading, diversified financial-services company providing private client groups, capital markets, asset management, banking, and other services to individuals, corporations, and municipalities. Its three principal, wholly-owned broker-dealers—Raymond James & Associates, Raymond James Financial Services, and Raymond James—have approximately 6,200 financial advisors serving in excess of 2.5 million client accounts in approximately 2,500 locations throughout the United States, Canada, and overseas. Total client assets are approximately US$462 billion. Public since 1983, the firm has been listed on the New York Stock Exchange since 1986 under the symbol RJF. 

Raymond James Financial needed to centralize systems to provide enterprisewide visibility for operational data (such as client portfolio data), while also ensuring data quality and governance by replacing legacy financial services-specific services and applications that use point-to-point integrations from multiple sources.

It also wanted to enable repeatable processes in data migration and loading to improve productivity and operational efficiency and accelerate the time to market for new financial services

We used Oracle Data Integrator and Oracle GoldenGate to power our Operational Data Store Project, which is the next generation of financial-advisor applications for Raymond James. Using Oracle, we’ve improved data quality and governance, accelerated the time to market for future projects, improved performance and system availability, and reduced IT environment administration and maintenance costs.

Tim Garrod

Senior Manager, Architecture and Core Services, Raymond James Financial, Inc.

Why Raymond James Financial chose Oracle

Raymond James Financial selected Oracle Data Integrator because it is a flexible tool that easily integrated with Oracle GoldenGate to help the company manage the continued growth in the number of data sources that are being added to the enterprise data warehouse, according to Tim Garrod, senior manager of architecture and core services for Raymond James Financial. Additionally, since the company used Oracle GoldenGate for disaster recovery for a number of years, it was familiar with Oracle’s solutions.

 

Results

While already using Oracle GoldenGate, Raymond James implemented Oracle Data Integrator at the end of 2011. Two Raymond James integration developers spent just three months developing, testing, and coding the solution. Since 2011, Raymond James has expanded its use of Oracle GoldenGate and Oracle Data Integrator, and it has executed several very successful projects utilizing the tools.

“The Oracle tools are easy to pick up, even for users with no prior Oracle product knowledge. We developed a fairly sophisticated, intuitive system in just three months,” Garrod said.

Raymond James used Oracle Data Integrator and Oracle GoldenGate as the foundation for its strategic initiative, which it named its Operational Data Store Project, a heterogeneous enterprise information platform that integrates customer and financial product data from seven sources— including HP Nonstop systems, Oracle, SQL Server, and IBM Netezza data warehouses—and provides a consolidated view of company operational data in centralized data storage, running on SQL Server to support financial-advisor-facing applications.

Oracle helped deliver high-quality, accurate data for Raymond James’ next-generation client and portfolio-management systems, enabling better decision-making and service to customers.

Also, Oracle's products reduced the time needed to generate client performance reports from minutes to seconds, helping 6,000 financial advisors improve customer satisfaction through quicker response times.

By enabling Raymond James to halve the time needed to integrate a new data source into the data repository, Oracle products helped accelerate speed to market for new solutions and enhancements.

Oracle solutions also provided 24/7 support for business-critical processes—such as calculating rates of return, which the company reduced from 12 to 16 hours to just between 30 minutes and one hour—and reduced data latency into the data repository from five minutes to a median of nine seconds.

Also, Oracle helped ensure that Raymond James’ financial advisors could meet service-level agreements, which require them to be able to return searches on relevant customer information in two seconds or less.

Application complexity was reduced significantly while developer productivity improved through trusted operational services in wealth management and capital markets.

In addition, application performance improved, enabling engineers to focus on functionality instead of data-quality issues.