Data Integration Customer Spotlight: Raymond James Financial

Author: Sandrine Riley, Product Manager, Oracle Data Integration

Company Overview

Raymond James Financial (NYSE-RJF) is a Florida-based diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies. Its four principal wholly owned broker/dealers, Raymond James & Associates, Raymond James Financial Services, Morgan Keegan & Co., Inc. (branded as Raymond James | Morgan Keegan) and Raymond James Ltd., has more than 6,300 financial advisors serving 2.4 million accounts in more than 2,600 locations throughout the United States, Canada and overseas. In addition, total client assets are approximately $388 billion, of which approximately $43 billion are managed by the firm’s asset management subsidiaries.

Challenges and Goals                                

Raymond James’ challenge was similar to many other businesses in that many years of organic growth was leading to IT complexity.   Legacy services and applications were using point to point integrations to consume operational data from multiple sources throughout the enterprise - causing inconsistencies in the data, reduced performance and high maintenance costs.  In most cases, the data affected was client portfolio data, but in some cases this also included standardization of financial market instrument classification.

Solution and Results

A strategic initiative, dubbed Operational Data Store Project (ODS) was started as a foundation brick for the next generation of financial advisor applications for Raymond James.  These applications are used by financial advisors across the organization, as well those whose roles are primarily to support financial advisors. Business and technology drivers included the need for overall improvement of data quality and governance, the need to accelerate time to market for future projects, the need for improvement in performance and the availability of systems and reduction costs within administration and maintenance of the IT environment.

The ODS is an enterprise information platform designed to integrate data from multiple enterprise sources and provide a consistent, consolidated view of the company’s operational data in advisor facing applications.  This ODS platform, leveraging Oracle GoldenGate and Oracle Data Integrator, provides near real-time integration of current operational data and enterprise class services for data consumption.  The solution utilizes Oracle GoldenGate to replicate and perform change data capture from Tandem, SQL Server, and Oracle databases into a single SQL Server environment.  Oracle Data Integrator is then used to integrate these sources into the conventional data model for consumption by downstream applications via services through to the financial advisors.  Latency is a very large element of this project, and whereby the initial requirements placed on the project were 5 minutes of latency – the internal project team aimed for 1 minute.  With Oracle GoldenGate and Oracle Data Integrator in place, jobs are running 24X7, and latency is at a median of 9 seconds (from source to target).  Mission accomplished! 

The ODS platform is to be considered the gold standard for operational data to ensure high quality, accurate results for the consuming applications.  The overall creation of this ODS is the basis for Raymond James’ operational data services and provides the business with robust and scalable enterprise class services and provided a consistent version of the truth.  The platform shows improved application performance to allow just-in-time data delivery and decision making for the enterprise.  It also allows engineers to focus on application functionality, knowing that the underlying data services are proven.  The success of this project is leading to future phases, where technology leaders are requesting extending the scope of data domains within this ODS.  More successes to come from Raymond James! 

For more details, here are Raymond James’ Oracle OpenWorld 2012 presentations and customer videos: 

Additional Information

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