Asia’s leading fee-only digital wealth platform is able to rapidly mine voluminous data to deliver tremendous insights about customers with Cassandra to propel their mission and growth.
S$1.5B assets under management
Event-sourcing microservices architecture
API gateway usage for streamlined app development
Endowus was founded in 2017 by former global investment bankers who were frustrated at the inefficiency, difficulty, and cost of investing their personal pension monies in Singapore. Detecting an opportunity, they set out to help educate Singaporeans about opportunities to improve their financial outcomes while providing them better tools to direct the investment of their own retirement savings through government-approved programs.
Today, Endowus is Asia’s leading fee-only digital wealth platform, featuring access to superior investment products, personalized advice, and lower costs on a seamless digital investment platform for all investors. Licensed by the Monetary Authority of Singapore (MAS), the company was the first digital advisor to span private investment accounts along with Singapore’s public pension and retirement savings accounts. By the end of 2021, Endowus had grown to more than S$1.5 billion in assets.
From the start, Endowus sought to put customers first and understand them more holistically through data. To lay this foundation, Endowus built a cloud-native platform based on an event sourcing pattern with a microservices architecture (MSA) in which all applications run on containers.
With this architecture, every interaction between the company’s platform and its customers, including the transactions occurring as a result between its internal microservices, is recorded as a form of event in Endowus’ Apache Cassandra® database. Events can be triggered, for example, by a customer clicking a button on the company’s website or mobile app, making a deposit or withdrawal, or selecting an investment within the platform.
“The event sourcing approach that we chose produces tons of data that is always flowing and accumulating, so we had to be very mindful about the workload requirements in terms of database write performance and read performance. Because of this, from our earliest days, we started relying heavily on proven open source technologies such as Cassandra,” says Joo Lee, CTO and Partner, Endowus. The Cassandra database allows Endowus to store exponentially growing volumes of unstructured data, deferring data structuring decisions to more flexibly meet evolving business requirements over time.
The solution leverages DataStax contributions to the Stargate Data API Gateway, which eliminates drivers and the need for Endowus’ developers to learn Cassandra Query Language (CQL). With Stargate, the team can use a unified gateway and modern APIs including schemaless JSON, REST, and GraphQL for streamlined development. The Endowus team can also use the new open source Remote Procedure Call (gRPC) for Apache Cassandra that was developed by DataStax. Based on the gRPC framework created by Google, the gRPC API enables a cloud-native design pattern and supports advanced features of HTTP/2 for improved performance.
Endowus is realizing the benefits of faster data to enable its developers to provide better investment customer experiences.
Data insights fuel explanatory analysis that Endowus values to understand the hows and the whys of various milestones in its customers’ journeys, from exploration of its investment services to onboarding and engagement over time. “We can closely track various customer groups based on descriptive data to quickly examine impacts of particular programs or investments. For example, we used explanatory analysis to find out at which stage of the onboarding process our customers were most likely to drop or get stuck. We could then focus our efforts on improving that part of the customer journey,” Lee says.
“It is extremely important that we minimize the time to data-driven business decisions by accelerating data collection and analysis that generate actionable operational insights. This is what gives us a competitive advantage in this market. Faster data is critical to that,” he says.
“With the high performance of Cassandra, we can rapidly mine our voluminous data to deliver tremendous insights about our customers to business managers across our organization, which helps further propel our mission and our growth,” says Lee.