TIAA uses open source to accelerate its delivery model
TIAA is a Fortune 100 financial services organization and the leading provider of financial services in academic, research, medical, cultural, and governmental fields. To continue providing quality financial services to its clients, TIAA teamed with Red Hat and used open source for its new compliance system. After implementing these changes, the company improved flexibility, scalability, and security with in-house operating capabilities.
We have been able to introduce new and enhanced experiences for our operations and client support teams. As a result, we’ve improved the overall client and employee experience and reduced management time and effort.
In 2018, TIAA made a decision to insource its compliance application to lower the cost of providing the service and facilitate rapid changes to meet marketplace needs while modernizing it into a cloud-ready architecture. The third-party system used at the time, Compliance Coordinator, often required lengthy contractual negotiations and reduced TIAA’s control of the application. TIAA could mitigate its compliance system issues and increase the number of feature releases each year by modernizing.
TIAA had four main objectives for its adoption of a new compliance system: gain more control of the compliance system, align the technology with the larger company strategy, accelerate delivery of future features, and create a direct relationship between TIAA and its clients for the compliance service. By working with Red Hat Consulting to implement enterprise open source technology, TIAA built a new compliance system and development process that improved in-house control of the application and delivery speed.
TIAA accelerated development, delivered better user experiences, and achieved faster, more reliable deployments. With the company’s new enterprise open source environment, test execution speeds are 50,000 times faster, deployments are 50 times faster, and time to market is 5 times faster. TIAA went from releasing features twice a year to once a month—with security-focused deployments. As a result, TIAA is better equipped to improve the long-term financial well being of its clients.
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