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.
Novo
data stack
Fivetran
Snowflake
dbt
Metabase
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
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
“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
5X helped drive three key business goals
Optimizing marketing spends
Understanding app usage & user behaviour
Preventing fraud & money laundering
The Impact
The need for new infrastructure arose when Novo quadrupled its customer base to 100,000 accounts in just six months.
“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.”
Anthony M. Jerkovic
What’s in store for the future?
With the platform 5X has delivered, 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
Company
Novo is an online business banking platform with no hidden fees built for small business owners.
Headquarters
Miami, Florida, USA
Industry
Software, Banking, Fintech
Achievement
Award-winning banking platform built for SMBs
Company size
387 employees
Features used:
Build, operate and optimize
