CIO, IOOF Holdings Ltd.
IOOF Holdings Ltd. (IOOF) is one of Australia's largest financial services companies. It offers a range of wealth management products and services, including financial advice, platform management and administration, investment management, and trustee services. It is an Australian Securities Exchange top-200 company, with more than US$100 billion in funds under management, administration, advice, and supervision. IOOF operates many major brands, has more than 600,000 clients, and approximately 1,000 financial advisers.
- Implement a simple, cost-effective, and high-performing database that could scale with the growth of the financial services business.
- Provide clients with a reliable and secure Web interface for managing retirement fund accounts and purchasing financial products and shares.
- Improve ability to manage a large volume of daily transactions, including fee calculations and customer activity, such as account inquiries to ensure high levels of customer service.
- Establish tools to identify and alert the company to potential issues, such as security vulnerability.
- Reduced share-trading processing time from days to seconds, cut trading costs, and improved transparency by facilitating timely sales and purchases.
- Cut the time to develop new database operating environments from hours to minutes through MySQL's simple installation, configuration, and scripting.
- Reduced IT costs by simplifying data processing and lowering administrative requirements, eliminating the need for dedicated database management.
- Achieved high availability for executing millions of rapid and accurate daily transactions, such as fee calculations, and account-balance queries, thanks to a high-performing and reliable database platform.
- Eliminated risk of data outage or data loss by implementing MySQL Cluster's self- healing features, which instantly detect and manage any failures without interrupting service to financial advisers and customers.
- Protected database stability and integrity by establishing an advanced data dashboard to provide health checks and early detection of potential issues, such as security vulnerabilities and risks to financial data.
- Achieved corporate scalability requirements following two large acquisitions by meeting the growth in financial services products, customers, and data, easily managing the additional data-load and performance requirements.
- Enhanced relationships with approximately 1,000 financial advisers and 600,000 investors by providing fast and simple online access to financial queries and transactions.
- Supported minimal hardware and low CPU requirements, reducing cooling requirements and energy use.
IOOF has been using MySQL for more than five years and finds considerable value in the scalable, cost-effective, high-performing database platform.
"MySQL is simple for us to use. It's quick and easy for us to develop on. It's cost effective, which is important to us, and it performs to the level we need," said Andrew Todd, CIO, IOOF Holdings Ltd.
"Courtesy of our acquisitive nature, we have reviewed a lot of databases, and we know what competition is out there, but when we compared MySQL and how simple and cost effective it is to other databases, we were pleased with our decision to work with Oracle."
IOOF began the implementation for MySQL in 2010. The system went live three months after the implementation and was completed, on time and budget.