LendingPoint, Online Lending Platform, Gets Real-Time Infrastructure Monitoring in a Single Dashboard
Industry: Financial Services
LendingPoint, provider of financing solutions to consumers, merchants, and eCommerce businesses, uses multiple cloud provider services and multiple service integrations to gather data. These service endpoints alone are varied, as well as daunting to proactively monitor. The company also integrates with third-party APIs to get credit reporting data from the Credit Bureaus. API response times are integral in their decision-making process and a delay in the order of minutes can cause them to lose substantial business. If the UI or any of the backend Web API processes do not return results quickly, or worse, totally fail to return data, there could be multi-million-dollar implications.
Key Pain Points:
- Loss of revenue from outages
- Multiple backend services to monitor
- No current insight to quickly determine the root cause of the issues
- Multiple API response times to monitor proactively
How we fixed it:
TekStream implemented Splunk Observability Cloud (previously SignalFX) as a metrics and performance tool. The near real-time infrastructure monitoring has the potential for overseeing a large number of services, especially Docker containers as they spin up and down in Amazon Web Services (AWS) and Google Cloud Platform (GCP). Infrastructure monitoring of AWS and GPC can be aggregated into a single dashboard, with the ability to filter by either standard or custom tag systems. The main thrust however is the ability to quickly determine those bottlenecks in querying and returning data about individual service and API calls via robust application process monitoring.
LendingPoint continues to leverage Splunk as their primary tool to proactively monitor credit bureau APIs to effectively manage and reduce downtime. They decreased the time to identify and triage an outage from 7 minutes to real-time. And in their business where every second of downtime is lost revenue, LendingPoint saves an average of $75,000 per outage which translates into hundreds of thousands of dollars per year.