BlackRock’s Emergency Savings Initiative: Providing insight into Americans’ saving behavior

The path to financial stability starts with emergency savings. However, an increasing number of Americans, especially those earning low-to-moderate incomes, are finding it increasingly difficult to survive in today’s highly unpredictable world. To enable these households to build a crucial safety net, the client approached us to develop an agile data analytics system for their Emergency Savings Initiative (ESI) that can help them seamlessly consolidate complex data sets from multiple sources and produce actionable insights into the financial lives of Americans.

Access to rapid insights through an interactive dashboard.
Accelerated decision-making capability to improve short-term saving outcomes and financial security.
Seamless data analysis and consolidation, accessible to multiple stakeholders.
Increased agility and scalability to address future product requirements.

The key challenge for the Kellton team was to seamlessly aggregate and transform complicated data sets coming from the client’s project partners, including employers, fintechs, and financial institutions.
The client's existing system lacked agility and scalability, hampering the foundation’s ability to drive desired results.
The foundation and its ecosystem of partners were struggling to derive value from their data in the absence of an interactive dashboard; the inability to unlock real-time insight was a hurdle for the foundation to gain improved visibility into the financial health of low-to-moderate-income American households.

BlackRock - through its foundation- announced a multi-year, $50 million philanthropic commitment to help low-to-moderate income households across the United States of America. Its Social Impact team further partnered with industry experts - the Common Cents Lab, Commonwealth, and Financial Health Network - to address the savings crisis effectively.

Our Solution-Dummy

The Kellton team delivered consulting, product development, and software engineering services over the lifespan of this project.
Our developers first firmed up the technical architecture and design of the ESI platform with an in-person kickoff workshop. The team leveraged various innovative tools and technologies, such as Amazon S3 cloud storage, AWS Athena for data querying, AWS Glue for ELT automation, and Python for data processing, and transformed the platform into a highly agile, scalable, and accessible data analytics ecosystem.
The code our team created aggregates and transforms monthly financial data into deep insights that further empower a growing ecosystem of employers, recordkeepers, payroll providers, financial institutions, and fintechs who want to help employees, and consumers save.
The project involved multiple stakeholders, and our project managers developed a detailed roadmap and frequently met with the client to ensure seamless communication between all parties. The platform was built using agile methodology, with a demo session every two weeks to showcase the latest deliverables and receive feedback for future iterations.
Our team continues to support the client as they onboard new data providers. This has resulted in an ever-improving insight into Americans' savings health and behavior, from which ESI and its partners can take action to improve financial outcomes across the United States.

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BlackRock’s Emergency Savings Initiative: Providing insight into Americans’ saving behavior

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