How you succeed in your next financial data migration
User experience is one of the dominating factors in the battle for the next generation banking customer. And it makes total sense because we all appreciate responsive, easy-to-navigate, and reliable services.
In many cases, better UX requires more than cosmetic changes but a new foundation, such as an upgraded Core Banking Solution (CBS). Moving from one CBS to a more unique or entirely different platform involves the migration of existing balances, customer information, and KYC details.
No matter if you migrate or upgrade your Core Banking System, there are some basic rules to be followed, such as
Business Requirement gathering and defining functionality
Evolving business rules have an impact on the bank's accounting activities. All the modules must be pre-configured in CBS, where the migration occurs.
Mapping
Mapping data based on assumptions causes several errors, thereby hindering the process of Data Migration.
Duplicate
Do not duplicate your data because this will result in a high data maintenance effort and increase your processes' complexity.
Reconciliation
All the data from the legacy system – both financial and nonfinancial should be adequately migrated to preserve data sanctity. However, complex business rules and large volumes of data make reconciliation difficult.
Some general rules for your next financial data migration project
As a takeaway, we share some general rules to make your next data migration task much more manageable.
Ensure the migration strategy finalization involves all stakeholders, including business, marketing, operations, and customer relations
Use the staging area for cleansing and de-duping.
Identify reconciliation requirements and automate reconciliation reports generation ahead.
Plan sufficient mocks to test migration of all systems incrementally.
Perform at least two drills to mimic the migration before going for the real-life migration
Prepare and test roll-back plans for each migration stage as part of the drill runs.
Coordinate between business, IT, and customer support to ensure the customer has a seamless experience during the transition
Our next blog post will outline things to consider when migrating to and from T24 Core Banking systems and share insights about what tools we use.
Keep up the great work!