Data migration after a bank or branch acquisition is a particularly important process as a financial institution looks to leverage its expanded footprint while not interrupting service to customers. Banks are increasingly using data automation software to speed up and otherwise improve their very critical core banking migration projects for the following reasons.
Reduced project time and costs are goals in every industry. Data automation software, such as Foxtrot, delivers that value and more to banks during post-acquisition integration. Typically, the schedule requirements for a bank’s core migration project are very tight, and often core vendors cannot meet the 90- to 120-day turnaround time of the financial institution. Data automation software shrinks the amount of time required to complete the migration so that the bank has a greater chance of meeting its target rollout date.
Data automation tools can build the vital input files for the core system so an expensive de-conversion file from the core vendor is no longer necessary. Foxtrot works at the user interface (UI) level rather than the programming level where a bank’s core vendor operates. That means a bank can replicate the manual migration process while circumventing the vendor’s programming hurdles.
The increased speed and agility of using data automation during a core migration means lower overall costs for a bank. It’s also estimated that the return on investment (ROI) for software like Foxtrot can be almost instantaneous given the considerable fees and time it can save an organization during the process.
Data automation software eliminates the extra step of post-conversion cleanup. At the programming level, bad data can be pushed through during the core migration, which could potentially jeopardize the bank’s “Go-Live” date. Automation eliminates the need for post-conversion data cleansing because the original source data must satisfy all of the input criteria in the UI for the bank’s core system as if bank personnel were keying in the data.
By using data automation software, banks can avoid getting stuck in the middle of a core migration project. Automating the data migration process after a bank or branch acquisition can save time and money and ensure greater data quality.
For more information, read our white paper, ” Revamp & Revolutionize Your Financial Institution’s Operations With Robotic Process Automation.”WHITE PAPER: Revamp & Revolutionize Your Financial Institution's Operations with Robotic Process Automation