Maximize the Value of Your Investments to Modernize Core Banking Applications
Financial services organizations today are facing increasing pressures to modernize their operations across the globe. Stiffening competition, pressures to improve business productivity and reduce costs, and market demands for differentiated products and services to attract and retain customers are all driving modernization of core banking applications.
Core banking applications modernization initiatives are multiyear projects. They involve significant work in the integration and management of data, migrating and moving the data into new systems, and archiving it from legacy sources. Unfortunately, projects frequently run over schedule and budget or fall short on promised deliverables. These failures are often due to:
- Improper migration of reference and transaction data from legacy sources into a new target system
- Data quality errors from existing systems, causing delays in delivery timeframes and lowering the business value of new systems
- Invalid test data and exposure to data breaches from unmasked data, causing delays in development and testing
- Inadequate archiving strategies and technologies, causing delays in legacy system retirement
The Informatica Solution for Core Banking Application Modernization
The Informatica solution for core banking application modernization accelerates the deployment of new banking applications, maximizing your investments in new technology. It achieves this by leveraging industry-proven data integration, data migration, data quality, test data management, and data archiving software.
With this solution for core banking application modernization, you can:
- Lower costs of design, development, testing, and data validation
- Ensure timely deployment of new applications
- Expedite development and testing by procuring usable test data from production systems
- Avoid costly fines by protecting against data breaches
- Increase efficiency by retiring applications, while making legacy data available to the business for audit and regulatory purposes
Key Capabilities of Core Banking Application Modernization
The Informatica solution for core banking application modernization directly addresses the challenges that financial organizations face when replacing legacy core banking systems or any other business system or application. Unlike other open source or unproven software tools, the Informatica solution for core banking application modernization provides a comprehensive set of capabilities to support all phases of onboarding and managing data in your business applications. It helps to avoid cost overages caused by manual processes and ensures the timely deployment of new applications and retirement of legacy systems, all while maintaining historical data for the business.
Based on a single, comprehensive platform, the Informatica solution for core banking application modernization features the following capabilities:
- Enterprise data integration including adapters for sourcing required data from any platform, database, structure, or format to ensure proper, timely, and accurate data migration and synchronization among legacy and new systems
- Scalable and secure test data management to efficiently procure subsets of data from source systems, while protecting sensitive information from security breaches during testing and development
- Data quality management and governance to profile, discover, cleanse, report, monitor, and correct data quality issues, ensuring that data is fit for use in your new banking systems and applications
- Data validation to ensure that data migrated from legacy systems into new core banking tables is valid and based on business requirements
- Data archiving to retain legacy data for satisfying ongoing compliance needs, while ensuring timely retirement of banking applications and systems