While going digital is the new norm and part of the strategy for many business organizations, banks lag behind their legacy systems. These systems lack flexible architecture and are incapable of imitating the digital experience provided by companies. Therefore, they are now focused on core transformation. With this comes the challenges of migrating data from the existing system to the new platform. The key considerations in any data migration are data extraction, cleansing, transformation and mapping, and archiving the data. Significant time and money are spent performing these activities, and hence they must be handled with the utmost care. An accurate and timely migration is critical for ensuring effective core deployment and decommissioning of legacy systems.
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