Through the course of economic business cycles, financial institutions often purchase or dispose of parts of their asset bases – for example, retail credit cards or commercial property loans. When this happens, it is critical that data is properly migrated to avoid losing the value of the complexity that lies within it.
Often, when senior executives make significant strategic mergers and acquisitions decisions, they reserve budget for business, process and marketing integration. However, rarely is the difficulty and complexity of the data taken properly into account substantially. Over the last decade, this has rapidly become one of Monocle’s key capabilities, and owing to our diversity of experience in the financial services sector, across all types of banking assets in many different jurisdictions and locales, we are often chosen to partner with financial institutions during the data migration process. Our teams of highly skilled and knowledgeable resources assist organisations to manage the inherent complexity of migrating data, executing rapid migrations under strict and often very pressurised timelines.
Our comprehensive approach to data migration includes performing the preparatory steps required, such as the implementation of solutions that will improve data quality and provide structure to data processes, as well as participating in the migration itself, ensuring that the handover of the data is executed efficiently. With the data successfully migrated, the new stewards of the data can be confident in its quality and use it strategically to advance their businesses.