Leading European Banking Organization
Enhanced Data Governance helps global bank overcome regulatory and compliance challenges.
A global financial institution with over 15,000 employees wanted to migrate over 1 million savings accounts to a purpose-built banking application and lower overall total-cost-of-ownership. Because the financial industry as a whole had experienced a number of failed migrations that had disrupted consumers, a regulator was brought in to oversee the organizations’ data migration and ensure consumer data protection. As the organization engaged in its data migration effort, it would need to provide full visibility into the project and follow best practice compliance. Any lapses would result in delays and potentially hefty fines.
We deployed the Syniti Knowledge Platform (SKP), our solution for Advanced Data Migration. While the platform seamlessly orchestrated the migration of the organization’s savings accounts, Syniti’s team of 100% data-focused consultants delivered real-time dashboards for the regulators. We were able to show the status of all accounts, where each stood in the migration workflow, and which accounts had failed the loading criteria.
Syniti’s out-of-the-box and custom data migration dashboards gave the organization and financial regulators the visibility, control, and confidence. All parties were able to see that customer data had been protected throughout the process. By the end of the program, the regulator was so impressed with the insight and effectiveness of the approach, that she commented, “It was the first instance of an automated, lights-out data migration we’ve seen executed successfully.”
In addition to maintaining compliance, Syniti completed the migration successfully in Q3 2021. Thanks to the validation and checks performed by the SKP, only the accounts that met the client’s criteria were automatically migrated over, ensuring perfect data quality in its SAP banking application. Finally, thanks to the automation components embedded in SKP, the organization was able to dramatically reduce the number of staff required participate, freeing up 80% of its dedicated data team to work on other tasks.