Business team

Banks can use Robotic Process Automation (RPA) software to save a lot of time, money and headaches on system-to-system conversions and data migration projects. In our white paper, Revamp and Revolutionize Your Bank Operations with Robotic Process Automation, we discuss how banks rely on data automation tools to achieve a better solution for these major, mission-critical endeavors, whether it’s to migrate data from an acquired branch or convert data from a full bank acquisition.

When a bank acquires an institution, branches or a loan portfolio, it also acquires a great deal of data that must be moved and managed. What if your core vendor’s availability doesn’t fit the critical schedule for data migration into your institution’s core processing system? Or perhaps the vendor’s fee doesn’t fit your operations budget.

RPA software offers many advantages for a financial institution’s critical data transfer needs versus the old system-to-system or manual conversion approach:

  • RPA software compresses the time required for a bank’s conversion so it has a greater chance of meeting target rollout dates
  • Automation of the manual file transfer process reduces user input errors
  • Data security increases because all core system conversion activities are performed in the client’s secure domain rather than the service provider’s environment
  • System conversion costs are dramatically reduced, including vendor fees and travel expenses
  • RPA software allows access to existing customers during the system-to-system conversion
  • The reusability of conversion scripts means increased versatility and savings

The Centralization Issue

The most crucial part of system conversions is the centralization of data from your new acquisition. According to Insider Reference Data, financial industry leaders viewed centralization of data as the most important issue to address in 2016. A consultant with experience managing data projects for Deutsche Bank and Credit Suisse maintained that harmonizing Enterprise Data Management (EDM) and Master Data Management (MDM) is the next step, “and the industry should not be content with good data still existing in silos based on the line of business.”

During conversion and migration projects, whether core banking, mortgage loan origination or a commercial lending system, financial institutions have multiple processes that must be completed, such as notifying account holders, cleaning up data and reporting. The robot builds the necessary input files for the target system so that the bank can avoid requesting a costly de-conversion file from the source system vendor. Data is then retrieved from report writer applications and/or query tools. Unlike the traditional conversion project, your banking systems remain accessible while the data transfer process is executed. With all systems remaining online, there is no down time for branches and no interruptions in Saturday banking. The whole process is done quickly and efficiently with an emphasis on accuracy and security.

RPA brings A+ agility to a financial institution’s enterprise-wide data operations, including critical system-to-system conversions and data migration projects. Transferring massive amounts of account data across completely disparate bank operating platforms can be a major hurdle. Like a military general’s ideal strategy, the robot, or “automated employee,” allows concentration in both time and force in the face of this challenge. Information comes before action and with RPA, streamlining system conversions and migrations for desired data centralization can better advance the institution and its business.

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