Acquisition of a bank’s corporate portfolio
PROJECT
DATA
Hungary
2022.07 – 2022.12.
Unspecified Bank
SERVICES
PROVIDED
METHODOLOGIES
USED
MINDSPIRE’s proprietary banking data migration methodology, including templates, standards and principles for conceptual design, physical/logical mapping, migration-specific testing, documentation, reporting, error handling and cutover planning.
Project scope and targets
The bank has acquired and integrated the Hungarian client portfolio of another financial institution. As part of the integration, all their clients, products and services had to be migrated to the bank’s core banking and related satellite systems.
The migrated portfolio consisted of a relatively small number of large corporate clients with specific, customised products.
Accordingly, the key requirements included a smooth transition of operations and a streamlined data migration process.
Our contribution to the project
Conceptual design, including development of a bank data migration strategy, analysis of the dataset-level scope analysis and proposal of automated vs. manual migration elements.
Detailed analysis and physical/logic mapping of selected, most critical datasets such as client data, accounts, bank cards, loans and collaterals.
Execution of an automated data migration transformation process using MINDSPIRE’s proprietary data migration tool during the acquisition of the corporate portfolio.
Supporting bank data migration testing, designing and executing the live migration process, including manual data migration.
Project organization and roles
Our company, MINDSPIRE Consulting, played a key role in the implementation of the acquisition of the corporate portfolio, providing expertise, methodology and support tools to the bank’s data migration team.
The task and resource planning for the data migration project was done in cooperation with the project manager delegated by the Bank.
MINDSPIRE took full delivery responsibility for data analysis, transformation and target data generation.
Our experts worked closely with the Bank’s dedicated resources to support conceptual design, data cleansing and test coordination activities as well.
Tools
MINDSPIRE DELTA Data Migration Tool: A ready to use application designed, developed and operated by our company.
DELTA supports the setup, execution, monitoring and documenting of the banking data transformation process and ensures a fast, highly automated and audit-proof data migration.
Development of a custom application to support deduplication activities performed by the client during the acquisition of a corporate portfolio.
Key lessons learned during the acquisition and data migration of the corporate portfolio
The challenging schedule has to be supported by a well-prepared strategy, including a precise definition of the scope for automated and manual data migration.
Even for small amounts of data, automatic data migration is preferable to manual execution.
Functional limitations of the target systems do not always allow for manual capture of some of the data migrated, such as pending contracts or overdue data.
Performing a manual data migration is difficult to fit into the short timeframe available during the migration.
Automation allows not only for a more transparent and controlled execution of the process, but also for a more efficient detection and correction of errors and data quality issues during the development and testing phases.
In the case of small-scale and significantly complex product portfolio migrations, very close cooperation and direct involvement of product managers in technical mapping activities is essential.
Our main tasks in the bank data migration project
- Development of the bank’s data migration strategy.
- Creating a roadmap.
- Executing the transformation process for selected, most critical data sets.
MINDSPIRE Consulting’s profiles involved in the project
- Project manager
- Data migration analysts
- Technical analysts
- Application development support
Our latest Banking and Insurance Data Migration references
Are you interested in our Banking and Insurance Data Migration services?
You can find more information here: