Established banks are facing challenging market dynamics, including intensifying competition, evolving customer expectations, decreasing profitability, and ageing legacy technology infrastructure.
In the face of these challenges, banks are contemplating tech modernization and digital transformation initiatives; however, a key component, the core platform, is perceived as being too difficult and complex to migrate because banks often lack the internal expertise and tools needed to successfully migrate from a legacy to modern core platform.
The Powered Data Migration service brings together KPMG's deep expertise in data migration with Thought Machine’s Vault Core to enable banks to confidently accelerate and de-risk their end-to-end core migration journey. The solution includes powerful and proven IP features to enable data quality and readiness, transformation, and reconciliation, all supported by business-centric dashboards.
Reduce project risk and complexity
Accelerate migrations and improve data quality
Build business confidence in migrations
The Powered Data Migration service contains all the automation needed to deliver an end-to-end migration of account data from legacy cores to Vault Core.
The fundamental building blocks of the service are embedded in the Powered Data Migration method. This includes KPMG's tried and tested data quality checking as well as transformation and reconciliation logic.
Business centric dashboards applied on top of this framework provide not only clear reporting for stakeholders, but also enhanced drill down capabilities to easily identify and rectify any identified data quality issues.
All of these features are taken a step further and pre-configured for Vault Core. This includes not only the underlying data logic, but also Thought Machine’s full suite of migration tools such as the time series testing to validate product behaviour before migration and Vault’s migration APIs to support the automated staging and loading of data.
To demonstrate how efficiently an end-to-end migration can be achieved, a team of KPMG engineers built a complex loan product in 3 days on Vault Core, and then used the Powered Data Migration service to complete the migration of legacy loan accounts to Vault Core in 10 weeks