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As banks race to digitise their businesses, modernising core banking platforms has become essential to compete against new entrants, improve customer experiences, and strengthen operational resilience. But there's a critical component many banks are overlooking in this core transformation journey - data migration.
Data is the lifeblood of banking operations. As you overhaul your legacy systems, migrating data effectively is not just important—it's vital to unlocking the full benefits of core modernisation. Modern core banking solutions are built on open standards that allow you to decouple data from the core and create a more flexible, future-proof data infrastructure.
By aligning your data migration strategy with your core modernisation initiative, you can lay the foundation for an ‘enterprise intelligence’ approach that allows you to truly harness your data as a strategic asset. This means fostering a data-driven culture, learning from your collective information, and applying those insights at scale to drive innovation, enhance customer experiences, and improve operational efficiency.
However, data migration isn't without its challenges. Banks face risks around maintaining compliance, preserving the customer experience, and minimising disruptions to other systems during the transition. The good news is the latest platform capabilities, and strategic partnerships can help you overcome these hurdles.
Are you ready to transform your core while unleashing the full power of your data? Download our latest research with IDC, Unlocking Enterprise Intelligence in Banking Systems, to discover:
- The key benefits of aligning data migration and core modernisation
- The pros and cons of different data migration strategies
- How platform features and partnerships are critical to success
- Essential guidance to enable enterprise intelligence through your data migration
Get these insights and more and unlock your data's potential and banking transformation. Download the full report now.