The client began a project to switch to a new core banking system and aimed to complete this transition quickly with minimal impact on their daily processes and duties. To successfully complete the project and overcome the challenges arising from limited resources and technical expertise, Avantage Reply supported the Risk department of the bank in preparing for the transition. This was achieved by setting up the necessary data extracts in the new system and creating/amending various software tools to optimize the data and deliver sound and quality reports. Thus, enabling a smooth transition to the new banking system without impacting the reporting processes of the risk department.
The client was in the process of transitioning to a new core banking system. As the go-live date approached, the goal for the Risk department was to have an untroubled transition to the new software environment without experiencing incidents in their daily activities as well as regulatory reporting requirements. Therefore, all reports and extracts that were previously extracted from the legacy banking system, needed to be in place for the switch to the new system.
Resources and technical expertise were two major challenges. The staff of the Risk department were busy with their reporting duties and usual routine, which only allowed limited time to be dedicated to the implementation of the new banking software for the creation of reports. Additionally, current staff had limited expertise in the new system and the business intelligence software used for reporting purposes. Moreover, improving the robustness of the migration process while solving issues related to data quality was very time-consuming, creating a serious risk of delay in the timeline. All this while keeping in mind that the client had set an ambitious deadline for the overall transition which was a challenge in itself.
Avantage Reply supported the Risk department with its transition to the new banking system. The following tasks were among its duties and responsibilities:
All those tasks enabled the bank to transition smoothly to the new system once the go-live date arrived and to prevent any issues for the reporting resulting from the system change.