Financial Services
Celona Evolve for Financial Services
The landscape of the financial services industry is going through a period of profound transformation. In part, this is due to the current economic crisis, which is generating a wave of mergers and acquisitions. But there are other factors at play as well. Financial institutions are making extensive changes to their portfolios. There is a greater focus on compliance and risk, which is creating significant challenges for the IT department.
Managing these events involves migrating large volumes of often complex data across multiple business applications, whether that be front, mid, or back office. Financial institutions are keenly aware they need to manage this process as effectively as possible. Migrating application and system data has never been more crucial for system, domain and organisational transformation. Getting this process right is not just an optional extra; it is essential for business success.
These changing times demand a new approach to application data migration. The emphasis needs to be on business processes and organisations must be able to handle higher volumes of complex data.
Current approaches
Traditional approaches to data migration – such as some ETL technology and scripting – have their roots in ageing database technologies that are not suited for handling complex application data migration projects. They were never designed for the applications that drive financial institutions’ front, middle and bank offices. In this environment, applications hook into business processes. It is essential for administrators to be able to track and trace dynamic customer data as it relates to changing product portfolios and adhere to the ever stringent requirements of compliance and regulation.
Celona solution
The Celona Evolve platform for Financial Services has been specifically designed for the financial industry. Celona Evolve is able to handle data migration activities involving core front, middle and back office IT applications and systems. The platform can migrate data while concurrently synchronising it between legacy and new application systems with minimal risk and without business disruption.
Celona Evolve allows IT personnel to manage every aspect of a data migration project from start to finish. Administrators can use graphic UI tools to model and control the migration of single – or multiple applications – at the same time. All these activities are carried out in a zero downtime environment.
Celona Evolve’s advanced track and trace functionality is an important feature. It allows administrators to manage compliance around the management and use of customer data.
In short, Celona Evolve for Financial Services is the perfect platform for financial institutions that need to change and drive greater levels of agility and want to rest assure that their data migration projects will not adversely affect the business.
Benefits
Celona Evolve delivers the following key benefits to financial service organisations:
- Lowers risk – perfect for M&A transformation programmes
- Zero downtime – minimal disruption to the business and customer
- Faster time to value – quick results for data migration projects
- Ensures the successful implementation of SOAs
- Management and control – full control and visibility of the migration process
- A detailed audit trail – perfect for tracking data for SOX compliance
- Creates agility – companies can steal a march on their competitors
- Manages complexity – total workflow management of data, dependencies and models
- Reduced testing cycles – migration dry-runs ensure that projects are delivered
- Future proofing – model libraries and multiple application support ensure ROI
- On time project management – delivers migrations on time and budget