Banking Analytics: Applications of an Ideal Data Migration Solution

Explore Data Migration Services and their Importance in Banking Architecture Modernization

Lending-Data migrations are now mainstream. Banks and NBFCs are choosing cloud-native environments to improve collaboration on datasets. Cloud ecosystems improve ad hoc data services and on-demand data access for multiple teams.

Data migration is the process of transforming extracted data from a source and filling it up to a target system. But regardless of the reasons for data migration, a successful and ideal solution is beneficial in terms of performance improvement and cost optimization.

Identify The Ideal Data Migration Solution

An effective, efficient, and ready-to-use solution is important for an organization since building a tool is complex and time-consuming. Data ecosystem partners need to utilize solutions with the following key capabilities:

Efficient Connector: The solution should allow The sources and target database to be connected from different types of connectors file types and extract, transform, load (ETL) instances.

Intuitive Data Mapping: An intuitive solution with a graphical user interface (GUI) enables easy visualization. A code-free, drag-and-drop GUI for mapping the source and target metadata and transforming rules reduces any tedious efforts during this critical process.

Portability: The data migration process should be functional in all compatible environments regardless of where it is being defined. This simplifies data for users working on production and ongoing migrations.

Data Integrity: The solution should factor in the orchestration of related tables and migrate data to the target system accordingly so that the target records of tables remain in sync.

Data Reconciliation Report: Detailed performance statistics of the volume of data migrated, its accuracy, and completeness offer users deep insights into the efficiency of the migration process.

Most common Cloud Applications

Accessing Data through a cloud helps build comprehensive lending, recovery, and regulatory reporting processes. The current uses of cloud solutions for Banks and NBFCs are - Productivity Solutions: Cloud computing helps companies to reduce disaster turn-around time (TAT) and IT workloads which in turn increases collaboration and consistency.

Cloud-based Infrastructure: Cloud infrastructure offers many benefits like low operational costs, higher scalability, security, and flexibility. It is customizable according to your needs like SaaS.

Application Hosting: Before cloud services, applications were shared on different servers connected to the internet. But now apps can be hosted with greater flexibility and enhanced security.

Get in touch with D2K Banking Fintech Consultancy Experts for more information on roadmaps for deploying technologies for comprehensive data analytics.