The Challenge
Data and information continue to remain one of the most important assets for any organisation and more so a key element for digital transformation and adoption. Its rate of growth, poor quality, disparate formats and systems makes it perceivably difficult for modernisation initiatives and adoption of new systems. According to Gartner, 83 percent of data migrations fail or exceed their budgets and schedules.
For most organisations, especially those in the realm of finance, failure of this magnitude carries the risk of reduced user experience, significant brand damage, loss of trust and failed modernisation initiatives.
Having worked extensively in the financial industry, experts from TerraAi and 10x Banking came together to resolve the above challenges using an approach and solution that is simple, reliable, repeatable, and secure.
The Solution
TerraAi in collaboration with 10x Banking implemented a comprehensive solution powered by TerraAi’s MigratIO capability for data migrations from any source on to the 10x Banking Platform. The solution leverages no-code user interface, low-code data integration, intelligent data mapping, user defined data pipeline and predictive data transformation to make data available for use by the 10x platform. It ensures data is transformed into required formats, maintaining accuracy and compatibility for use in the target platform.
Enhanced security protocols ensure data integrity and compliance throughout the migration process. In addition, real-time monitoring and analytics are provided to oversee the migration process, alerting to potential issues. Real-time monitoring and analytics are provided to oversee the migration process, alerting to potential issues.
This solution effectively mitigates the complexities of data migration, ensuring efficient, secure, and accurate data transfers with minimal operational downtime, thus improving overall data quality and management.
The Result
The partnership between TerraAi and 10x Banking has demonstrated its effectiveness through a successful proof of concept (PoC). This collaborative approach has shown that it can significantly expedite the data migration process, with the potential to prove feasibility using real data as early as 6-8 weeks from the start of engagement. The entire migration can be completed within just four months, drastically shortening the typical build cycle.
The only remaining challenge lies in the quality of data that banks and building societies wish to migrate. This partnership ensures that the technical aspects of migration are efficiently managed, leaving institutions to focus on ensuring their data is clean and ready for migration.
By leveraging TerraAi's user-friendly, low-code platform, and 10x Banking's structured framework, this approach not only reduces costs and risks but also delivers a repeatable and reliable migration process.
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Let's explore together how we can help with your data migration challenges.
