Data Migration between companies

Data Migration between companies

Data migration and quality management can pose significant challenges to any financial institution, especially when it involves critical customer and payment information.Recently, we assisted a large banking client in migrating their credit card business to an external company. This project highlighted our expertise in data quality assurance and our innovative approach to problem-solving through the use of real-time monitoring dashboards.

Problem:

A major bank sold its credit card division to another company, which required transferring all customer and payment information to this new owner. However, the bank faced major issues due to poor data quality and a lack of proper processes to fix these errors, preventing successful data migration.

Solution:

Viewwave intervened to help the bank by creating specialized dashboards that monitored data quality issues in real time. The approach was methodical and consisted of a structured three-step process:

  1. Requirements Analysis: Identified and understood the specific data requirements set by the acquiring company to ensure compliance.
  2. Rule Development: Developed a series of rules to pinpoint discrepancies where current data did not meet these requirements.
  3. Dashboard Reporting: Consolidated the findings into detailed daily reports presented through the dashboards.

These dashboards run daily to highlight errors, which were then addressed by an operational team to improve data accuracy and ensure regulatory compliance. The dashboards enforced a set of criteria that needed to be fulfilled to stabilize the dataset. Data transfer to the new company's management system was authorized only after meeting all these stringent conditions.

Impact:

Before Viewwave's involvement, the project had been struggling for two years without success. Within just six weeks of our intervention, the new dashboards were operational, allowing the team to begin rectifying flawed data entries. After three months of rigorous data cleaning and corrections, the migration process was completed effectively, and the bank was able to successfully transfer all necessary data to the external company.

Summary

What sets Viewwave apart is our commitment to delivering tailored solutions that address the unique challenges of each client. No two companies are alike, which is why we take the time to understand our clients' needs and craft solutions that seamlessly integrate with their existing processes.

If your company is in need of specialists to help with a large data migration, look no further. Contact Viewwave today to learn how we can help you transform your data landscape and achieve sustainable business growth.