Here are five ways WLA&O can help bank core conversion consultants meet and exceed their project goals:
- Enhanced task scheduling and management
Workload automation tools offer comprehensive scheduling capabilities that allow consultants to plan and execute tasks seamlessly. These tools enable consultants to automate and manage intricate task dependencies, ensuring that each step in the conversion process is executed at the right time and in the correct sequence. By automating repetitive and time-consuming tasks, consultants can focus their attention on critical decision-making activities and strategic planning, thereby improving overall project efficiency.
- Improved data migration and validation
Effective data migration is one of the keys to a successful bank core conversion, as it involves the transfer of vast amounts of customer or member information, transaction records, and other critical data. Workload automation tools can streamline this process by automating data extraction, transformation, and loading (ETL) tasks. With the ability to integrate with various data sources and formats, these tools ensure accurate data migration while minimizing the risk of errors and data loss. Additionally, workload automation tools facilitate data validation, enabling consultants to verify the integrity and consistency of migrated data, ensuring a smooth transition to the new core system.
- Buttoned-up compliance and risk management
Financial institutions must comply with some of the strictest regulations of any industry sector, which is why core conversion involves strict adherence to regulatory compliance, data protection, and risk management standards. Workload automation tools can aid consultants in fully complying with banking regulations by automating the execution of compliance checks and creating an audit trail. WLA&O can be configured to monitor the conversion process, generate reports, and flag any anomalies or compliance breaches, enabling consultants to take immediate action when necessary. By minimizing the risk of non-compliance, WLA&O supports consultants in ensuring a successful and legally sound core conversion process.
- Effective monitoring and error handling
During a core conversion, project leaders must closely monitor the entire process and promptly address any errors or issues that arise. Workload automation tools provide real-time monitoring capabilities, allowing consultants to track the progress of each task and identify potential bottlenecks. Automated notifications can be set up to immediately alert consultants and key personnel of any critical issues, enabling them to take swift corrective action. By ensuring proactive error handling and minimizing downtime, workload automation tools contribute to the smooth execution of the core conversion project.
- Time to focus on higher-value initiatives
By automating hundreds or thousands of manual tasks every day, organizations that use modern WLA&O solutions like OpCon to their full potential can save over $375,000 on average every year.* These organizations have reduced or completely eliminated costly human errors from their business-critical processes and given time back to staff to focus on high-priority strategic initiatives, like digital transformation, that directly address member and customer demands.
Bank core conversion projects require meticulous planning and execution, and consultants are charged with effectively managing numerous tasks and dependencies. Modern-day workload automation tools provide bank core conversion consultants with the necessary support to streamline and enhance their work. By automating task scheduling, facilitating data migration and validation, ensuring compliance, enabling effective monitoring and error handling, and reducing the amount of staff time devoted to the project, modern workload automation and orchestration tools help to increase the efficiency, accuracy, and productivity of a core conversion. Embracing these tools allows bank core conversion consultants to successfully navigate the complexities of the project and focus on getting the job done—on time, as requested, and under budget.
Are you a bank core conversion consultant? Learn how your next project can benefit from the industry’s most powerful workload automation and orchestration solution, OpCon from SMA Technologies. Contact us today at [email protected].
*Based on conservative internal calculations by SMA Technologies for OpCon customers that automate at a pace of 105 seconds per task (i.e., 30 seconds to key a manual task, 60-second wait time between tasks, and 15 seconds to verify successful completion of the previous task) at a rate of $34.85 per hour (i.e., average hourly rate for a full-time employee assuming no premium pay for overtime, holidays, nights, or weekends). These calculations don’t include any expenses for errors, re-processing, or other manual operations-related items.