As technology evolves, financial institutions often find it in their best interest to adopt new systems. However, apprehensions about data migration may be a significant deterrent.
DLT Apps, which is transforming financial services through digital solutions, recently discussed the challenges of large-scale data migrations with Nikhil Manjunatha, their lead data engineer
Manjunatha began the discussion by highlighting the availability of newer, faster, and more secure technology platforms for firms in the financial sector. These tools can give them boosted efficiency, greater security and the ability to transform their operations. Migrating to these new solutions is vital.
Despite the opportunities, some financial institutions might be hesitant to migrate their data. Manjunatha explained, “One of the main reasons i think they are not doing it is because of the brand damage and risk associated with it. It takes a lot of effort and time, and the risk involved is high.”
There are solutions in the market that can give firms peace of mind for data migration. One of these is TerraAI, the flagship platform from DLT Apps. The platform simplifies data processes through modern engineering practices and AI technology. The no-code solution can ensure repeatable, accurate and secure migrations with minimal downtime.
“We built TerraAI with all these risks in mind. We understood that migration should be about understanding the business and the data, and not about writing code to build each and every migration pipeline.”
Additionally, Manjunatha noted that solutions should be repeatable to accelerate development and testing cycles. Similarly, firms should prioritise getting to production quickly, as most data issues arise with real data that can only be proven in a live environment.
Other boons of TerraAI are that it comes with built-in reconciliation capabilities out-of-box, automatically generates attribute-level reconciliation reports, and additional business-specific reports can be configured when needed.
Watch the full interview here.
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