Migrations machine: how Balanzia is improving conversion
June 17, 2020 - 4 min read
Data migrations are a significant concern for any company, especially those operating in the highly-regulated finance sector. Näktergal collaborated with Balanzia to accomplish the seemingly impossible and complete a successful legacy system data migration in just two weeks.
Balanzia is a financial services company that specialises in delivering top-tier financial solutions. Recognising the untapped potential of SMEs in the Nordic regions, Balanzia offers an innovative alternative to traditional banks. The Nordic financial services landscape is fiercely competitive and is characterised by the continuously evolving demands of customers. As a result, it is imperative for banks and financial institutions to become increasingly agile to meet customer demands.
The team at Balanzia are continuously improving existing business processes as they strive to expand their range of products and services to meet the needs of their customers.
Balanzia has long prioritised the importance of technological innovation and continuous improvement. As such, the impetus to migrate to a digitised platform was to improve corporate loan portfolio management and to improve conversion.
For many experienced managers and systems technicians, data migrations are lengthy, drawn-out affairs fraught with numerous issues such as missing or corrupted data and security breaches.
Moreover, Safeguarding confidential data has always been a significant compliance and regulatory issue. All of these challenges have discouraged many financial institutions from upgrading their existing legacy systems for fear of worsening an already bad situation.
The migrations machine
The team developed a Migration Machine that facilitated the automated transfer of large quantities of raw data while at the same time performing the required groundwork for the entire migration project, i.e. gathering requirements and conducting tests. The final steps of the migration project were completed by Balanzia, and thanks to the preparation it meant the actual migrations were completed in a few hours, instead of weeks.
The loans migrated in the project had a value of up to 2 Million SEK. Given the size of their clientele, the sheer volume of data presents a sizable migration challenge to even the most experienced process experts.
Together with Näktergal, and a few Balanzia was able to achieve this whole project in just two weeks with zero errors and no complications. Balanzia was able to accomplish this thanks to the collaboration with Näktergal’s experienced team.
“Early on, we identified the main barrier to switching from a legacy system to a fully digitised system was migrating the old lending portfolio. The term systems migration is daunting for most professionals as these projects often take many months and can be an energy drain to teams. The speed of the migration project combined with the switch being issue free gave us great confidence in an ever-faster expansion,” explained Kim Sundgren, Head of Business Financing at Balanzia.
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