What you need to know about SAP Banking Data Migration

If working with legacy data, a migration should be seen as a core part of any project, an enabler of true business transformation. Therefore, migration needs to be considered from the beginning of the wider transformation project and not included as an after thought. If you are new to SAP Banking data migration, here is a crash course on the solution.

In short, what is SAP & SAP Fioneer Banking data migration?

SAP Banking data migration refers to the process of transferring data from a legacy banking system to an SAP Fioneer Banking system – SAP Banking Services, S/4HANA Transactional Banking and S/4HANA Loans Management. This involves identifying and extracting relevant data, transforming it to match the format of the target system, and loading it into the new system. The goal is to ensure that data is accurate, complete, and consistent to enable the SAP Banking system to operate effectively. Due to its complex data model, which differs to other SAP modules, SAP & SAP Fioneer Banking migrations require a unique approach compared when understanding a migration event.

What are the key steps when understanding SAP & SAP Fioneer Banking data migration?

Here are some of the key features and functionalities of SAP banking data migration:

1. Data extraction: SAP banking data migration involves extracting data from legacy systems such as mainframes, AS/400s, and other banking systems.
2. Data transformation: Once the data has been extracted, it needs to be transformed into a format that can be easily imported into SAP or SAP Fioneer Banking solutions. This includes mapping data fields and defining data rules.
3. Data cleansing: Data cleansing is the process of identifying and correcting or removing any errors or inconsistencies in the data. This is a critical step to ensure the accuracy and completeness of the data.
4. Data migration: The data is then migrated into the SAP or SAP Fioneer Banking solutions. This involves loading the data into the SAP system and validating that it has been correctly migrated.
5. Data reconciliation: After the data has been migrated, it is important to reconcile the data in the SAP Fioneer system with the data in the legacy systems. This ensures that all the data has been correctly migrated and that there are no discrepancies.
6. Data validation: The final step in the data migration process is to validate the data in the SAP Fioneer system to ensure that it meets the business requirements and is ready for use.

Overall, SAP & SAP Fioneer Banking data migration is a complex process that requires a deep understanding of both the legacy systems and the SAP & SAP Fioneer Banking solutions. It is important to have a well-defined migration plan and to work closely with the business stakeholders to ensure that the data is accurate and complete.

Why should organisations consider SAP & SAP Fioneer Banking data migration?

Migrating data on to any SAP Financial Services solution requires precise planning and detailed knowledge of the system. Although SAP & SAP Fioneer banking modules are standard software, they differ significantly in structure and data model compared to other cross-industry solutions, coupled with client specific configuration and data usage depending on the business processes specified as part of the implementation. Whether you are planning a transition to S/4HANA or S/4HANA Transactional Banking, System Landscape Optimisation, Merger, acquisitions, divestitures & restructuring or System consolidation in order for a business to succeed in this complex undertaking, all steps must be planned accordingly and precisely executed.

Organisations should consider a migration to SAP Banking for several reasons, including:

Centralised Data Management: SAP & SAP Fioneer Banking solutions provide a centralised platform for managing all financial transactions and customer data. By migrating to SAP Fioneer Banking, organisations can consolidate their financial data into a single, integrated platform, which can help reduce errors, improve data accuracy, and enable better decision-making.

S/4HANA Transformation: whether upgrading form SAP Banking Services to S/4HANA Transactional Banking, or SAP CML to SAP Fioneer Loans Management, data migration is a fundamental part of the processes.  With various upgrade pathways including brownfield conversion, greenfield implementation, or Select Data Transition (parallel run) its essential the reconciliation and transfer of data is considered a top priority.

Improved Data Quality: consolidating varying legacy systems to SAP & SAP Fioneer Banking solutions provides the financial institution to reconcile and harmonise legacy data – powerful when this data is coupled with new technologies such as Machine Learning and Artificial Intelligence.  This can help improve the accuracy and completeness of financial data, which is essential for meeting regulatory requirements, ensuring compliance and understanding client behaviour..

Better Operational Efficiency: by migrating to SAP & SAP Fioneer Banking, organisations can streamline their financial processes and improve operational efficiency. This can include automating routine tasks, reducing manual data entry, and improving workflow processes, which can help reduce costs and improve productivity. In addition, operating from a single system can make a significant impact on your TCO.

Regulatory Compliance: SAP & SAP Fioneer Banking solutions are designed to meet the regulatory requirements of the financial services industry, including compliance with the Basel III framework, Anti-Money Laundering (AML) regulations, and Know Your Customer (KYC) requirements. By migrating to SAP Banking, organisations can ensure compliance with these regulations.

What important questions need to be consider before undergoing a data migration project?

• Do you understand your legacy system and the data that you are considering to migrate?
• Do you have the expertise available and a team who understand the target system?
• Do you understand the options available (big-bang, delta, phased) to you when moving data from legacy to the target system?
• What tools and/or accelerators are available on the market and whether you can leverage proven techniques in the context of the technology at hand?
• What drives complexity, duration and effort throughout the migration event and how can delays be prevented?
• What test strategy and structure will be put in place and do you have the right expertise at hand?

What can you expect from working with bancon?

We’ve been the trusted leader in strategising, conceptualising and executing SAP & SAP Fioneer Banking migrations directly with financial institutions and through SAP for more than 20 years. Powered by our world-class global delivery, proprietary accelerators and obsession with solving complex business problems through innovation. Our expert consultants have ensured the smooth migration of over 200 SAP data management projects, while maintaining full data integrity with minimal effects to day-to-day business operations. 

• Led, executed and supported SAP with the majority of their core banking migration projects globally
• 100% success rate, we have never failed a migration
• Dedicated FSI Migration team, with the sole focus of delivering successful migrations specifically for financial institutions running SAP solutions
• Responsible for the delivery of SAP’s most complex banking migration
• Developed the migration tool (bDataLoader), which now forms part of the standard SAP tools used by their consulting division on global core banking, finance and insurance projects
• Developed many of the now standard data management (DMLT/SLO) tool base used by SAP Consulting on many of their leading projects including, Rabobank, DZ Bank, FGH Bank, Allianz, Nan Shan Life Insurance
• Executed the migration for 50 top global financial institutions spanning retail, corporate and investment banking
• Unique set of proprietary S/4 and SAP Banking focused tools to accelerate all phases of the consolidation, conversation, transformation and/or migration process

If you’d like to find out more get in touch and find further reading on the solution here