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