A core conversion happens when a business chooses to update or change its platform software that performs all of its major transactions and functions, as well as managing customer data. Reasons to move to a new core solution include:
Legacy systems have stunted business growth
Platform software doesn’t support the business process flow
Disparate data sources have weakened reporting and analytics
Diminished competitive advantage
Governance, risk, and compliance issues
Inability to accurately define/segment customer population
Statements of poor customer experience
How to Conquer a Core Conversion
Platform changes can be overwhelming, and the ability to keep existing reporting and trust levels is critical. However, the process can be less daunting and go much more smoothly when you choose an experienced data team who will work with your integrator to set you up for success. As your data specialist, we’ll help you;
Draw up a clear plan and timeline for your data preparation
Discover data defects and empower you to make corrections with a couple of clicks
Work with your integration partners to ensure your data is mapped, migrated, and validated correctly
Conversion Payoffs
When your conversion process is complete, you’ll have access to advanced reporting capabilities and clean data that can be leveraged for efficiency, deeper business insights, and competitive advantages. A clear data strategy and framework enables you to:
Define BI for each department
Perform cross-portfolio analysis
Automate reconciliation between platforms
Track historical data access and audit trail of past systems
Rely on a single source of truth for all business KPIs
Satisfy regulatory needs - like CECL, for instance