Legacy Data Migration (Modernize)
In response to evolving market demands and the need for agility, the banking client recognizes the importance of migrating from traditional mainframe systems to open-source solutions. This transformation aims to enhance their ability to swiftly introduce innovative products and services, ultimately enabling them to remain competitive in the dynamic financial industry landscape.
Challenges
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Risk of losing market share due to extended time from ideation to market entry.
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Lengthy product development and testing cycles, taking 6-8 months, potentially impacting competitiveness.
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Dependency of the business team on the technology team, leading to potential delays and communication challenges.
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Inefficient resource allocation and utilization.
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Difficulty in responding to rapidly changing market dynamics.
Results
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Significantly reduced the new product launch window by an impressive 88%, allowing for quicker market entry and competitive advantage.
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Gained a first-mover advantage by capturing the market early, resulting in increased market share and revenue.
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Empowered business teams with the ability to set up products independently, reducing dependency on the technology team by 90%.
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Realized substantial savings in operational costs through improved efficiency and reduced resource requirements.
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Enhanced agility and adaptability in responding to market changes and customer demands.
Solution
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Conducted reverse engineering to identify and document the list of screens and their associated business rules.
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Developed a dynamic page-building concept to enhance screen flexibility and adaptability.
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Implemented a real-time parameter update mechanism with a maker and checker process for improved data accuracy and compliance.
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Enhanced user training and onboarding for the new system.
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Ensured seamless integration with existing IT infrastructure and systems.
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Addressed data security and privacy concerns with robust measures.
Benefits
In conclusion, the modernization of mainframe screens using open-source technology has not only accelerated new product launches, reduced operational costs, and increased market competitiveness but has also empowered the business to respond swiftly to changing market dynamics, ultimately driving enhanced customer satisfaction and sustained business growth.
