FinDART

This product is aimed at retrieving the historical data from the legacy systems of banks / financial institutions and providing MIS /query facilities.

The banking industry has been facing rapid changes in the use of technology for driving its business needs. From manual ledgers and registers there have been consistent efforts from the banks to deploy various types of technologies for achieving their business processes. Thus we have seen banks moving from one kind of system to other, namely,

Migration to newer technologies equips the banks with better control over current data and application, but the data held in legacy applications pose a new challenge. The regulatory requirements, Business intelligence needs and active consumer movements call for policies and strategies in place for data retention, archival and retrieval.

An effective archival solution can become a business intelligence tool, increasing revenue opportunities for an organization apart from regulatory compliance. Data stored in native file formats should be accessible to end users and applications for business use such as data mining, application testing, etc.

One of the major challenges in data archival from legacy application is the archived data itself. This is no oxymoron. The data is held in disparate legacy systems in different kinds of storage medias and drives. Maintenance and support for these hardware and application systems are either non-existent or quite scanty, where available. Non standard data capture methods; data storage in unreliable media and outdated reading devices and multifarious legacy applications has virtually rendered the archived data non-retrievable and hence non usable. Many banks are exposed to the risk of non-compliance to regulatory requirements, non-serviceable client requests and in accessibility to the wealth of data on legacy application. Not a healthy sign by any standards.

The data management techniques and plans are mostly focused on disaster management and business continuity plans. The issue of historical data management with emphasis on archival for retention and retrieval is not given the due merit it deserves. This becomes more pertinent in the light of the regulation that demands Banking, financial services and Insurance (BFSI) Companies, to archive data for at least seven years.

The spirit behind the regulation is that archival is for retrieval. Hence, it would make a lot more sense, to archive the historical data in a common format, store it and develop data retrieving tools.

We, Nelito systems limited, in one of our endeavor to serve the BFSI segment, have developed an extraction, transformation and loading tool (ETL) and a reporting engine to retrieve the data addressing customer centric queries, regulatory and statutory requirements and BI needs of the banking industry.