You’ve just acquired a reputable asset for your bank.
After months of negotiations and hard work, your bank has acquired another financial institution. Congratulations! You’ve expanded your customer base, boosted your capital, decreased your risk profile, and increased your talent pool. This is an exciting time for your bank.
Whether this is your first acquisition or your tenth, there can also be many uncertainties. Will there be a good cultural fit? How will the customers respond to the changes associated with this acquisition? How will the bank maintain compliance during and after the acquisition process? You’ve worked hard; you want to ensure that the result of your efforts are successful.
And their data is a complete disaster.
Ignored in the excitement of this acquisition, you’ve also acquired seven years of another bank’s customer data. Because every bank handles data differently, the data could take a number of forms. It might be contained in a core system from a different vendor, housed in three different locations from previous acquisitions, or on a stack of CD-ROMs.. It’s unlikely that your acquired bank will handle data in the same way yours does.
In order to effectively complete the acquisition, you also need to manage this data. Unfortunately, you have no idea what this data contains. It might find corrupt records, orphaned images, or weeks of altogether missing data. If you have a subpoena request from your acquisition data, would you be able to find it? You could commit to the lengthy and time consuming process of converting the other data into your own, but now is the perfect time to explore all of your options.
Conversion isn’t your only option.
While you may not want to mingle this bank’s data with yours, you also don’t have to leave it as it is. Historically, data conversions bring acquired bank data in-house. But these conversions can be expensive take months of time, and increase your audit risk. But there’s another option.
You may instead choose to migrate the acquired bank’s data with ILS’s OmniView Browser. OmniView allows you to view and search your acquisition’s data without investing in conversion. You keep your bank data on its existing system, in it’s native format, while maintaining the acquisition’s data separately and securely. Best of all, OmniView is more accessible and powerful than legacy core systems. Your legacy data has never been this valuable.
ILS can guide you in finding the best solution for your newly acquired data, then we will handle all of the work. Contact us today to schedule a free consultation.