Bank of India was founded in 1906 by a group of eminent businessmen from Mumbai. The Bank was under private ownership and control till July 1969 when it was nationalized along with 13 other banks. Presently Bank has an overseas presence in 18 foreign countries spread over 5 continents – with 52 offices including 4 Subsidiaries, 1 Representative Office and 1 Joint Venture, at key banking and financial centers viz., Tokyo, Singapore, Hong Kong, London, Paris, and New York.
Bank of India, India’s leading public sector bank, consolidated its business by upgrading the operations to ‘Finacle’ (Infosys Ltd’s core banking solution) from their in house developed legacy application used for more than a decade. The migration of 2200+ branches took place in stages by establishing a reasonable verification process within the bank. However, during the process and after the branches resuming the operations on the new platform, the data purity challenges were felt. It was thought prudent by the management to independently assess the purity of the data by verifying the Old data (legacy application) and new data (in core banking application). The tons (in several Terabytes) of data verification on proprietary applications were a huge challenge without disrupting the business and with the least intervention of the IT department or application vendor.
Our expertise in Data Migration Audit (DMA) platform or involving MULTIPLE platforms helped the bank to independently verify 100% critical data in record time at a centralized place closer to their data center. The entire 2200 branches were verified to provide detailed insight on data values that required immediate attention. The bank management was empowered to take proactive action to achieve data purity and maintain the highest level of data integrity in a new environment.
The audit and risk management division paused confidence in their analysis of periodic audits carried out with objectives of compliance, managing risk, and improving the effectiveness. Significant assurance was granted to top management by establishing that all the critical data and information is available accurately, thus boosting huge confidence in operations. In other words, the top management achieved a higher degree of governance and assurance.
The bank successfully managed to prevent the revenue leakage due to inadvertent data migration errors. The timely detection empowered the audit team to follow up and ensure the closure of issues emerged during the migration phase.