Loan management systems are vital for financial operations, as their level of scalability can condition or boost the growth of an organization. This industry is well-known for its resistance to implementing new technologies due to the high regulations they are under. So, moving forward with digital transformation strategies and finding the right IT services provider is becoming more challenging.
This finance company needed its platform for accounts and loan management replaced with a newer and more complete system. This is how we did the Nortridge Loan Management System migration.
Needs Identification: A safe and Complete Data Migration
Working with loans, especially during a migration, can be very challenging. It’s important to validate and make sure that information is accurate and isn’t corrupted in any way. But the main challenge was time. Usually, migration is thoroughly planned to prevent any data loss or corruption, especially if it’s within the finance industry.
Knowing this, our remote team opted to prevent and plan. We strategically analyze all loan management system migration requirements, workflow, and other considerations to prevent risks and plan for all possibilities down the line.
When you’ve got a short time frame to complete a laborious task, taking valuable time to plan and strategize may seem passive. But in this case, where there was little to no room for delays or pushbacks, this was a key factor in successfully completing the project. Everyone knew their roles, activities, and priorities, giving the developers the independence to move seamlessly between different stages of the migration.
Main Challenges
- Short Timeline to Implement the Migration
Advancio had four months to complete the migration, which is a noticeably short time frame for the size of the project and the high difficulty level. So, the workload would have to be cramped together to make the deadline.
- Challenging Microsoft Access
Another challenge our team encountered was Microsoft Access. The selected reporting tool was challenging on its own since they had to make the switch from Visual Basic to .NET. Also adding that it required to be accessed, printed and sent to another department.
- Utilization of Queries
In order to complete the project, our development team had to implement the utilization of queries to make sure this feature could still work.
Results
By using .Net, C#, API Rest/SOAP, SFTP File Interaction, SQL Server, Access, SSIS Packages, VBScript, and Report Builder we achieve:
- We were able to support the financial company on an error code consultation within 48 hours when the same request took over 30 days with their internal team.
- An agile and successful migration on time despite working on a very tight timeline.
- We were able to move past being just another “IT outsourcing vendor” to being part of the core team.
- Advancio was referred to another company for a migration similar to what the team had already accomplished.
- Delivered requests add-ons, such as the integration of 8by8.
Digital Transformation Approach in the Finance Industry
Entering the digital transformation wave may not be as easy as it might seem. While having CTOs and using technology to offer more tailored experiences to customers in banking, credit unions, and fintech is more common, making sure that you remain committed to regulations regarding cyber security and sensitive data protection is complex.
The finance industry is not alone in the challenge. So, partnering with experienced IT providers with a solid portfolio can help you enter the game. Saving money, relying on an already existing digital infrastructure, and scaling your legacy systems are just a few of the advantages of implementing this digital transformation strategy.
Looking to grow in the finance industry? Reach out to us to find custom tech solutions and the right development team to help you get there!
