The news that TD Bank Group will migrate its technology platforms to the cloud — in a similar vein to what Capital One Financial did earlier this year, but using a more gradual approach — may have come as a surprise to some. As American Banker editor at large Penny Crossman pointed out: at one time financial institutions thought their data and their customers’ data was too sacrosanct to ever store in a public cloud. It was no surprise here.
Financial institutions have vast stores of data about their customers. As systems become outdated, needs evolve, and/or regulations change, banks often have to move this critical data from one system to another. In fact, data has to be migrated any time a bank installs a new server or software platform. To avoid losing critical data or hampering access to it, banks need to have a strategy and plan in place before starting the migration process. Lessons learned from other FIs Experience has