AdvanceWorks is at the forefront of a collaboration with one of Portugal’s leading banks boasting a substantial stock market presence and a vast customer base. This strategic partnership centers around a crucial initiative – the migration of bank’s master financial database. The challenge lies in transitioning from antiquated technologies, specifically COBOL on the mainframe, to a contemporary framework using generative AI.

The banking institution holds a significant position in Portugal’s financial landscape, serving as a cornerstone for economic transactions and a crucial player in the country’s stock market. The sheer scale of its operations and customer interactions underscores the importance of this transformative project. The migration of the master financial database represents a fundamental shift in the bank’s technological landscape, addressing the challenges posed by outdated systems and setting the stage for enhanced operational efficiency.

The choice of generative AI for this migration is strategic, considering the complexities of the financial domain and the scarcity of professionals proficient in technologies like COBOL. Generative AI not only expedites the conversion process but also ensures accuracy and reliability in translating COBOL code to a modern .NET framework. This adoption aligns with the broader trend in the banking industry, where generative AI emerges as a transformative force, enabling transitions from legacy systems to agile, efficient and cost-effective solutions.

The scarcity of professionals skilled in COBOL intensifies the significance of this collaboration. The project’s importance extends beyond the immediate database migration as it is a strategic move towards ensuring long-term cost savings and operational resilience. As generative AI streamlines the migration process, the financial institution stands to benefit from reduced maintenance costs and a more adaptable technological infrastructure. This collaborative effort represents a critical step in the modernization journey of our client, positioning the bank at the forefront of technological innovation in the banking sector.

Team Collaboration

The project boasts a team of 5 professionals, with a singular representative from AdvanceWorks, ensuring a streamlined and focused collaboration. This inclusive approach aims to synergize diverse skill sets, fostering an environment conducive to a successful migration.

Goals Achieved

The main goals for this project were:

Facilitate migration from the antiquated COBOL programming language to a contemporary technology, ensuring a smooth transition.

Effectively reduce the cost associated with maintenance, enhancing the overall financial efficiency for sustained operational excellence.

Cease the current outsourced service and transit to an internal process

Results

The collaborative work between AdvanceWorks and the banking institution has benefited the operational efficiency, reducing the maintenance cost as it strategically shifted the external outsourcing to an internal process.

Next Steps

In the aftermath of successful migration, AdvanceWorks will focus on continuous support, ensuring the optimal performance of bank’s financial database. This collaborative journey unfolds as a testament to both innovation and a shared commitment to usher our client into a more efficient and technologically advanced era.