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During a meeting with the CIO of a Top 5 bank in Germany, I was introduced to a lady who was retiring that same weekend. The CIO averred that she was the last employee in the bank's IT department who knew the nitty-gritty of a certain mainframe application. I pitched for a project to transform the legacy application to open system. The CIO promised to internally discuss the risks of moving from legacy to open systems and get back to me. This was in 2002 or so.
Fast forward to 2013: The bank still uses the same old mainframe application.
It's easy to conclude from this incident that banks are stuck in the old world of legacy technology. Like many others, it might even be fashionable for me to make doomsday predictions about the future of banks.
However, that would be turning a blind eye to how technology vendors have thwarted the change to the status quo.
There are at least six issues with open systems that hamper legacy transformation.
Three of them are:
In Part 2 of this post, I'll cover the remaining three factors that hold banks back from abandoning their legacy applications. Watch this space and, meanwhile, feel free to share your thoughts in the comments below.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Alex Kreger Founder & CEO at UXDA
22 August
Nick Green Director at Purple Patch Broking Ltd
Priya Kumari
20 August
Oleg Stefanet Chief Risk Officer at payabl.
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