Ongoing modernisation, insofar as shifting applications to the cloud from mainframe, is the next step in the digital transformation of financial institutions’ systems. Firms go about this in different ways, often as a result of their unique, monolithic applications. Thankfully, the ability to tailor the transition approach means that their idiosyncratic legacy systems are no longer an inhibitor for digital transformation.
Banks must formulate a precise selection process to determine what parts of their business should shift to the cloud and what should not, depending on the services they wish to maximise.
As banks have to work with vendors in order to modernise their self-developed applications, this process can present a significant logistical and time-consuming challenge.
This is often seen as a gating factor for financial institutions, as they need to secure the vendor buy-in. Retaining talent to sustain monolithic applications which were being developed over the last decades is another hurdle, especially when special knowledge about e.g. legacy development languages, operating systems is needed.
Sign up for this Finextra webinar, in association with Deloitte and Amazon Web Services (AWS), to join the panel of industry experts as they discuss the following areas:
- What are some of the decisions that financial institutions should consider before deciding to go to the cloud?
- How do financial institutions decide what they want to maintain on the cloud? Is there any interest in keeping certain elements on-premises?
- What are the phases that FIs go through as they modernise mainframes?
- What are the key challenges that come with modernising a mainframe?
- How can leveraging the cloud’s ‘hyper scaling’ ability better position banks and insurance companies for the future?
- What are some examples of this modernisation happening successfully?
- Why is finding and retaining raw talent so important for banks to consider in this process?
- How can banks handle the generation shift?