Keith Saxton, Chair, techUK Financial Services Council, at “Banking on the Future”, a seminar produced by Fiserv, Innovate Finance and techUK, talks about how the problem of banks’ legacy systems is not going away and must now be dealt with, and looks at some alternatives to rip and replace strategies, including exploiting the ‘as a service’ model and open APIs, and exploring new opportunities for utilities for non-differentiating activities such as reference data, account opening and aspects of regulatory compliance.