Financial institutions must make use of data to survive

Published Thu, Jul 23, 2020 · 09:50 PM

IN THE banking, finance and insurance sectors, legacy systems are the anchors that keep the business rooted to the past. Moving away from legacy systems can be both technically and culturally tough, but it is a challenge that must be faced, especially at a time when organisations are trying to accelerate business transformations.

There are actually multiple challenges at play. Technically, it can be hard to extract data from legacy systems, including ancient storage systems, networking gear, servers, operating systems and applications that run on them.

Chief information officers (CIOs) stress over the complex dependencies that have been built up over the years, as layers of databases, middleware and enterprise resource planning (ERP) systems have accreted. However, doin…