IT legacy transformation
How can legacy transformation help financial services firms to offer the best services at the lowest costs and stay ahead of changing market needs?
Legacy systems are expensive to maintain and complex to modify. They make it hard to stay ahead of changing market needs, given how long it takes to develop and release new functionality. At financial services firms, this is made worse because of the need to maintain extensive branches and sales forces. So, legacy systems may be limiting your ability to roll out new competitive features or service offerings, and they are also limiting the ability to compete on cost.
The key question for executives: how to offer the best services to the business and customers at the lowest cost? To stay competitive, this will invariably mean that they will selectively decommission legacy systems and integration infrastructure. They will also need to develop new capabilities that run in parallel.
This is not a trivial problem; at many larger financial institutions, this could involve a three-to-five year timetable. These initiatives are capital intensive and they force a firm to decide if they will be buyers or providers of core services. But this is all the more reason to act now, because waiting to start a multi-year transition could be disastrous.
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