Insights
Addressing Legacy Modernization in Banking and Financial Services
Maureen Doyle-Spare, Head of Asset & Wealth Management & Insurance, UST
One way for organizations to modernize their legacy systems is to leverage advanced development platform environments, such as low-code application environments.
Maureen Doyle-Spare, Head of Asset & Wealth Management & Insurance, UST
Financial Services organizations relentlessly seek to enhance their technological capabilities. In this pursuit, technology executives confront the challenge of migrating critical core transactional applications to newer, more robust platforms, often transitioning to the Cloud. The driving force behind this decision is the need to keep pace with changing business and regulatory requirements while avoiding the risks associated with outdated systems. Amplifying those risks is the common frustration of applications typically running on expensive mainframe hardware with scarce development and maintenance resources. All these factors make it difficult to keep up with the organization’s daily operations.
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Planning for Migration: Top-Down and Bottom-Up Approaches
To ensure a successful migration, taking the necessary steps during the discovery and planning stages is key. Both a top-down and bottom-up approach are required. Organizations must take a top-down approach to identify and classify each sub-application, determining an acceptable disposition point. Organizations should also employ a bottom-up approach using automated tools to log each module over a set period, involving key processes such as month-end to ensure nothing is missed. With this data, organizations can make well-rounded decisions that inform the budget, timeline, and benefits presentation for internal stakeholders.
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Modernizing Legacy Systems with Low-Code Platforms
One way for organizations to modernize their legacy systems is to leverage advanced development platform environments, such as low-code application environments. By using this approach, organizations can gain a deeper understanding of the legacy application and determine which parts of the code are mission-critical. In most cases, only 20-25% of the code is crucial, while the rest are often non-critical add-ons or duplicates of other applications developed on other platforms. With the low-code platform’s rapid prototyping and workflow capabilities, many of these other applications can be redeveloped and integrated quickly into the environment, reducing the risk associated with the critical code.
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Explore Low-Code Benefits for Your Organization
Download our recent White Paper Streamlining Digital Transformation in Financial Services to learn more about how low-code platforms can benefit your organization in migrating and modernizing core financial services applications.