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Overview

Modernizing legacy banking systems is a challenge facing almost every segment of the banking industry.

Stable legacy systems do what they were created for, but were never designed for the types of digital and data demands found within today’ s market.

However, moving from legacy systems to a modern cloud platform is a challenging process with significant costs and risks involved. Any attempt to transition thoughtfully will involve mitigating as much risk as possible.

In this article, we will lay out a strategy to accelerate the process while reducing risk during migration.

Why are legacy banking systems so entrenched? purpose, but cannot be updated with modern technology advancements nor be easily upgraded or integrated with newer systems.

In the case of banks, if you peek underneath mobile apps, websites, and high-end features of those applications, the actual transactional records of deposits and loans are often being handled by systems running COBOL – similarly to systems in the 1970s – then followed by decades of arcane patchwork fixes over the years.

What’ s being lost by not modernizing?

These systems still work. They are often resilient and reliable in narrow contexts. So why modernize at all? �

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A legacy system refers to outdated hardware and / or software systems still in use because they are still able to fulfill their intended

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