Escaping the Problems of Legacy IT in Banking

By Andrii Mykhalniuk and Cliff Moyce

Cliff Moyce, Global Head of Finance Practice, and Andrii Mykhalniuk, Solution Architect at DataArt, share effective strategies for solving inefficiencies of legacy IT architectures in their bylined article for Information Management magazine.

“Typical business issues with enterprise IT architectures that need to be addressed urgently include cost of operations and support; lack of flexibility and agility; excessive and unhelpful complexity; and excessive redundancy.

The good news is that cloud computing can be of huge assistance in addressing these issues. In fact, we would go so far as to say that it is essential that banks migrate to cloud if they are not doing so currently. … Banking institutions can even share in public cloud payment services for cross platform integration or use hybrid cloud for integration services between several banking applications – AML (Anti-Money Laundering) tools, credit history, social networks, standing orders etc.

One highly prized goal that can now be achieved more easily is the ability to move from products to services (which is much more efficient as it removes the enormous functional duplication, redundancy, inconsistency and opacity seen in banking models currently). Services could include account opening; account closing; payments; loans; cards etc.”

View original article here or download PDF.