23 November 2016
The New IT Experience: Cloud as a Solution to Legacy System Problems in Financial Services
By Cliff Moyce
Cliff Moyce, Global Head of the Finance Practice at DataArt, writes in TabbFORUM about Cloud computing as a strategic solution for resolving legacy system problem.
“To try to fix or replace everything in the legacy systems infrastructure – and there have been many articles exhorting the industry to start again with a clean slate – is to oversimplify the problem and to overinvest in the solution. The project is simply too big, expensive and risk-laden to contemplate. Further, it will not solve all the problems of building and running your own infrastructure, as it could simply replicate the model with ‘new legacy’.
Setting a strategic target of migrating infrastructure to the cloud will force a large degree of rationalization that might not otherwise be contemplated, thus reducing the problems of redundancy and support. It will also force the adoption of an infrastructure that exemplifies best practice in all measures (flexibility, scalability, performance, security, sustainability, etc.) and will allow financial institutions to move onto more modern hardware, firmware, middleware, operating systems, databases and applications with little or no capital investment.”