legacy systems

Legacy Systems are Ageing, but Are Not on the Path to Extinction

Legacy IT systems are a fact of life in banking. All established banks have significant dependencies on core legacy services and most banking services are likely to touch these legacy platforms at some point during the execution of standard end-to-end business processes. These legacy systems are elderly in technology terms, dating back twenty or even…

embrace innovation

Banks Must Embrace Innovation to Reduce Risk

In the ‘third wave’ of Fintech, financial services are working more closely with fintechs and using them to outsource parts of their value chain, such as payments. Although this collaboration can be hugely beneficial for banks and their customers, it does raise the question of how security will be affected. The risk associated with cyber…

fintech transforming banking

How FinTech is Transforming Banking

For a long time, established banks have been able to rely on their monopoly of financial services without having to invest heavily in new technologies or radical innovation. Now, the increasing prevalence of FinTech startups means that customers are being offered a growing multitude of banking alternatives that claim to be faster, cheaper and more…

performing changes to complex legacy systems

The Complexity of Performing Changes To Legacy IT

It was unfortunate to hear in the news again that RBS has suffered from the triggering of conduct risk in the loss of 660,000 payments related to performing changes to complex legacy systems. It reminds us all that performing changes to complex legacy systems is inherently risky. RBS has invested in systems to protect against this…

implementation hurdles

Implementation Hurdles Hinder Innovation

We know that today’s hugely successful banks have had to invest in complex and capable legacy IT systems to serve their customers. This presents issues with making changes to deliver innovation or regulation. The operational risk associated with change is large, with Gartner quoting that 80% of major incidents are caused by changes. We believe…