Why Banks Need to Withdraw From Old IT
“The banking industry is staring at a major challenge: how to drive growth, attract new customers and slice costs while relying on 40-year old technology systems. Even with constrained IT budgets, many banks need to modernize the aging systems that run their core operations — deposit gathering, lending, mortgages, cards and online banking.
Banks have had their reasons to put off modernization. In the pre-financial crisis years, with profits flush, there wasn’t a big incentive to make the big investment and take the risk of a large modernization project. Instead, banks opted for smaller, less costly alternatives such as product or feature enhancements, which often added complexity to their environments.” READ MORE: