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Financial institutions have fully embraced the cloud with most adopting a cloud-first strategy. What does a cloud first strategy mean for legacy? In becoming cloud-first, not all existing legacy systems are candidates for the cloud journey. Therefore, addressing the legacy systems that remain relevant but not cloud bound is an important part of a sound cloud-first strategy and required to maximize the business outcome in the cloud enabled future.
HCL’s focused team of cloud agnostic domain experts and solution architects will help develop a holistic solution across the financial institution that addresses all solutions including the long-term solution for legacy systems that remain relevant.
Or more of a bank's legacy solutions have relevant capabilities that need to be maintained but the systems are not candidates for the journey to the cloud
of banks cited modernizing legacy IT as cost prohibitive
of banks considered the complexity of managing legacy and new platforms as medium to high risk roadblock in core modernization journey
of banks are reviewing the move of their most crucial systems to a cloud-based platform
Challenges and opportunities
For most financial institutions, the journey to the cloud will inevitably require a mix of legacy and cloud-based solutions for normal operations. While the capability delivered by the legacy systems are still relevant, the challenges of maintaining them remain.
High costs to operate
Fixed costs are often set based on higher volumes and more expensive technologies than what is currently required.
Technologies reaching end of life
While state-of-the-art when new, the enabling technologies are reaching their end-of-life and falling out of general support.
Skill sets difficult to staff
The technical experts supporting the solution are reaching the end of their careers and the new generation of technologists are attracted to newer architectures.
Persistence of the legacy mindset
The rigidity of in-place legacy operational patterns keeps resources dwelling on past technology strategies rather than embracing the bank’s future innovations in the cloud
In creating the cloud-first future, financial institutions will have legacy systems that remain relevant but are not candidates for the cloud journey. HCL applies its deep experience with private cloud operations to achieve many of the benefits of a public or hybrid cloud for those systems.
Eliminate legacy mindset
The legacy mindset is transitioned outside the organization so people, processes and technology can concentrate on maximizing the business outcome for the cloud-first future
Minimizes technical risk from legacy systems
HCL ensures systems are kept current and the customer experience is maintained or improved. In addition, any new capability required is easier to deliver because of HCL’s engineering leadership and the technical capabilities HCL provides
Transforms CAPEX into predictable OPEX costs
Operational costs are related to the volumes processed and will reflect the long-term trajectory of those systems
Improves pandemic resilience
Legacy systems are often human resource intensive. With HCL operating, the bank’s headcount needed for essential operations is reduced