Neetu Shaw, executive partner at Clarity Insights, sent us the following perspective on retaining legacy systems in today's digital age:
"We've been saying it for years, but apparently it bears repeating: legacy systems are killing financial institutions' digital transformations. In fact, TechCircle just shared research showing legacy systems are the greatest barrier to digital transformation, jumping from fourth place in 2018 to first place in 2019. Clearly the issue isn't going away. "[T]here's a reason ‒ or 100 ‒ you haven't ditched the legacy systems keeping your organization running. Whether it's cost, effort or fear, many financial institutions find the idea of updating legacy technologies daunting. But it has to be done.
"Legacy systems will be modernized; the only question is when. As a leader in your organization, you can kick the can down the road and wait to be replaced, just like those systems. Or you can embrace the challenges heading toward the financial services industry head on, becoming the leader who forges the path forward for your organization. Wouldn't you rather do the latter? If so, there are three easy steps to get started:
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