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The Green Sheet Online Edition

February 25, 2019 • Issue 19:02:02

Readers Speak

Legacy systems could cost you your job

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:

  1. " Assess: Which legacy technologies are preventing you from achieving strategic goals? You should be considering digital transformation including automation, AI and analytics ‒ what is stopping you from making progress in these and other areas? Take an inventory of the systems, then rank them in order of priority and ROI for modernization.
  2. " Plan: There are many ways to tackle modernization, as Gartner outlines [in "7 options to modernize legacy systems."] You know your organization, so identify which options work for you. Each system may qualify for multiple options; list all of them and evaluate based on cost, effort and resources.
  3. " Assemble: While you may be leading the way, you can't modernize alone. Assemble a team who can make your vision a reality. Often this team will include technologists, business stakeholders and even outside resources who can provide guidance on quick wins."

What's your opinion?

Want to share your take on payment trends and developments? Email your thoughts, 300 words or fewer, to greensheet@greensheet.com. end of article

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