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EngineeringBeat: Navigating mainframe modernization complexity

Overcoming digital transformation challenges in banking and capital markets

Mainframe modernization—migrating core applications to a more advanced technology environment—isn’t really an option, it’s an imperative. As technology evolves, global and US banks are increasingly under pressure to modernize their tightly coupled, complex mainframe systems to boost agility, leverage modern tools, and enhance security. The right modernization and cloud migration strategy can help modernize legacy systems and enable the digital transformation that drives innovation.

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Strategies to meet the modernization imperative

For most global and US banks increasing customer expectations, maintenance costs, operational risks, and regulatory demands are critical modernization drivers. Historically, however, high failure risks, cost overruns, and funding challenges have stymied modernization efforts. To navigate these challenges, banks must adopt tailored, strategic approaches to modernization. Here are five strategies that can help:

Three primary enterprise service delivery goals

1

Simplify complexity and build a sound business case:

Reduce complexity and root out technical debt by conducting a thorough assessment of legacy systems using AI-enabled tools in a phased, incremental approach that produces a strong business case.

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2

Prioritize and communicate to secure funding:

Collaborate to prioritize high-impact applications and work with providers to obtain flexible pricing models to secure funding and manage costs effectively.

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3

Assess and monitor to safeguard security and compliance:

Develop robust security measures, and continuous monitoring protocols and leverage automation to enhance cybersecurity and regulatory compliance.

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Three primary enterprise service delivery goals

4

Leverage AI-enabled tools to avoid disruptions:

Deploy AI-enabled tools accelerate modernization by automating code analysis, optimizing workflows, and spotting potential migration issues before they become problems that cause disruptions.

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5

Focus on talent to ensure knowledge transfer:

Address talent gaps by investing in training programs, enhancing recruitment strategies, and ensuring knowledge transfer between experienced and new talent.

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Assess and monitor to safeguard security and compliance:

Develop robust security measures, and continuous monitoring protocols and leverage automation to enhance cybersecurity and regulatory compliance.

Download the report

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The time to modernize is now

Competition in banking is fiercer than ever, and modernization offers the crucial advantage banks need to innovate faster and capture market share. Successful modernization produces significant benefits, including improved innovation capabilities, enhanced customer experiences, cost optimization, increased security and compliance, and the ability to attract top talent. While challenges exist, the right strategy can smooth the path. Modernization is not a choice; it's a necessity, and the time to act is now.

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Looking for a way to future proof your organization with the right modernization strategy that aligns to your business objectives? Get in touch with our experienced team to discuss how modernizing legacy systems can help you boost revenue, drive innovation, and foster growth.

 
 
 
 
 
 
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The power of a mainframe modernization and cloud migration strategy

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