Why is legacy modernization important for capital markets?
In the capital markets industry, one of the primary problems is the number of legacy systems. An increasing number of organizations have been forced to speed up their digital transformation and legacy modernization initiatives in recent years. This process is especially hard for enterprise-level companies with thousands of employees, high-security standards, regulations, and privacy concerns (with pandemic work-from-home orders causing even more challenges). Legacy systems are simply too important to remove and too old to properly integrate within modern workflows.
Most organizations assume that there’s only one way to solve this issue – rewrite legacy applications. This is a lengthy and costly process that many can’t afford in a post-pandemic world. As a result, they decide to put legacy modernization on hold until a better solution emerges, or they continue to invest heavily in legacy tech – with 78% of investment budgets dominated by maintaining and upgrading older technologies.
How can modern technology help overcome the legacy challenges?
At interop.io, we acknowledge the urgency of streamlining the modernization of legacy systems and seamlessly integrating them with other internal or third-party applications without rewriting them. To help explore the topic further, we supported industry analyst Monica Summerville’s research in the whitepaper, Modernizing Legacy Systems: Why Loving Legacy Apps is Key to Capital Markets’ Digital Transformation.
The whitepaper’s aim is to address one of the most common problems in capital markets’ digital transformation – legacy systems modernization. It includes interviews with industry leaders and practical insights. In the twelve-page paper, you will learn about the challenges caused by legacy applications and the ways to successfully integrate them in modern unified workflows without rewriting them.
- Today’s applications are tomorrow’s legacy. Digital transformation is a continuous process.
- Learn how you can leverage the valuable business knowledge and insight contained in legacy technology while laying the foundations for future agility and flexibility.
With the vast possibilities offered by modern fintech solutions like interop.io, digital transformation has become more accessible for financial institutions.
The Modernizing Legacy Systems: Why Loving Legacy Apps is Key to Capital Markets’ Digital Transformation whitepaper is available to download for frее below.