{"id":7727,"date":"2021-07-26T16:50:36","date_gmt":"2021-07-26T16:50:36","guid":{"rendered":"https:\/\/confirm18.wpengine.com\/?p=7727"},"modified":"2023-11-02T16:16:17","modified_gmt":"2023-11-02T16:16:17","slug":"how-to-let-go-of-legacy-it-systems-tips-for-financial-institutions","status":"publish","type":"post","link":"https:\/\/confirm18.wpengine.com\/eu-en\/resources\/insights\/how-to-let-go-of-legacy-it-systems-tips-for-financial-institutions\/","title":{"rendered":"How to Let Go of Legacy IT Systems: Tips for Financial Institutions"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">In the decade following the 2008 financial crisis, two clouds loomed over the banking sector: low profitability and legacy technology.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Regulators overseeing the recovery were&nbsp;<a href=\"https:\/\/www.bis.org\/publ\/cgfs60.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">concerned enough<\/a>&nbsp;about the reliance on older proprietary systems to warn that a reluctance to move on could bring on the next economic meltdown. Each leap forward in technology left the older solutions further behind, and then the coronavirus pandemic hit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This Black Swan event brought enormous organisational, technological and cultural transformations that touched every aspect of our lives. For banks, it condensed several years\u2019 worth of changes into a handful of months.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The 2021 Capital Markets Innovation Summit (CMIS)&nbsp;report,&nbsp;<a href=\"https:\/\/www.eu.confirmation.com\/letting-go-of-legacy-it-systems\" target=\"_blank\" rel=\"noreferrer noopener\">Letting Go of Legacy IT Systems in 2021<\/a>,&nbsp;detailed&nbsp;the extent to which leaders have taken on board the lessons of the last year, and experts gathered by Confirmation explored some of the themes and findings in a <a href=\"https:\/\/vimeo.com\/568363610\" target=\"_blank\" rel=\"noreferrer noopener\">special webinar<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here are the main takeaways from Letting Go of Legacy IT Systems in 2021.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The tide went out, some were&nbsp;swimming naked<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cBanks, asset managers, pension funds, all had the same problem; a stack of quite old technology that is like a plate of spaghetti,\u201d said Stephane Malrait, Managing Director, Head of Markets Structure &amp; Innovation at ING. \u201cIt\u2019s not good enough.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The industry is now in what he calls the third phase of the crisis, having negotiated the survival period and the adjustment to new ways of working. \u201cBanks didn\u2019t think too much about legacy systems at the start of this, but now the focus is on improving technology, knowing that this has exposed how poor some systems are.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Many survey respondents reported outdated onboarding and transaction approval processes which were a priority for improvement in the coming 12 months, having been badly exposed during the pandemic as unsuitable for the future of work.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cOne large bank lost about 750 hours in one month from a single team because they were trying to sort out technology, order laptops, get VPN connections etc.,\u201d said Caroline Winch, Commercial Director at Confirmation, part of Thomson Reuters.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cInstitutions that heavily outsourced processes overseas really struggled,\u201d said Kyle Gibbons, Europe Managing Director of Confirmation. \u201cIt may be something they think about in future, as in terms of their resilience, this could quite easily happen again.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Be bold<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Survey respondents identified technology to mitigate risk (35%) and technology that responds to the changing expectations of their clients (32%) as the most important. The experiences of the last year have put a premium on adding value for clients, respondents said, and 38% have committed to working with third-party providers to deliver this.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cClients became that much more demanding; they had their own challenges,\u201d said Caroline. \u201cAll of this has accelerated partnerships with outside fintech firms, as opposed to building everything in-house that firms may have done a few years ago.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Respondents favour leveraging in-house talent with outside expertise to build and manage new processes that will improve operational resilience and increase profitability. One-stop solutions, often run on closed platforms with expensive, multiyear, license-based models are out. Partnering with outside firms is in.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cJust having an innovation hub won\u2019t help your business move forward, it will be far too detached from your day-to-day activities,\u201d said Stephane. \u201cHaving your IT department work with your innovation team and partner with fintech companies requires a cultural change but you have to be bold. Be curious, be willing to learn and find companies you are not aware of. There may be a company out there who can help your business or your clients.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Clean up your data<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe poor quality of architecture and data is behind so many problems big banks have,\u201d said Ange Johnson de Wet, Head of Cloud and Technology Change Risk, Risk Division in Lloyds Banking Group. \u201cMost large incumbents should hope for a nice, clean, single data lake with all the common taxonomies and protocols. That is where many should be heading.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Shifting operations to the cloud is seen as the most optimal route forward for most institutions, according to the survey, but the panel warned it could lead to a new set of problems if a coherent strategy isn\u2019t in place beforehand.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe original rationale of moving to the cloud was one of cost; moving from data centres and moving the working capital meant you\u2019d only be paying for storage,\u201d said Kyle Gibbons, Europe Managing Director of Confirmation, part of Thomson Reuters. \u201cOver time, the challenges, being able to unlock that cost saving, have become more difficult.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Both Gartner and Google said unless the way firms manage costs is significantly transformed, then around 30% will be misspent, Kyle said, adding that the true agility and flexibility of new tools will only be realised following careful integration.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThere is a realisation that if you can analyse the data and the quality is good, you can do a lot more for your company; you get a lot more insight into what the client is purchasing. You see it when you buy on Amazon or on Netflix,\u201d said Stephane. \u201cThe value for them is in the data around the experience.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Change is hard (but not impossible)<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Businesses are optimistic, if nothing else, and are keen to develop automated solutions to key problems, the report found.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cFirms are looking to be more strategic, and the pandemic showed us the need to increase automation to maintain operational resilience,\u201d said Caroline. \u201cWe\u2019ve also seen a keen interest in both banks and accounting firms to deploy APIs, to automate some or part of processes.\u201d The Confirmation team encountered a lot of enthusiasm for single sign-on implementations, Caroline said, in order to maintain control of access systems. \u201cYou can&#8217;t have too many people having too much access to different platforms, without some sort of control,\u201d she said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">More than half of respondents (52%) said machine learning and AI tools were a priority in strengthening regulatory compliance and operational efficiencies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cA great, smart strategy when transforming is to take a selective approach,\u201d said Ange. \u201cI saw one bank break things down into an optimisation zone and a transformation zone. Certain things they transform, other things they will optimise. It\u2019s simple and it makes a lot of sense.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Have a plan, and don\u2019t wait for the next pandemic<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One in four firms reported challenges in adopting new technologies, and this is forcing reflection and redefinition of strategies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cLook into your processes, what is efficient and ineffective and think about technology that can provide flexibility to deliver exceptional customer experiences and keep yourself ahead of the curve,\u201d said Caroline. \u201cDon\u2019t wait for the next pandemic to make these leaps.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Businesses are looking long-term,&nbsp;the report found, and in the face of increased competition are more aware of their limitations than they were 18 months ago.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIf you can\u2019t fix your legacy, at least put a plan in place to do so,\u201d said Ange. \u201cThink outside the box and leverage best practice, and&nbsp;look at other industries, such as&nbsp;what the big tech firms are doing. If you make sensible, achievable, actionable moves towards your target, you will get there.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For all the headaches it has caused businesses, the&nbsp;panel felt the&nbsp;last year has&nbsp;triggered&nbsp;a sea-change in attitudes,&nbsp;and&nbsp;in&nbsp;the next 12 months, capital markets&nbsp;will accelerate the move away from&nbsp;legacy systems.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWhen Ford started building cars, it built every component,\u201d said Stephane. \u201cBut looking at Tesla today, all they make is the battery; all the other parts are built by outside companies. We are moving to this model in finance. It may take 12 to 18 months to integrate a new technology and see the value of automation at first, but after a while, as you mature and rely less on legacy infrastructure,&nbsp;that will become&nbsp;three to four months.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the decade following the 2008 financial crisis, two clouds loomed over the banking sector: low profitability and legacy technology. Regulators overseeing the recovery were&nbsp;concerned enough&nbsp;about the reliance on older proprietary systems to warn that a reluctance to move on could bring on the next economic meltdown. Each leap forward in technology left the older [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":7737,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[38],"tags":[43],"class_list":["post-7727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights","tag-bank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Let Go of Legacy IT Systems: Tips for Financial Institutions - Thomson Reuters Confirmation<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Let Go of Legacy IT Systems: Tips for Financial Institutions - Thomson Reuters Confirmation\" \/>\n<meta property=\"og:description\" content=\"In the decade following the 2008 financial crisis, two clouds loomed over the banking sector: low profitability and legacy technology. Regulators overseeing the recovery were&nbsp;concerned enough&nbsp;about the reliance on older proprietary systems to warn that a reluctance to move on could bring on the next economic meltdown. Each leap forward in technology left the older [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/confirm18.wpengine.com\/resources\/insights\/how-to-let-go-of-legacy-it-systems-tips-for-financial-institutions\/\" \/>\n<meta property=\"og:site_name\" content=\"Thomson Reuters Confirmation\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/auditconfirmation\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-26T16:50:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-02T16:16:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/confirm18.wpengine.com\/wp-content\/uploads\/2021\/07\/AdobeStock_356060524-scaled-1.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1097\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kate Chandler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CConfirmation\" \/>\n<meta name=\"twitter:site\" content=\"@CConfirmation\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kate Chandler\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/confirm18.wpengine.com\\\/resources\\\/insights\\\/how-to-let-go-of-legacy-it-systems-tips-for-financial-institutions\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/confirm18.wpengine.com\\\/resources\\\/insights\\\/how-to-let-go-of-legacy-it-systems-tips-for-financial-institutions\\\/\"},\"author\":{\"name\":\"Kate Chandler\",\"@id\":\"https:\\\/\\\/confirm18.wpengine.com\\\/#\\\/schema\\\/person\\\/90fa24d2f81d7d75783e3558e4fbef93\"},\"headline\":\"How to Let Go of Legacy IT Systems: Tips for Financial Institutions\",\"datePublished\":\"2021-07-26T16:50:36+00:00\",\"dateModified\":\"2023-11-02T16:16:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/confirm18.wpengine.com\\\/resources\\\/insights\\\/how-to-let-go-of-legacy-it-systems-tips-for-financial-institutions\\\/\"},\"wordCount\":1326,\"publisher\":{\"@id\":\"https:\\\/\\\/confirm18.wpengine.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/confirm18.wpengine.com\\\/resources\\\/insights\\\/how-to-let-go-of-legacy-it-systems-tips-for-financial-institutions\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/confirm18.wpengine.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/AdobeStock_356060524-scaled-1.jpeg\",\"keywords\":[\"bank\"],\"articleSection\":[\"Insights\"],\"inLanguage\":\"en-EU\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/confirm18.wpengine.com\\\/resources\\\/insights\\\/how-to-let-go-of-legacy-it-systems-tips-for-financial-institutions\\\/\",\"url\":\"https:\\\/\\\/confirm18.wpengine.com\\\/resources\\\/insights\\\/how-to-let-go-of-legacy-it-systems-tips-for-financial-institutions\\\/\",\"name\":\"How to Let Go of Legacy IT Systems: Tips for Financial Institutions - 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