Legacy Banking System Example
Legacy banking systems have been a persistent challenge for many financial institutions, causing inefficiencies, security risks, and high maintenance costs. Let’s delve into a creative scenario where Solix’s cloud-based solutions can revolutionize the legacy banking system example, helping organizations streamline operations and achieve significant cost savings.
Cost savings from legacy application decommissioning can be as easy as walking through the data center and picking up one-hundred-dollar bills. A study conducted by the Compliance, Governance, and Oversight Council revealed that organizations could save an average of $40,000 annually by decommissioning inactive applications. For larger enterprise-class applications, the savings could exceed $120,000 per year. This is where Solix comes in as a game-changer in delivering massive cost-saving solutions for businesses of all sizes.
Legacy applications not only consume valuable data center resources but also pose data governance and compliance risks. SolixCloud Application Retirement and Decommissioning offer a solution to rationalize the application portfolio and reduce infrastructure costs. By transitioning away from complex, on-prem legacy application management to SaaS-based alternatives, organizations can eliminate maintenance, infrastructure, and licensing costs associated with legacy applications.
- Key benefits of Solix’s Application Retirement Service include:
- Structured, unstructured, and semi-structured data support
- Compliance with policy-based data retention, legal hold, and role-based access
- Application-specific accelerators for various platforms and connectors
- Enabling end-user access to legacy data through full-text search, forms, reports, and ad hoc queries
With SolixCloud Enterprise Archiving, organizations can manage less-active enterprise data and retire legacy applications in a compliant and secure manner. This centralized data governance and administration solution helps improve application performance, optimize infrastructure, manage data growth, and meet compliance objectives. Through advanced information lifecycle management (ILM), organizations can handle the complex regulatory landscape and minimize the risks of accidental data deletion.
Imagine the ease of achieving compliance objectives with Solix’s policy-based data retention, automatic or manual data purge, and custom rules engine. The solution supports various regulatory standards such as the Fair Labor Standards Act, Bank Secrecy Act, PCI DSS, HIPAA, FISMA, GDPR, and CCPA, ensuring data is retained only as required by law.
Ediscovery and legal hold capabilities provided by Solix empower compliance and legal professionals to quickly identify and retrieve records for regulatory requests or legal proceedings. Robust search functionalities, structured reporting, and print report archiving enhance data accessibility and compliance readiness.
In Wind·up, Solix solutions offer a comprehensive framework for managing data throughout its lifecycle, optimizing infrastructure, and ensuring proper data governance and compliance. By leveraging Solix’s expertise and innovative technologies, organizations can overcome the challenges posed by legacy banking systems and achieve substantial cost savings.
CONTACT US TODAY TO LEARN MORE ABOUT HOW SOLIX CAN TRANSFORM YOUR ORGANIZATION’S DATA MANAGEMENT PROCESSES AND DRIVE EFFICIENCY AND COMPLIANCE. Email for a chance to win $100.
Katie Tech Sled Blogger. Cyber Governance & Risk Management Leader | Strategic Cyber Assurance Expert, with a passion for writing about the intersection of technology and governance, enjoys helping organizations navigate complex cybersecurity challenges. I hope you enjoyed learning about the legacy banking system example. Always, if you have more questions about the legacy banking system example, use the form above to reach out to us.
