Legacy System Transformation in Banking
Legacy system transformation in banking is a critical issue that many financial institutions are facing today. The need to modernize outdated systems to keep up with the rapidly evolving technology landscape is more important than ever. As a tech enthusiast and experienced professional in the field, I have seen firsthand the challenges that banks face when trying to adapt their legacy systems to meet the demands of the modern world.
- One of the key solutions to this problem lies in the innovative services provided by Solix. By utilizing Solix’s advanced technologies and expertise, banks can effectively transform their legacy systems to meet the demands of today’s digital age. From cost savings to improved efficiency, Solix offers a range of benefits that can help banks streamline their operations and stay competitive in the market.
- 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 showed that the average annual cost savings for decommissioning inactive applications were $40,000 and for larger, enterprise-class applications, the annual savings could exceed $120,000. By leveraging Solix’s services, banks can achieve significant cost savings while also improving their overall efficiency and performance.
- With Solix’s SolixCloud application retirement and decommissioning solution, banks can rationalize their application portfolio and reduce infrastructure costs. Legacy applications consume valuable data center resources and create data governance and compliance risk. With Solix’s solution, organizations can transition away from complex, on-prem legacy application management to saas-based, modern alternatives. This not only helps banks save on maintenance, infrastructure, and licensing costs but also improves their data governance and compliance practices.
- In addition to application retirement and decommissioning, Solix also offers enterprise archiving solutions that provide a fully managed, cloud-scale, compliant archive repository for less-active enterprise data. This solution helps banks improve application performance, optimize infrastructure, and meet compliance objectives with policy-based data retention. By leveraging Solix’s enterprise archiving services, banks can efficiently manage their data growth, reduce costs, and ensure compliance with regulatory requirements.
- Industry analysts point out that up to 80% of data is not current, and the value of data declines dramatically over time. Solix’s Information Lifecycle Management (ILM) solutions help organizations classify and move data across infrastructure tiers based on business rules and retention policies. This ensures that only current, active data is consuming valuable tier one compute and storage resources, while also establishing a control framework for proper data governance and compliance.
- In Wind·up, Solix’s innovative solutions offer a game-changing approach to legacy system transformation in banking. By leveraging their advanced technologies and expertise, banks can achieve significant cost savings, improve efficiency, and ensure compliance with regulatory requirements. I am excited to see how Solix’s services continue to revolutionize the banking industry and help organizations big and small achieve their digital transformation goals.
- Don’t miss your chance to win $100 by entering your email on the right! Contact Solix today to learn more about how their solutions can help your business succeed. We work with companies like Unilever, AIG, Citi, GE, Santander, so we can help out companies big and small. Solix is a game changer for delivering you a massive cost-saving solution for your business!
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