Key Challenges Faced by FIs and Banks with Legacy Modernization
Traditional rails infrastructure developed using HPNonstop, Mainframe, or C++ doesn’t offer the scalability, agility, and performance required for modern applications
Maintaining legacy applications is expensive and requires a large pool of dedicated resources to keep them running
Minimal scope for innovation due to the highly coupled components of monolithic systems, making it difficult to respond to the changing demands of the market
Complex integration with the latest technology upgrades, such as operating on ISO 20022 message formats and enabling value-added services
Risk of significant downtime, potential business loss, and poor customer experience while updating the application
Need for a mindset change across the organisation to adopt modern processes to be able to deliver a better customer experience
Our legacy modernization solutions include
Assessing existing legacy systems and supporting infrastructure to identify gaps, dependencies, and areas for improvement
Designing the roadmap for setting up a modern application platform that has the agility to scale and can integrate seamlessly with core processing systems
Improving the functionality and performance of the application by moving it to a new platform or architecture based on microservices, serverless architecture, and cloud-native approaches
Updating existing legacy applications to improve their maintainability, scalability, extensibility, and performance
Opus Enables Seamless Upgrades for Legacy Applications
Offers the digital competitiveness that is required to compete with nimble FinTechs in the market
Improves infrastructure scalability, which helps an organization optimize resource utilization based on demand
Promotes innovation through a built-in agile framework that helps deliver better user journeys and integrates with a larger pool of value-added services
Simplifies integration with regulatory compliance and industry frameworks to mitigate security threats
Reduces the cost of operations, maintenance, and delivery by promoting optimization of resources, enhancing efficiency, and scaling economies
Enables a modular application infrastructure through APIs and microservices that is future-ready and highly extensible
Delivers higher business value by reducing the time to market, providing critical data on application performance, and offering deeper insight into customer preferences
Recommended Resources To Explore
Frequently asked questions
Modernizing legacy applications involves identifying the right strategy for the course. Organizations can either decompose the system vertically/horizontally and choose to modernize only specific components of the applications or start building the entire application from scratch. The decision to rearchitect or rebuild is based on the budget, skillset, urgency, and impact on core operations.
Modernizing legacy applications is the process of upgrading traditional mainframe banking systems to a modern and resilient infrastructure. It involves breaking down monolithic applications into smaller components, migrating them to the cloud, rearchitecting the codebase, and integrating modern data layers.
Core architecture, DevOps, data governance, and cloud computing are all areas of banking that can be modernized. One of the key examples of legacy modernization is API integration for core applications. By employing APIs, banks can revamp their application infrastructure and improve performance. APIs allow financial institutions greater visibility, which enables controlled access and the integration of newer services into their platforms.
Legacy banking systems are built on a mainframe, utilizing the COBOL programming language to handle back-end processing. These systems are highly reliable, but the cost of operations and maintenance is high. Also, legacy systems operate in silos, and this characteristic makes it difficult to share data horizontally for collaboration or to connect with third-party apps.
Legacy software modernization generates a significant amount of business value by unlocking the ability to deliver a better user experience and a range of value-added services. From an operational perspective, modernization saves the cost of maintenance and offers agility and reliability to release better-quality software.