The connected financial institution: Part one - Legacy modernisation industry drivers

Information Technology (IT) is no longer only the steward of middle- and back-office functions, but a critical business partner to growth. In this three-part whitepaper series, we'll explore the key challenges that financial institutions' IT functions must address: legacy modernisation, in which we'll discuss how to bring legacy systems into the 21st century; data management, where we'll reflect on the need to access and aggregate data for regulatory reporting and customer facing initiatives; and digital transformation, where we'll take a look at how to manage the mobile, omni-channel, and API technologies that bring value to customers.

At the core of each of these challenges is the need for a new level of connectivity. To thrive in this era, financial services organisations must seamlessly integrate applications, data and devices and it is those organisations that are able to embrace these challenges - those "connected financial institutions" - that will win.

In partnering with the world's leading financial services firms, we believe that there are three core legacy modernisation drivers: aging back office systems, operational effectiveness, and open source adoption.

In this whitepaper we address how each of these challenges is affecting the financial services industry, survey how organisations are responding, and propose best practices.