Intelligent CIO APAC Issue 06 | Page 82

FINAL WORD

Banking and financial firms must get a grip on data – or face the consequences

In the banking , finance and insurance sectors , legacy systems are the anchor that keeps the business rooted to the past . Sheena Chin , Managing Director of Asean , Cohesity , tells us : “ They are a major reason why business transformation becomes so challenging . Moving away from legacy systems can be both technically and culturally tough , but it is a challenge that must be faced .”

In the banking , finance and insurance sectors , legacy systems are the

anchor that keeps the business rooted to the past . Moving away from legacy systems can be both technically and culturally tough , but it is a challenge that must be faced , especially at a time when organizations are trying to accelerate business transformations .
There are actually multiple challenges at play . Technically , it can be hard to extract data from legacy systems , including ancient storage systems , networking gear , servers , operating systems and applications that run on them .
Chief Information Officers ( CIOs ) stress over the complex dependencies that have been built up over the years as layers of databases , middleware and enterprise resource planning systems ( ERP ) have accreted . However , doing nothing means storing up larger IT problems for later , especially as firms struggle to find people with the skills to manage the old systems .
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