In today’s rapidly evolving financial landscape, banks burdened by legacy systems and infrastructure find themselves in a web of challenges. Antiquated systems, originally designed with a specific purpose in mind, are proving inflexible and ill-suited to the needs of the modern banking industry. Their lack of adaptability stifles innovation, making rolling out new products and services to meet emerging customer demands at speed more difficult.
Moreover, the maintenance of these ageing systems drains resources, increasing operational costs and slowing down the bank’s ability to pivot in response to market shifts. The complexity of these legacy systems not only strains budgets but also impacts the institution’s agility, putting them at a competitive disadvantage.
Compounding these issues, banks tethered to older systems face heightened security risks. As cyber threats become increasingly sophisticated, these legacy systems expose banks to vulnerabilities, threatening customer data and potentially resulting in significant financial penalties or losses. For banks to thrive in today’s digital era, shedding the weight of these outdated systems is an urgent necessity.
Use low-code to:
- Increase agility: modern systems are often more agile and can be easily adapted to new requirements. This allows banks to innovate more quickly and offer new products and services to meet customer needs.
- Move to the cloud: OutSystems Developer Cloud gives you a cloud-native architecture to build secure, scalable and highly available enterprise applications
- Reduce costs: Modern systems are often more efficient and can help banks to reduce operational costs as well as increasing compliance.
- Improve security: Modern systems are often more secure than legacy systems. This can help banks to protect customer data and reduce the risk of financial losses.
Here are some examples of how banks that have modernised their infrastructure and software systems have been able to excel:
- Western Union was able to launch new digital services across two countries in just 11 months using OutSystems
- Banco Santander: replaced 70% of its legacy systems with modern low-code allowing it to develop and deploy at pace
- Garanti Bank: saved 20% of costs in just six months by moving to rapid application development and the cloud for its core banking applications.
These are just a few examples of how banks that have modernised their infrastructure and software systems have been able to excel. As the banking industry continues to evolve, banks that are able to keep pace with the latest technologies will be in a better position to grow and compete.
Are your legacy systems and infrastructure holding you back? Then let us help you move into the future.
