2022 is a crucial year for Tech leaders in financial services. On the one hand, they are under enormous pressure to digitalise and address profit, competition and regulatory pressures. On the other hand, financial institutions have a level of reliance on legacy systems that is not seen elsewhere. 88% of the UK’s top 50 banks still use mainframes, and 80% of the top insurance companies.
With 89% of organisations looking to drive growth in 2022 (Deloitte, 2021), there is a renewed pressure on these systems to keep up. Just 16% of executives say their company’s digital transformation efforts are succeeding [McKinsey] and rapid progress is needed. With data being a key challenge, along with the 40-50% growth rate of unstructured data, taking resources off the mainframe is one way to accelerate delivery times and free up mainframe resources.
As a group of CIO/CTOs of large-scale financial institutions, how can we modernise our legacy systems to reduce costs, increase speed to market and consolidate internal siloes? Join us as we debate this topic and expand on insights from interviews with CIOs and CTOs like you.