[CEO of Delphix]
2022 is a crucial year for Tech leaders in the Banking industry. On the one hand, Banks are under enormous pressure to digitalise and address profit, competition and regulatory pressures. On the other hand, Banks have a level of attachment to legacy systems that is not seen elsewhere. 88% of the UK’s top 50 banks still use mainframes, and 90% of all credit card transactions touch a mainframe too. They also saw a resurgence during the pandemic.
However, rapid digitalisation in the last 18-months has put acute and renewed pressure on these systems to keep up. Just 16% of executives saying 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.
McKinsey has identified six key principles that deliver a 70% reduction in costs and a 50% reduction in implementation time. They emphasise integration and simplification over replacement. Do you agree? Join us as we debate, discuss and consider the best approach.