March 24, 2018
A recent CGI report highlights how banks are looking to capitalize further on their decades of IT investment through application modernization. App modernization for large organizations is no easy feat. As many of us know, legacy system often exist in silos making it difficult to unite functionality and share data. Some of these existing technologies make servicing the increasing demands of online banking very difficult. Embarking on application modernization first takes in-depth knowledge of the current systems through portfolio management.
Legacy constraints make innovating difficult for banks and large financial services companies. However, application modernization can help banks keep pace with new demands in the marketplace while maintaining control on IT costs.
Modernization in banking is the process of removing legacy constraints to help banks keep pace with market demands. It allows banks to keep their systems running and intact while making enhancements that will drive business growth, profitability and customer satisfaction.
Application Portfolio Management
Before embarking on an app modernization project, banks must already maintain an in-depth understanding of their current systems. The practice of modernization is often the outcome of application portfolio management or APM. True APM is all about continuously improving applications to meet and exceed evolving needs. With APM, banks obtain an understanding of their applications, their capabilities and interdependencies. This helps guide successful app modernization projects.
APM aligns with our first step in app modernization, discover and categorize. Before outlining the scope of the modernization project, it’s important to understand where the most strategic opportunities exit. The discovery process is key to consider the best use of resources that will help achieve your business goals.
At Attunix we help our customers achieve greater agility in their businesses through app modernization. App modernization is an economical way to keep up with changing market demands without going back to the drawing board. The primary app modernization business drivers include improving customer reach and development of new business channels, reduction in time-to-market and total cost of ownership and the ability to drive an enable innovation.