Digital Demand in the Banking Industry and the Impact on Legacy Systems


Archived Published: 15 June 2016 ID: G00289897

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Summary

Evolving business conditions in the banking industry and dynamic changes in the core system market are driving legacy modernization decisions that will dramatically change banking's existing technology landscape. This research advises banking industry CIOs how to traverse this difficult path.

Table of Contents

  • Analysis
  • Impacts and Recommendations
    • The availability of solutions that offer discrete banking functions through granular, component-based architecture is driving banking organizations away from monolithic, legacy technology
    • Digital banking is dominating the CEO growth agenda and is a direct influence for IT decisions in this industry sector
    • Improvements in platform performance and the broadening functional capabilities in core banking applications are driving CIOs to consider new technology solutions across all banking segments
    • The changing demographics of banking consumers is of grave concern to banking CEOs as younger consumers have a different view of the value of banks than those of previous generations
  • Gartner Recommended Reading
© 2016 Gartner, Inc. and/or its Affiliates. All Rights Reserved. Reproduction and distribution of this publication in any form without prior written permission is forbidden. The information contained herein has been obtained from sources believed to be reliable. Gartner disclaims all warranties as to the accuracy, completeness or adequacy of such information. Although Gartners research may discuss legal issues related to the information technology business, Gartner does not provide legal advice or services and its research should not be construed or used as such. Gartner shall have no liability for errors, omissions or inadequacies in the information contained herein or for interpretations thereof. The opinions expressed herein are subject to change without notice.

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