Gartner Research

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

Published: 15 June 2016

ID: G00289897

Analyst(s): Don Free , Dale Vecchio

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
  • Impacts

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

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