A new report from financial software leaders Tietoevry Banking reveals that most European banks are now engaged in migrating their card management platforms away from legacy technologies and towards modern, more capable systems.
This follows a long period of hesitation, during which banks were considering their options while patching and upgrading legacy systems that had been used for more than twenty years in some cases. In recent years, analysis from McKinsey & Co and other consultants has estimated some banks spend as much as 70% of their tech budgets on legacy systems maintenance, a practice which in some cases simply deferred problems to a later date.
However, this situation has now changed. This annual study from Tietoevry Banking tracks bank’s attitudes and approaches to upgrading their bank systems. This year’s study combines a survey of 48 senior banking professionals with a new element: responses from a round-table involving six senior bankers. This combination has helped to deliver the most complete picture of bank attitudes to systems migration so far.
Among the key findings from the survey report “Card systems migration: change is here” are the following:
Commenting on these findings, Valdis Janovs, Head of Instant, Retail Payments and Cards at Tietoevry Banking said:
It’s great to see that the vast majority of the banks we spoke to are now engaged in migrating their card systems to modern platforms. Consultants and analysts have been pointing out for some time that legacy systems are too expensive and time-consuming to maintain – now it looks as though the speed and scope of change in the payments market have driven banks to the same conclusion.
Janovs continued:
At Tietoevry Banking, we combine market-leading systems and technical knowledge with deep experience of managing migration projects. We are therefore ideally positioned to structure and develop banks’ migration timelines, manage the implementation and “go-live” of their projects and advise them on their approaches to clients, senior management and internal and external partners – including regulators.
Download a free copy of “Card systems migration: change is here”, the new report from Tietoevry Banking, now.
Download report now