At WISERISK, we are trying to help fix the urgent issues that financial institutions have around their legacy systems and large, tough-to-replace platforms. We know large institutions are challenged by legacy systems and lack of competition amongst providers. This is why we found a recent blog by Chris Skinner so hard to ignore. The blog is based on this article by Anna Irrera.
The blog cites some statistics which will probably resonate with you, too.
In addition, the dependence on COBOLx is a problem not unlike floating on a melting patch of ice in the middle of the ocean as programmers who know the legacy languages of these systems are aging.
Now, we are a ‘mature’ team and might take exception to being called ‘aging’ at the tender age of 45. But the aging of the systems is directly correlated to the age of the programmers, and it’s an indicator of the broader challenge.
Follow our blog to find out more about how we plan to address this challenge with our cloud-based, non-integrated currency hedging and other systems software in the coming weeks!