Digital Disruption in Finance P1:Manage the cost & complexity of legacy systems

The last year has marked a steep acceleration in digitalisation for banking and insurance, with >44% of retail banking customers now relying on mobile apps and insurers increasing the personalisation surrounding premiums. In turn this has highlighted the disparity between the legacy systems used by traditional banks and insurers vs the systems used by challenger companies such as Starling and Lemonade. Reliance on those systems, often at least 3 decades old ( passing >£2Trillion through them each day) , alongside newer more agile ones designed to cope with an upsurge in the digital needs of businesses and consumers, provides a massive headache for any CIO/CFO. For a CIO there are the obvious challenges of enabling a digital business, whilst linking often limited systems with those more scalable and flexible ones. This against a backdrop of departments, all eager to move the business forward, often purchasing SaaS solutions directly. For the CFO, driving the business on to compete, its essential to understand the value of all technology investments; legacy, new and purchased directly to establish their role in the digital first world. We’ll discuss:- • The challenges for traditional banks and insurance companies with legacy systems in 2021. • The role of mobile, cloud technology and APIs in moving banks and insurers forward. • The modern conundrum of managing legacy and new systems in parallel. • How you can achieve total cost vs value transparency across all of the technology services offered across the business.