Can legacy systems meet modern banking & lending requirements? Don’t bank on it

by MeridianLink

Digital innovation across banking and lending is at an all-time high. From instant approvals to personalized interactions, you’ll be hard-pressed to find an area of banking untouched by the rapid advancements.

But despite these improvements, 75% of banks are still struggling to implement new digital solutions due to their legacy infrastructure.

And therein lies the problem: While leaving a legacy might sound appealing, relying on legacy systems for banking and lending is less than desirable. These outdated systems can no longer keep pace with the technological capabilities necessary to meet modern consumer demands. Institutions using these systems face several challenges that can prevent true modernization:

  • Complex, Costly Maintenance: Legacy systems, which often use outdated technology, require expensive, complicated upkeep. They also lack the flexibility needed to adapt to rapidly evolving digital banking and lending operations.

 

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