Tech Time: Why legacy platforms are inhibiting your business

As technology develops and requirements change, businesses sometimes find that they have a diverse collection of legacy technology platforms. These systems may have played key roles in business operations at one time, but if they are not looked after, they will not age well and may become a costly and unscalable burden.

Whether the result of previous mergers, a failure to keep up with technological advances or a reluctance to budget for development, legacy platforms are certainly not uncommon. Most businesses recognize the need to update their data management systems, but the cost of change and perceived difficulties of integrating existing systems with new solutions can slow them from taking action. At the same time, continued use of legacy platforms can hold businesses back from reaching their true potential and severely impact business operations. With this in mind, we look at the true costs credit unions are likely to face if they fail to bring their data management capabilities in line with 21st century requirements.

Why Failing to Update Will Be Costly

According to our research, more than a third of financial institutions say that legacy data platforms are the biggest obstacles to improving their data management and analytics capabilities. This is a worrying statistic, as financial institutions are heavily reliant on easy access to quality data and analytics to operate effectively.

 

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