Banks consider off-the-shelf software to remain competitive
Paul Pullinger, Head of Sales Banking, Capgemini talks to Computer Weekly on how banks are using 40-year old legacy systems and how the Nationwide Building Society is leading the way forward.
10 April 2008
Publication
Following the release of the Core Banking Systems Survey 2008, the report found
that banks were still using legacy systems fromthe 1960s & 1970s. Nationwide
is seen as ‘blazing a trail in the financial services industry by becoming one
of the first lenders to replace its outdated legacy systems.’ Capgemini is one
of the partners along with SAP is helping the Nationwide Building Society to upgrade its IT infrastructure involving service-oriented
architecture.
More than 90% of respondents to the survey are willing to change legacy systems.
However it will take time for larger banks to complete projects, Paul believes.
“It is much more difficult for large banks with complex IT infrastructures supporting
multiple products to replace legacy systems,”
“Moving away from legacy systems to package softwares for banks is like building a new house around you while living in the old one.” Paul concluded.
To read the rest of the article at Computer Weekly, click here.
To read the press release, click here.
To download a copy of the Core Banking Systems Service 2008, click here.
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