Cloud computing, infrastructure-as-code, continuous deployment, agile development, micro-vice architecture, test automation, DevOps. Today’s enterprise technology landscape is radically different from what it was a mere ten years ago. Business and consumers alike have come to expect IT systems that are capable of evolving rapidly, almost instantaneously, all the while remaining stable, secure, and cost-effective.
Yet, banks continue to spend an average of 80% of their annual IT budget on run-the-business costs. In a worst-case scenario release cycles are slow, operations remain dependent on manual processes, IT infrastructure costs continue to hurt the bottom line and mitigation of regulatory risks caused by out of date technology is a constant distraction for C-suite executives.
Legacy IT has gotten a bad reputation, and it can be easy to become despondent in the face of all the information out there which talks about needing to build new platforms from scratch, which is unrealistic in established and highly regulated businesses.