Nick Fernando

Founder and Director at Aqua Global Solutions

Posts: 1 Comments: 1

Bio Co-founder and Director of Aqua Global Solutions which specialises in Financial Message Management Solutions. Career History Seasoned IT professional with over 30 years experience in financial message management.

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Legacy - Good or Bad?

19 Feb 2018

A legacy left to you by a rich benefactor most people would view positively. The term applied to a core banking system today, seems to have negative connotations. The legacy system is a bit like the phone everyone purchased just over a decade ago. It calls as well as any phone of today, however, we want to be able to take high definition pictures ...

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Legacy - Good or Bad?

João; thanks for the response. It was interesting to hear your experience/point of view on the how to replace a legacy system. I’ve also heard horror stories regarding legacy replacements where banks have spent millions of pounds/euros/dollars etc. in attempting to rip and replace a system to be left with an alternative solution that isn’t fit for purpose and have reverted back to the original system. In other cases, some companies have felt that they just have to go live even though the business users were unhappy with the functionality as the pressure to stop spending more money on perfecting and deliver from senior management is too great. I also get the point on having the right level of gap analysis. In general, the gaps are identified by dialogue with the business users but there should be a level of objectivity in regard to whether something is crucial to replacing a process or not. I have known of users requesting a report that is required daily. If further investigations were carried out it would have been apparent that the person requesting the report did so because as part of their daily duties they had to file a copy of it and that nobody in the company had ever referenced it for several years.

21 Feb 2018 Reply Read article