June 25, 2020

Overcoming Legacy Systems in Banking & Fintech

Overcoming Legacy Systems in Banking & Fintech

Emerging cloud technologies are shifting the cost-benefit curve significantly and allowing organisations to use data in new, innovative ways each year. Successful banks and fintech businesses have always known the importance of identifying opportunities for new technologies but, unfortunately, many of these businesses are also some of the oldest and operate on a hodge-podge of different systems that often span decades. This mix of different systems, frameworks and coding languages makes it particularly difficult to implement new technologies.

Legacy systems are a major inhibitor to the technical aspirations of many banks and fintech businesses. The problem doesn't always lie in the systems themselves though, but rather in the data each system generates. When data structures and basic definitions vary from system to system it can be extremely difficult to create a cross-functional or holistic view of data across the business. Raw data from each system needs to undergo cleaning, structuring and enriching before it can be combined, presented and analysed. If done manually for each different system this process can take a substantial amount of time and effort.

To speed up this process, businesses look to tools like Trifacta. Trifecta is an intelligent platform that accelerates the preparation of data for analysis and decision-making. With Trifacta, fintech businesses can quickly and effectively clean, structure and join data from their various different legacy systems and sources. Having data readily available in a consistent and uniform format also presents the opportunity to implement new and innovative technologies that may not have been previously feasible (considering the amount of company-wide data changes they’d initially have required)

Businesses across all sectors are moving smarter and faster by running their raw data through Trifacta. With Trifacta, banks and fintech businesses no longer need to have their technical aspirations hindered by legacy systems and disparate data.

DotModus is a trusted Trifacta partner and implementation expert. Learn more here or get in touch today for a demo of what Trifacta could do for your business.