checking or current accounts , access control and so on , and they all have their own databases , which can equate to anything from 500 to 1,000 subsystems . The holy grail of banking is to have one single view of the customer , but that doesn ’ t really work as the fundamental data model in legacy systems isn ’ t established to deliver that from the beginning .
“ Similarly , existing technology is typically product oriented rather than being customer centric ,” he adds . “ Any new system has to be entirely focused on the customer - everything you do , irrespective of the service should accrue in one area and that data is then used across everything .” Fennelly also points to the high CapEx required to run a legacy system as a result of their complexity , adding that they are precarious to maintain and difficult to change due to their being non-homogenous . On the latter he explains “ even the simplest of things can be overly complex ; there are multiple vendors in a bank ’ s world and software written in different languages so that any change has to be coordinated through this complexity .”
19 fintechmagazine . com