Enabling seamless banking experience: legacy modernization in Canada

Current state and challenges in legacy modernization
The session began with an in-depth look at the current state of legacy modernization in Canadian banking. As highlighted by our panelists, maintaining outdated systems is becoming increasingly costly and complex. Some of the core challenges include:

• High maintenance costs due to aging technology.
• Operational inefficiencies and duplicative processes.
• Security vulnerabilities and compliance risks.
• Difficulty in finding skilled resources for legacy technologies.
• Integration complexities that hinder seamless customer experiences.

Strategic approaches to modernization
Addressing these challenges requires a holistic approach that combines technology and process optimization. Our panelists shared successful strategies, including:

• Simplifying the application landscape: sunsetting duplicate applications and functions, and adopting cloud-based platforms like Microsoft Power Platform.
• Leveraging automation & AI: automating manual processes, such as case indexing and data extraction, to enhance efficiency and reduce costs.
• Improving customer experience: enabling end-to-end (E2E) client journeys to minimize handoffs and improve response times.

Partnerships driving technological innovation
Our speakers emphasized the value of strategic partnerships in driving modernization. By leveraging advanced technologies and collaborative expertise, organizations can achieve:

• Streamlined operations through optimized workflows.
• Greater reusability and flexibility with low-code solutions.
• Enhanced employee productivity and customer satisfaction.

Key takeaways:

• Prioritize reducing operational costs by eliminating legacy system dependencies.
• Focus on end-to-end client journeys to improve both internal processes and customer-facing experiences.
• Partner with industry leaders to stay at the forefront of technological innovation.