This article on the BankNXT website is a year old but it is still relevant today. There are serious concerns being expressed by regulators all over the world about Fintech causing another financial crisis but they are still ignoring the huge risk posed by legacy applications.
These risks can be summarized as:
Lack of knowledge – because legacy systems are usually poorly documented and the staff that were involved in their development no longer being with the organization no one really knows what the applications do and the business rules involved in performing its processes.
Lack of skills – legacy applications were written in legacy languages – COBOL, Assembler, PL/1 etc. These are no longer taught and the programmers who know these languages are rapidly approaching retirement.
Lack of budget – the amount of money organizations are spending on legacy applications is growing year on year meaning funds for new developments are squeezed and development to achieve business objectives are not happening.
Fear – all of these taken together mean that development organizations are afraid to touch legacy applications because they don’t know what will happen if they make any changes.
At EvolveWare we have developed Intellisys™ that helps organizations overcome all these risks. Intellisys provides detailed documentation, impact analysis to see the effect of changes, business rules extraction and optimization and finally the ability to migrate to modern languages, web services or the cloud.