Guide to modernizing banks and credit unions
Is your organization considering a technology upgrade? This legacy assessment provides answers.
For decades, banks relied on the consistent results that legacy systems delivered. That’s no longer the case.
The antiquated systems are inefficient and costly to maintain, and they simply aren’t able to support the capabilities required for success in the foreseeable future.
If your IT systems are a decade old and increasingly causing setbacks, it’s time to consider modernizing your technology solutions — for the sake of your customers and your staff.
Modernization is a strategic solution to navigating the challenges of outdated legacy systems. One that promises huge returns — resource optimization, higher scalability, personalization, quicker response times and more efficient service to customers.
But first, it’s time for an assessment. Before making the decision to modernize banking IT systems, organizations need to evaluate their current systems to truly understand what technology solutions will resolve legacy issues and where they can make the most impact.
We now have the capability to build solutions that address specific business challenges utilizing the tools within OnBase, reducing the need to purchase other software solutions.”
— Karma Hicks, Senior Vice President and Director of Operations and Process Improvements, American National Bank of Texas
Legacy assessment checklist
There are a number of factors that should be considered when undertaking a system assessment — the age of the hardware/software, its interoperability with other systems, whether it supports changes in the business processes model, the frequency of hardware failures and crashes, and, generally, its overall performance.
Here is a checklist of questions to ask yourself to gain a complete and fundamental understanding of your existing systems:
- Is your existing system able to accept and process multiple data formats from various types of applications and third-party systems?
- Can your system accurately classify, extract and validate all document formats?
- Are you able to connect your current system with new applications without having to deal with disparate systems?
- Are you able to gain a complete view of information and real-time access to that information whenever you need it?
- What are its AI capabilities? Can you create and manage AI agents to perform specialized tasks?
- How quickly and accurately does your system process the increased volumes of data that your organization receives?
- How much investment or expense is tied to the maintenance and support of your existing legacy systems?
- Does your existing system offer flexible deployment options?
Your answers should provide a clear perspective of whether modernizing your legacy system is a necessity or a nice-to-have for the organization.
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Four modern tech fixes for legacy issues
Technology solutions can revolutionize efficiency, accessibility and effectiveness for all users. That’s why financial firms must leverage every advantage that these solutions have to offer.
Intelligent content capture
Financial firms can utilize AI to ingest incoming information, no matter its source, and make it accessible and usable.
Case management
Leverage tools such as rapid application development (RAD) to tailor solutions to your needs with configurable point-and-click capabilities. You can also develop solutions that scale and shift with evolving business and customer needs on one platform — and extend it across departments for agility and effectiveness.
Process automation
Gain complete visibility into your processes from start to finish with workflow automation. Intelligent automation improves processes by connecting information across core systems and workflows, freeing up staff to focus on more strategic work.
> Read more | How State Farm Federal Credit Union made efficiency gains through automation
Cloud and shared services
Migrating to a modern cloud-based platform with can help banks and credit unions centralize siloed IT solutions on a single platform that provides secure content storage and collaboration while ensuring ownership and control. Plus, being hosted in the cloud means information is accessible from anywhere with real-time data, improving efficiency and transparency.
2.5 million
Documents American National Bank of Texas migrated to OnBase in the Hyland Cloud
329%
Increase in funds recovered in a three-year period after Redstone Federal Credit Union utilized OnBase to transform its debit card dispute process
1 billion
Assets ABN AMRO Bank managed in Hyland’s Nuxeo Platform within the first few years of deployment
Multiple capabilities in one solution
Although transforming legacy IT systems into a modern and agile system can be challenging, it’s imperative for banks and credit unions to meet the demands of digital customers.
Content, process and application intelligence can provide a modern, robust and holistic solution. Modernizing your tech stack can deliver new levels of value at every touchpoint, while offering scalability and sustainability for the future.
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Redstone Federal Credit Union
Large credit union utilizes Hyland solutions to transform debit card dispute process.
Trust Bank Singapore
Bank reimagines workflows and delivers faster, more intuitive customer experiences with Hyland Alfresco.