--- title: "Financial Services Legacy System Assessment" description: "This legacy system assessment is a valuable guide for banks and credit unions that have inefficient, aging technology. Check out these modern tech fixes." url: "https://www.hyland.com/en/resources/articles/financial-services-legacy-system-assessment" lang: "en" published: "2026-09-02T15:40:07.525Z" --- # Financial Services Legacy System Assessment ## Guide to modernizing banks and credit unions Is your organization considering a technology upgrade? This legacy assessment provides answers. ![Four coworkers smile and discuss around a table with laptops and notebooks in an office meeting.](https://site-cdn.hyland.com/www/163582f849/adobestock_482400573.jpeg) [Chat with our experts now](/en/contact-us) 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](/en/resources/articles/maintaining-legacy-systems), 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[is a strategic solution](/en/resources/downloads/5-drivers-modernizing-ecm) to navigating the challenges of outdated legacy systems.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](https://www.hyland.com/en/resources/articles/financial-services-modernization-automation-ai) 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. **> Webinar |** [**See how AI is transforming bank operations**](https://event.on24.com/wcc/r/5003753/E4D759875250D8321DFDDD66F8F84BF1) ### Automation in financial services: Real-world success stories ![Financial-services](https://site-cdn.hyland.com/www/eadade4b8c/financial-services_613147934.jpeg) A credit union saved more than 5,100 hours in a year. A bank created new applications and workflows that solved compliance and regulatory audit challenges. A different financial institution automated 150-plus workflows. Explore the key results — and find out how these organizations tackled significant challenges with Hyland solutions. [Read the success stories](/en/resources/articles/financial-services-success-stories) ## Modern 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)](/en/platform/application-development) 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](/en/platform/process-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**](/en/customers/state-farm-fcu) ### Cloud and shared services Migrating to a [modern cloud-based platform](/en/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 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](/en/platform/content-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. [Explore Hyland’s financial services solutions](/en/solutions/industries/financial-services) ## You might also like: - [Why financial services firms should take a three-pronged approach to innovation](/en/resources/articles/financial-services-modernization-automation-ai) — Explore how modernization, automation and AI can put financial institutions on a path to success. - [Revolutionizing financial services: The impact of artificial intelligence](/en/resources/articles/ai-financial-services) — AI is transforming the banking industry. Explore key impact areas, use cases, the power of content intelligence and indicators of AI-readiness. - [Redstone Federal Credit Union](/en/customers/redstone) — Large credit union utilizes Hyland solutions to transform debit card dispute process. - [Trust Bank Singapore](/en/customers/trust-bank-singapore) — Bank reimagines workflows and delivers faster, more intuitive customer experiences with Hyland Alfresco.