What’s Up for Financial Services? Core System Renewals that Can Leverage Cloud

By Mike Dilio, Sr. FlexPod Solutions Marketing Manager, Americas Marketing, NetApp

 

I stumbled across an interesting article on the internet recently that predicted the top technology trends in banking we should expect to encounter in 2015. In it, financial services author/speaker Chris Skinner (Digital Bank – Strategies for Launching or Becoming a Digital Bank) identifies what he believes are the four big trends in technology that financial services organizations will need to deal with in the coming months. His premise is that a lot of the noise we hear about today such as the Internet of Things (IoT), Social Media, Apple Pay, Mobility and other current technology conversations aren’t really the issues banks and insurance companies need to pay attention to. Instead, he claims that banking will need to focus on four key areas: Core Systems Renewal, Cloud, Analytics and Incubators.

 

His premise is that most banks are grappling with really old technologies. Legacy beasts that have been around for years and that are no longer fit for purpose  instead pictujre.pngrelying on batch, overnight, programmed systems, administered by a shrinking pool of resources (developers, analysts, architects, engineers, designers or managers) who understand them. And that even though most banks have avoided touching their core systems for years, competitive pressures and customers themselves are forcing the C-suite to make some big decisions.

 

His synopsis? It’s about time.

 

I couldn’t agree more. Sitting on the FlexPod marketing team here at NetApp, I’ve been privy to some pretty exciting projects that our customers have undertaken – many of them in banking – but none have been quite as much fun as watching ING Direct in Australia make the gutsy leap to cloud. They dipped a toe in the water first by putting up test/dev (Bank in a Box) but decided that to truly take advantage of the benefits cloud offers, they needed to dive into the deep end of the pool. Their first-in-market plunge meant migrating their entire banking system – every single core application – onto a FlexPod with Microsoft private cloud. It was a massive project and one in which the entire banking team at ING Direct worked side-by-side with NetApp, Cisco, Microsoft and our partner Dimension Data to make it all happen.

 

We were all pretty proud when the team completed the cut-over on a weekend. The bank was up and running on Monday without a blip, hic-cup or flaky connection in sight. It’s a great story and one that we have captured on video. Check it out and be inspired. I know I was.