Traditional banks are racing to transform but are limited by legacy systems and aging infrastructure. Most have a cloud strategy and have tried to migrate their traditional applications there with moderate success or built new application stacks in the cloud, according to this Forrester Research paper. As banks come under more pressure from digital banking start-ups their transformation becomes critical to maintain their market share. Banks’ application landscapes are not yet in a shape that would allow them to cope with the forces that are tearing the industry apart.
This report looks at the reasons for this situation and offers the banking industry application development and delivery professionals new architectural approaches that ease digital transformation challenges first and prepare for business models or the API economy later. Connected architectures enable banks to be ready for the future.