Engineering Reimagined |

Engineering Reimagined

Financial Services Industry

Legacy Modernization in the Financial Sector.

A sustained organizational effort that restructures the foundations of financial institutions.

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As operational requirements, customer expectations, regulatory obligations, and analytical needs have expanded, the structural limitations of legacy systems of the financial sector have become more pronounced.

Modernization is not a singular technical event but a sustained organizational effort that restructures the technological, operational, and analytical foundations of financial institutions.

60%

Financial organizations typically spend over 60% of their IT budgets just on maintaining existing legacy systems, leaving limited resources for innovation.

$57B

Global spending on outdated banking technologies is projected to surge to over $57 billion by 2028.

300%

Financial institutions operating on outdated systems face around 300% more cyberattacks.

In this Report.

01.

Context and Drivers of Legacy Modernization.

02.

AI-Supported Autonomous Modernization Approaches.

03.

Building Modern Financial Systems: Architecture, Operations, and Risk.

04.

Modernization as a Foundation for Regulatory Confidence and Data Integrity.

05.

Strategic Planning and Governance as Pillars of Modernization.

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