One of the top challenges among financial firms of all sizes is how to efficiently manage information within their organization in the face of explosive data growth. More and more data needs to be retained for a longer period to meet regulatory compliance. At the same time, they need to meet customer SLAs. The wave of mergers and acquisitions in the financial services industry leads to IT consolidations effort that leaves many legacy applications behind. The cost savings from IT consolidations would only be realized by retiring those legacy applications to eliminate the associated operational and maintenance costs. These legacy applications are kept around because the data needs to be retained for compliance.
With the varying regional and governmental regulations, banking and capital market firms are also faced with the necessity to meet requirements for data retention and access data more cost-effectively. The passage of Dodd-Frank and other anticipated agency mandates has intensified Wall Street’s accountability requirements. In Europe, the Markets in Financial Instruments Directive (MiFID) and Basel III is likely to increase the amount of data to be retained for compliance. This is where application retirement solutions can help to realize the significant cost savings from decommissioning old applications, while maintaining accessibility and enforcing retention and disposal requirements.
The cost savings associated with decommissioning and archiving legacy applications is tremendous, typically in the order of millions of dollars per year. To learn more about:
- The data management challenges that financial firms need to contend with as they go through mergers and acquisitions and IT consolidations
- How application decommissioning solutions can help eliminate costs
- The total benefits of application decommissioning
- The results achieved by banking and capital market organizations who have deployed application decommissioning solution
Register and attend our next webinar: Strategies for Improving Compliance and Reducing IT Costs through Application Retirement for more on this topic. In addition, you can download an IDC Executive Brief on how database archiving and application retirement solutions help financial services firms to achieve IT efficiency.