Untangling Years of Layered Legacy Systems

Marc Linster February 16, 2018

Financial Services Institutions Look to Open Source

Today’s financial services institutions must innovate and evolve their technology to remain competitive during a time of great disruption. The need for rapid innovation and increasing digitalization is shining a light on the IT complexity many financial services institutions now face — untangling years of layered legacy systems.

Legacy IT systems dominate many large financial services institutions, and it is safe to say that highly customized applications are a major issue. Many financial services institutions have needed to build rather than buy applications to meet the specific requirements of the banking industry and to create service differentiation. However, many of these systems now need to be modernized to take advantage of newer and more capable technologies available today, and many technology leaders now need to decide whether to keep or migrate these applications to newer technology platforms. As these decisions are made, it is clear that open source is becoming a pillar for IT strategies across the financial services industry. 

Increasingly, financial services institutions are building new applications on open source-based platforms. The maturity and broad functionality of open source is proven, and there are no longer questions about its suitability and reliability. Adoption of open source is no longer being driven only by its attractive lower cost but rather the rapid pace of innovation and extreme flexibility it offers.

IT departments recognize that open source solutions, particularly in data management, enable them to address many of the challenges they face, resulting in more agile architectures that are highly responsive to customer needs. Furthermore, as open source is developed with agility in mind, financial services companies can build modern infrastructures that allow for modular adoption of applications and iterative approaches to development. 

The EDB Postgres Platform gives financial services institutions the flexibility to plan their future IT strategies, enabling them to gradually evolve their data management strategy from closed source to open source. They can maintain their existing databases where required and migrate to open source-based platforms in an application-transparent way, while leveraging their existing skill sets and operational procedures. EDB Postgres Data Adapters enable IT departments to integrate data from other data sources, such as NoSQL and Hadoop, with EDB Postgres, giving companies a consistent view of all the data in their organizations. EDB Postgres can extend the life of legacy systems, federating the data to new applications over time. For Oracle databases, EDB offers a Migration Toolkit to provide a smooth transition to modern open source-based database technologies. As EDB Postgres is based on SQL, and EDB Postgres Advanced Server provides comprehensive PL/SQL compatibility for Oracle®, this means little re-training for Database Administrators (DBAs) and rapid migrations requiring very little coding changes. As a result, financial services companies are able to not only migrate, but also modernize their applications in an efficient manner.

Most financial services organizations are aggressively working to maximize the opportunities of the digital era. If you need to more clearly define your strategy, we can help you integrate EDB Postgres into your technology stack, and partner with you to ensure alignment of your goals and requirements with the potential of open source-based solutions. With a roadmap for success based on a reference library of proven blueprints, solution tool sets, and API integration designs, the result is a blueprint and architecture roadmap based on Postgres best practices and your business objectives.

For more information, watch this video of EDB Postgres users explaining how their requirements were met, and then contact us.

Marc Linster, Ph.D., is Senior Vice President, Product Development, at EnterpriseDB.

 

Marc Linster

마크(Marc)는 EnterpriseDB에 합류하기 전에 Polycom에서 약 4년을 근무했습니다. Polycom은 서비스 공급망, 비즈니스 인텔리전스, 고객 데이터 관리, 클라우드 솔루션에 초점을 맞춘 최고의 화상 통신 장비 제조업체입니다. 그 전에는 미국, 캐나다, 프랑스, 독일, 스위스에 고객을 둔 공급망 컨설팅 및 시스템 통합 업체를 이끌었습니다. 이 업체는 마크(Marc)가 Avicon Group에서 개발한 전문 기술을 이용했는데, 마크(Marc)는 Avicon Group에서 6년 간 최고기술책임자(CTO)와 운영부사장 등을 역임하면서 관리, 비즈니스 컨설팅, 시스템 통합, 데이터 관리, 비즈니스 인텔리전스 등 광범위한 전문 지식을 쌓았습니다. 마크(Marc)는 독일 Kaiserslautern 대학에서 컴퓨터 공학 박사 학위를 받았습니다.