Play it on your favorite podcast platform
Episode notes
There is no doubt of the opportunity modernizing technology and infrastructure can create for efficiency and growth, particularly in the world of banking. In this episode, our experts discuss the complex challenges of undertaking mainframe modernization and the risks involved, as well as the risk of not modernizing and what can happen if you don’t.
How do you keep the business running during the transformation and work within the limitations of legacy apps that are not yet modernized? The ever-increasing data sovereignty and compliance concerns add another layer of complexity. And, with upcoming regulations on data and AI governance, like DORA and the AI Act, should banks be thinking about their own modernization journey?
Featured experts
- Ronan Hughes, Core Banking Principal Architect, Bank of Ireland
- Chris Davis, Managing Director of Ireland and Senior Partner for Bank of Ireland, Kyndryl
What you will hear
“All of these new technologies such as the AI systems, etc., and any use cases that deploy it, they need to be transparent and explainable. You can't have, you know, a new model going off and doing something and you don't know or understand what it's doing. That's just not going to be acceptable. So that being the case, you have to sort of build along those main pillars of trust. And the overriding principle above all of that is privacy. ” —Ronan
“My advice to anybody would be understand your functionality and your actual business need, not just what's there and why it's there. So anything that could be built up over the years and only migrate and transform what is actually required. So you want to focus on doing it in a way that allows future growth and development as easily as possible. It should be completely invisible to people who are customers of the organization. And then at that point, once you've concluded that, you should be able to move forward with all the speed and determination of any new digital entrant or FinTech in the market. And you should have the advantage of years of experience, understanding growth and an established customer base.” —Ronan
“It's a fine balance area between sharing generate data and stuff that is not restricted, and making sure that you're not breaking that trust. I think also, on an ESG front, you can probably share more freely. How do you create your baseline? What can you do to improve your carbon footprint? Can you work together to improve some of those logistics in banking like cash delivery and branch access and things where you could make a more efficient network? Those are areas where you can really collaborate.” —Chris
