The University of Surrey’s latest report—Escaping Legacy—has uncovered the stark finding that 40-50 percent of all banking IT assets are in urgent need of modernisation. For the United Kingdom alone, that’s a technology debt equivalent to the national pension’s deficit. This report is Accenture’s response to their findings.
Accenture's Time to Grasp the Nettle report has previously turned the spotlight on a dangerous lack of resilience in banks' core systems. Designed and built for a bygone age of branch-based banking and overnight batch processing, these systems, we argued, have grown massively complex, unreliable, expensive to run and unwieldy. In other words, they are no longer fit for purpose in a digital world. Have things changed? No. In fact, the situation has deteriorated. Post-Brexit, we are in an even more uncertain, unpredictable world than before. While the inclination for most banks is to hunker down, delay making decisions and wait for the storm to pass, this is no longer a viable option.