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Dealing with Slow Moving IT Problems in the Banking Industry

Dealing with Slow-Moving IT

If you’ve been keeping up with our blogs, you’re already familiar with how slow-moving IT can affect organizations in the banking and financial sector. Today’s article is a continuation of sorts, following the same train of thought. We know how it can damage an enterprise, but how can IT teams address the causes, thereby fixing the issue? 

This blog will bring you one step closer to speeding up slow IT and prevent your organization from lagging behind in terms of delivery. Although it may seem like technology is the cause of the problem mentioned, we have to remember that technology is the solution to overcoming the issue as well. With a little bit of strategy and careful planning, as well as reframing the problem and looking for more fleshed-out solutions (as opposed to superficial ones), your business will be running at full speed toward the finish line in no time at all!

Addressing Slow Moving IT: 4 Fail-Proof Ways

These are just a couple of potential solutions that can get your IT moving at a normal speed again. Bear in mind that no singular option is guaranteed to work, as it all depends on the particular cause of slow tech. Sometimes a combination of different solutions will be required as well.

Get Rid of Legacy Systems

A good majority of the time, legacy systems are what cause organizations in the financial sector to keep tripping on their own feet. Many banks are reluctant to upgrade their systems and software to newer versions because of the trouble involved. This creates more issues in actuality, as older systems may not be compatible with the latest software. As such, IT has to work inefficient systems and miss out on the benefits of newer tech, resulting in slow-moving IT. Switching to newer systems is your best solution to this inconvenience.

Integrate Disparate Applications

Disparate applications that are separated from each other are yet another cause for slow technological processes. Integrating your applications and making sure they can communicate with each other is another way to prevent delays. It is also important to check out the state of your integration. If your institution is still using P2P integration, it may be time to get with the times and update. On a similar note, automating processes as much as possible is another possible solution to speed things up as well.

Unwind Your IT Spaghetti

Spaghetti IT may be the most notorious reason that slows how businesses in the finance industry get their jobs done. This happens when developers stack on new changes on top of older infrastructures (whether in software, coding, or applications) until things become too difficult to manage. 

Spaghetti IT requires a great deal of maintenance and resources, and even then it can cause technology to slow down a great deal. Taking the time to discover the causes behind IT spaghetti and finding someone who can untangle the mess can go a long way in speeding things up. Moreover, many of these systems rely on point-to-point integration, where developers have to write code each time they integrate systems together, with no option of reusing code. This is additional time lost, and a lot of maintenance is required to keep things moving.

Architecture Review

Investing in a solid Architecture Review Service may be the most efficient way to target slow-moving technology. Think of it this way: the architecture is the foundational structure on which the rest of IT operations are based around. If the architecture is wonky, tech is bound to be slowed down. A proper review makes sure that your enterprise’s architecture is constructed according to proper guidelines and standards. Getting professionals to take a look at your architecture will also prevent future issues from popping up when you least expect them.

In a Nutshell

Slow-moving IT is a nuisance for businesses in the banking and finance industries, and even costs these institutions huge amounts of money over time. More importantly, perhaps, slow IT is a major barrier when it comes to faster time to market. Innovation by IT is also hampered when they are bogged down by slow technology. It is possible for a business to invest in different areas of the business but not see any results because the technology simply won’t move at the speed it needs to do. However, rooting around for the causes and following solutions, including the ones mentioned above, should do the trick and correct the issue. The next challenge, then, is making sure the issue does not repeat itself. And if you need help getting on the right track, PlektonLabs has years of experience and a team of experts to help your business out.

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