In a survey conducted by FIS in 2008, 76 percent of bank executives expressed frustration with their legacy systems, whilst expecting that these very systems would still be in place in five year’s time. For most, the risks of migrating to new mission-critical core systems simply outweighed the benefits they knew would accrue as a result.
The FIS Banking Utility breaks this technology deadlock. Our approach is simple – we apply Software as a Service (SaaS) principles to provide you with access to our services without having to replace your own systems. Clearly, in the longer term, you can migrate all your business across to our services and decommission your old systems. But, in the interim, you have the ideal opportunity to run the two models in parallel in champion-challenger mode to determine what is best for your business. In the Banking Utility service, FIS:
- Owns and hosts the systems
- Manages the millions of records
- Maintains and supports the infrastructure
- Runs the IT back-office
- Maintains compliance
- Manages the integration with your bank’s systems