June 14th, 2022

By Matthew Watts


The Future is Now: How Legacy Systems Can Hinder Growth

Financial Services

The finance and banking industry has undergone major transformations in order to keep up with the changing needs of customers. Namely, the fact that a bank’s branch is no longer at the centre of a customers’ banking needs.

While accommodating this shift of course required time, money and effort, change was necessary. Otherwise, traditional banking systems would have fallen behind new age competitors.

In recent years this very same industry has been faced with yet another opportunity to embrace change. With advancements in video conferencing solutions, everything from day to day operations to communication between staff and customers can be optimised. 

However, adopting modern systems would mean moving away from legacy systems that have been the centre of operations for years. While legacy systems are viable, at the end of the day, these systems are outdated. 

By remaining steadfast in the use of legacy systems, finance and banking institutions risk polarising employees and customers and hindering operations. Furthermore, those who remain loyal to legacy systems are essentially- by embracing the past- sacrificing the future.

The problem with legacy systems

Legacy systems such as Webex have been faithful servants to the vast needs and wants of a finance and banking institution. However, as times have changed, legacy systems have been unable to adapt. 

This inability to modernise means that organisations with operations tied to legacy systems are forced to use under-optimised technology in order to work in an industry that is overflowing with new technology processes and procedures. 

Problem #1: Legacy systems are inefficient in modern times

When legacy systems were invented, it was inconceivable that the same conferencing platform could initiate a video or telephone meeting. As such nowadays, some systems, such as Webex require an extra download for those wanting to make calls.

In an age where technology can facilitate instantaneous, literal touch of a button operations, having to contend with separate downloads and separate screens is an unnecessary barrier to seamless operations. As such, this barrier results in lower productivity levels. 

Problem #2: Outdated tech processes present as a barrier to seamless customer communication 

Consumers love new technology. That’s why individuals across many facets of life are quick to download the latest apps and upgrade their technology such as phones, tablets and laptops.

However, most legacy systems cannot be updated and therefore, cannot be used to communicate with customers operating with the latest technology. Facing restricted communication options with their bank, customers may take their business elsewhere.

Problem #3: Legacy systems are incompatible with modern technology

Following on from the previous point, legacy systems make it hard for a finance and banking institution to communicate with customers as well as key stakeholders, staff, partners and suppliers. 

When using older formats, there are broader issues to consider. Firstly, any new employees to the organisation must be trained in these older systems. Secondly, new or potential hires may have a negative perception of a company that uses legacy systems. 

Problem #4: Older systems are becoming increasingly expensive to manage and operate 

With legacy systems being phased out across many different industries, finding qualified professionals to provide updates (where possible) and technical support has become increasingly difficult and costly.

The reason for this is because supporting legacy models takes a lot more work for developers. For example, actually finding replacement parts may prove time consuming and costly. Meanwhile, the system is rendered unusable until repair or upgrade works can begin.

Modern solutions are a means to a great end

The move towards modern solutions provides an array of benefits. Optimised technology allows staff to perform efficiently and effectively. New age customers wants and needs can be met. Importantly, the platform for sustained organisational growth is laid.

Overcome industry pain points

One of the great benefits of modern solutions is the fact that they can negate common industry pain points. For example, a common thread in the finance and banking industries is the fact that new technology means that employees need to be extensively trained. 

With video conferencing solutions, training isn’t as hard as you think. Logitech’s solutions are designed to work out of the box and feature plug-and-play elements. This means that there is no need for employees to be pulled away from business critical work to undergo training. 

Video conferencing tools also undergo automatic or even scheduled updates. As such, employees won’t need to constantly undergo training like when using legacy systems that require different downloads for different features. Logitech products offer all-in-one solutions.

Enjoy long-term benefits 

Embracing modern technology solutions undoubtedly helps to propel organisational growth. This is because video conferencing solutions can provide long-term benefits to a finance and banking institution.

For example, consider Logitech’s Rally Bar. Essentially an all-in-one video bar for medium to large rooms, Rally Bar allows for seamless communication across a variety of scenarios. On the one hand, Rally Bar facilitates communication between in-office and remote workers. 

On the other hand, Rally Bar allows for finance and banking staff to hold productive conversations with customers who, rather than communicating with banks through the designated branch, now prefer mobile means. 

Offering seamless integration and certification of products, video conferencing solutions help future proof an organisation. Rather than precluding banks from meeting with customers on their own terms, video conferencing will also provide a platform for communication. 

Thanks to certified video conferencing solutions such as Logitech’s MeetUp, this communication will always be productive. This is because certified products can be trusted to work both now and when updated.

Using these certified solutions means that the gap between legacy systems and current market trends is bridged. By using the right solution, like MeetUp, which features a simple set up and professional quality audio and video, there is no value lost, only value added. 

Don’t let growth pass you by

Banking and finance institutions have undergone many changes over the years. There was a time where brick and mortar stores were the hub of banking activity. With no need to meet flexibly and efficiently with customers through technology means, legacy systems sufficed. 

With changes in the world and the way customers bank, coupled with advancements in technology, legacy systems can no longer offer support to institutions looking to remain competitive and accessible.

In fact, legacy systems actively work to hinder productivity and limit organisational growth. With rigid systems in place, customer needs cannot be met and key suppliers will characterise operations as archaic.

By implementing means of video conferencing solutions, this all changes. Rather than letting growth pass you by, utilising video conferencing tools means embracing the present and the future and all the associated benefits.

In the present, communication is seamless in both a contemporary workplace and business operating sense. In the future, technology advancements won’t impinge upon a banking institution’s ability to succeed. Rather, they will simply use the platform provided by video conferencing tools in order to help your organisation enjoy sustained success.

Matt leads the Logitech Business Development and Account Management team. With 20 years of audiovisual and video collaboration experience, he strategically positions his team to succeed. He is proud to play a part in bringing the new way of collaboration to workplaces with Logitech’s award-winning, innovative solutions.

Matthew Watts
VC Enterprise Business Manager - ANZ

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