For decades, it’s been a part of the cycle of life for banking information software: eventually, core systems “go legacy.”
When a product is no longer fully supported, or no longer offers the functionality that banks need, a decision must be made: when do we replace the legacy software — and with what?
Vendor lock-in and internal knowledge of existing systems sometimes make upgrade the path of least resistance. But what if that path is a road to nowhere?
If you’re struggling with these questions, you’re not alone. Banks around the world are frustrated at the lack of functionality in their aging enterprise content management (ECM) and document management systems. In a recent Nuxeo survey, we discovered that 42% of bank workers have difficulty finding information because it’s stored in multiple systems, with 25% reporting they cannot search across systems.
The High Cost of Wasted Information
Information is being created at a truly staggering rate. Today, many organizations are faced with doubling information volumes every year. With more information being created and collected than ever, organizations should be able to do more exciting things than ever with technology — shouldn’t they?
Unfortunately for many banks, intake hasn’t correlated very well to output of customer-centric features. While banks may collect more information from customers and their transactions, a huge amount simply sits unused in repositories, and unlikely to be leveraged to create additional value for the bank or its customers.
Most of the time, upgrade paths for ECM software simply don’t account for this “dark data,” and don’t plan to do much, if anything, with it. Information that could become a gold mine instead looks more like a garbage dump.
Does Modernization Make You Feel Excited — Or Nervous?
When problems go unsolved by upgrades, modernization becomes a chore - not a step toward a brighter future. As you look down the line to the next upgrade, and then the one after that, and so on, and so on - upgrade and maintenance costs begin to mount, and stress levels begin to rise.
This isn’t modernization, it’s just kicking the proverbial can down the road.
With a true modernization strategy that intelligently connects and harnesses data and content throughout the enterprise, banks today stand poised to deliver new offerings based on information gathered from new sources. This can range from the Internet of Things (IoT) to social media and mobile applications. Artificial intelligence (AI) and machine learning (ML) can add value and find insights in existing information.
The future is exciting unless your upgrade is making the march of progress feel more like a dirge. If this is the case, it’s time to get a better instrument.
Why Solution Upgrades Aren’t the Solution
There’s a problem with solutions: they’re purpose-built for a purpose that’s already happened. An ECM solution suite can perform the functions that the vendor already planned and developed for. But what happens when a company’s content management needs and requirements evolve in a manner that the ECM solution suite wasn’t designed to handle?
Missed opportunities happen — and banks today know it all too well.
From mobile apps that don’t give customers the self-service functionality they want, to customer service representatives who can’t find the information they need to do their jobs, the shortcomings of ECM solution suites are causing real consequences and costing real money.
The inflexible nature of solution suites means that they will always be a “trailing indicator” of features that are expected and demanded by the banking industry. Waiting for these upgrades means waiting to follow the herd, instead of charting your own path the next time you reach a fork in the road.
Break the Cycle With a New Approach
Ready to get off the upgrade/replace merry-go-round?
You need a platform approach. Modern platforms are built to be open, easy integrate with existing systems, and feature a full range of applications, services, and microservices. Instead of confining yourself to a set list of features and capabilities, you can use a platform to build a tech stack based on the latest best-in-breed technologies available.
The cloud-native Nuxeo Platform, designed to power fast, low-code application development that uses content from anywhere in your organization or beyond, was created to end the upgrade/replacement cycle. Nuxeo enables banks to build and replace the tech stack “block by block” for an adaptable, flexible experience that lets you take control of your technology journey.
The Replacement-Free Future Is Here
With no upgrade costs and a platform that gives you the capability to adapt and evolve with changing needs, it’s no wonder Nuxeo has become the leading choice of banks looking for a way out of the ECM upgrade cycle.
Nuxeo enables a future of continuous innovation, without disruption from upgrades or rip-and-replace projects. If modernizing your digital processes or replacing your ECM systems are making you feel anxious instead of amped, we’re ready to turn that around. Learn more about how Nuxeo helps banks take charge of modernization here.