IT leaders in Financial Services seek to unlock greater value from their critical mainframe assets
The 2021 Mainframe Modernization Survey is produced for LzLabs by market research firm, Vanson Bourne. It surveys 650 global IT leaders at the world’s largest organizations on the factors influencing their mainframe modernization decisions. This year’s survey finds that IT leaders in financial services are moving even faster towards agile development and cloud technologies in order to remain competitive in their respective sectors. To achieve this, they are exploring how to reduce system breaks between applications on legacy platforms and those on open systems. As they manage a move to public and hybrid cloud models, IT leaders see the role of mainframe specialists as crucial in achieving a successful transition.
Mainframe applications remain crucial for financial services organizations, and respondents are looking to unlock more value from these assets…
of IT leaders in financial services say mainframe applications are important or critical to business operations and services.
state that quicker mainframe application changes would improve their time to market.
…but the mainframe architecture continues to hold financial service organizations back from adopting new technologies including Artificial Intelligence, Big Data analysis and real-time asset management and work scheduling.
are concerned about the skills gap between experienced and junior members of their mainframe teams.
say it is difficult to change mainframe applications to support innovation initiatives.
The trend of new IT modernization options being performed away from the mainframe continues, as financial service organizations seek to reduce system breaks between applications on legacy platforms and those on open systems.
Public and/or hybrid cloud models have seen the highest proportion of IT modernization development in financial services, with an 18% rise since 2018.
The main advantages to developing applications off the mainframe include faster development times, applications being easier to deploy and organizations having freedom of choice over which tools to use.