Cloud-Based Mainframe Modernization for Financial Institutions

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Cloud-Based Mainframe Modernization for Financial
Institutions
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• Contrary to popular belief, the mainframe is
  vital to many financial firms. Outside of
  finance, the mainframe is utilized in
  manufacturing, retail, and healthcare to run
  day-to-day activities. According to our analysis,
  mainframes are still vital in related businesses.

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• The problem arises when MIPS (millions of
  instructions per second) growth outpaces revenue
  growth. Mainframes can't help banks meet client
  needs in a changing market. Cloud DevOps is
  gradually exceeding the mainframe's ability to
  adapt. Changes in labor costs and demographics
  are affecting the mainframe's long-term viability.

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• Over traditional mainframes, the cloud offers
  reduced costs, scalability, and new digital
  banking solutions over conventional mainframes.
  Due to the increasing use of cloud technologies,
  workers are shifting away from traditional
  mainframe architecture and engineering skills. As
  more senior staff leave, mainframe knowledge and
  abilities are in danger.

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Using the best approaches to suit people's needs.

• Given its value, how can the financial services
  industry boost agility, enhance productivity, and
  cut costs while still relying on the mainframe?
  It's worth modernizing the mainframe environment
  to suit current market conditions and client
  expectations. This is where the Oracle digital
  banking experience (OBDX) comes in.

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• To make the right choice between cloud computing
  and mainframes or a combination of the two, it is
  critical to take a comprehensive and strategic
  approach that examines all aspects of cost.

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• The new architecture's running costs
• the opportunity cost of not updating, in terms of
  both money and time (or missing out on delivering
  new features to customers)
• A significant consideration when upgrading a
  mainframe environment is whether or not you can
  do it appropriately.

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Modernizing or migrating which is best?

• To upgrade their mainframe platform and have
  better digital banking solutions, banks often
  face three recurring paradigms take a leap of
  faith and jump to the cloud

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• If you're relocating, you have no margin for
  error This could have catastrophic effects for
  mission-critical operations in the event of an
  interruption.
• A mainframe's demonstrated functionality makes it
  tough to abandon it These machines have a long
  history of being reliable and capable of handling
  substantial transaction volumes. Despite their
  flaws, their high level of disaster recovery
  preparedness and well-proven security
  capabilities are advantageous to the financial
  services industry.

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• An "updated" mainframe is available from
  International Business Machines Corp. (IBM) Some
  of the challenges involved with running a
  mainframe environment in an increasingly
  cloud-centric business world can be alleviated
  using an IBM mainframe solution. Mainframe
  modernization may not be as intimidating of a
  task as it used to be if the company chooses to
  use the new IBM commercial structures.

Copyright by jmrinfotech.com