These systems have not kept pace with customer and member expectations, offering only browser-based experiences, outdated customer journeys, and little to no innovation. The cost of maintaining them continues to rise while the value they deliver continues to fall.

Why is it important to look at all your options?

• Legacy platforms often suffer from outdated front ends, vendor lock-in, limited or no mobile apps, and slow or fragile integrations. These hold growth back and increase overhead costs.

• By adopting a platform that supports progressive modernisation (headless architecture, incremental upgrades) you reduce risk, avoid big-bang failures, and retain continuity for customers and operations. 

• Future-ready technology partners integrate speed and simplicity, with plug-and-play connectors, standardised APIs, and expanding fintech marketplaces. This makes it easier to connect core systems, CRMs, and third-party fintechs without the cost and complexity of custom builds.

Comparison: legacy platforms vs. Backbase

Here is how legacy technology stacks compare to the capabilities of modern digital platforms

How can banking leaders make the change?

If I were advising a bank or credit union evaluating legacy platforms vs modern alternatives, here are the steps I would recommend:

1. Audit what is working now: where are your biggest bottlenecks, (e.g., mobile support, integrations, UX, or product launches)?
2. Map the journey vs destination: identify small, high-impact modernisation moves (e.g. mobile app, onboarding, integrations) rather than trying to replace everything all at once.
3. Choose a platform with modular, open architecture: one that lets you plug in fintechs, build or customise as needed, and scale without redoing foundational pieces.
4. Prioritise customer and employee experience: modernisation should free up resources to focus on what matters for end users.

Read the original article here.