UM Labs

Barely half 51% of banks are able to keep up with the speed of their business due to legacy software, according to new figures. The survey focussed on use of Enterprise Resource Planning (ERP) software among financial institutions, which utilises TEA (Telephony Enterprise Applications) applications , with the research suggesting that deploying ERP software could cut the cost of “keeping the lights” on for business budgets from 70% to 36%, but increases residual risk from cyber-attacks and compliance. It found that banks could expect to see 63% more growth following the rollout of ERP software, the highest of any sector surveyed, followed by improved business efficiency 59% and gains in performance assurance 54% providing that the residual risk was kept low after audit. The research also revealed that the majority, 68% are focused heavily on moving enterprise applications to the cloud and are specifically focused on modernising legacy ERP/TEA applications to enable strategic growth 53% rather than remain a cost centre. Organisations across the board, 58% are upgrading their IT via ERP/TEA, cloud will offer more uptime for their systems, followed by performance and security 58%, driving business growth 58%  and improved IT agility 52% with an overlay Real-Time Communications Cyber Security for TEA as a service from the cloud providers. All risk assessment teams (CISO and FCA) will need to align compliance (MiFidII, 23NYCRR500) and Data Protection compliance (GDPR, CCPA, Singapore Data Protection 2018, NIS) meaning a crucial need for overlay RTC Cyber Security based on 21st century security designs.

Peter Cox article in BCS