Modernizing Corporate Banking Infrastructure: Migrating Legacy Systems to The Cloud

• Author(s): Himani Fnu ; Nirav Modh
• Paper ID: 1703096
• Page: 455-461
• Published Date: 31-01-2022
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 5 Issue 7 January-2022

Abstract

The rapid evolution of digital technologies has compelled corporate banking institutions to reconsider traditional approaches to infrastructure management. Legacy systems, while historically foundational to banking operations, have become increasingly inefficient, costly, and incompatible with modern digital demands. As a result, many financial institutions are migrating their legacy systems to cloud platforms to leverage scalability, cost efficiency, and enhanced performance. This transformation is not merely a technological upgrade but a fundamental shift in operational paradigms. The transition, however, is fraught with challenges, including data security concerns, compliance requirements, and integration complexities (Smith, 2021). This paper explores the critical considerations, methodologies, and strategies for successfully modernizing corporate banking infrastructure through cloud migration, with a focus on preserving operational integrity and achieving long-term digital agility. Cloud computing offers transformative benefits for corporate banking. It enables real-time data access, seamless application integration, and robust disaster recovery mechanisms. The inherent flexibility of cloud platforms allows banks to scale resources dynamically, thereby addressing the unpredictable demands of modern financial ecosystems. Moreover, cloud adoption supports regulatory compliance by offering enhanced data monitoring and audit capabilities (Anderson & Lee, 2020). Despite these advantages, migrating legacy systems involves addressing key challenges, such as legacy software compatibility, workforce retraining, and vendor lock-in risks. By examining real-world case studies and leveraging expert insights, this paper provides a roadmap for banks aiming to navigate these obstacles and maximize the value of cloud technologies. This paper also discusses the role of artificial intelligence (AI) and machine learning (ML) in optimizing the migration process, from data cleansing to predictive analytics for workload optimization. These technologies not only streamline migration but also unlock new opportunities for innovation within banking operations. Furthermore, the study underscores the importance of adopting a phased migration strategy to mitigate risks and minimize disruptions. This approach ensures that banks can maintain service continuity while incrementally transforming their infrastructure. The migration of legacy systems to the cloud is both an opportunity and a necessity for corporate banking institutions. By embracing cloud technologies, banks can enhance their competitiveness, agility, and resilience in an increasingly digital economy. However, the success of this transformation hinges on meticulous planning, robust stakeholder engagement, and a clear understanding of the technical and operational nuances involved. Through strategic execution, corporate banks can not only modernize their infrastructure but also lay the foundation for future growth and innovation.

Keywords

Cloud migration, Legacy systems, Corporate banking, Digital transformation, Infrastructure modernization, Cloud computing, Financial technology (FinTech), Data security, Compliance requirements, Operational agility, Scalable architecture, Disaster recovery, Machine learning (ML), Artificial intelligence (AI), Real-time analytics, Regulatory compliance, Vendor lock-in, Workforce retraining, Phased migration strategy, Digital ecosystems

Citations

IRE Journals:
Himani Fnu , Nirav Modh "Modernizing Corporate Banking Infrastructure: Migrating Legacy Systems to The Cloud" Iconic Research And Engineering Journals Volume 5 Issue 7 2022 Page 455-461

IEEE:
Himani Fnu , Nirav Modh "Modernizing Corporate Banking Infrastructure: Migrating Legacy Systems to The Cloud" Iconic Research And Engineering Journals, 5(7)