Legacy systems at major financial institutions (FIs) might remind you of a second cousin at the family reunion – reliably present, consuming more than their fair share and something you have to tolerate instead of something you are excited to see.
And like that cousin at your grandma’s casserole dish, those systems (whether provided by a third party or developed in-house) are not likely to go anywhere any time soon. FIs have often invested millions of dollars and thousands of hours in getting them implemented.
They have customization to meet unique business processes, and individuals may have staked entire careers on championing and maintaining those aging systems. But are those behemoths holding you back? Are they actually stifling growth with their rigidity, glacial update cycle and reliance on internal IT resources for any changes?
If you are seeing signs that point to hindrance rather than help, you don’t have to settle for the status quo. You can breathe new life into your legacy technology with a data agnostic, nimble engine that complements your existing systems, without having to risk the massive upheaval of a “rip and replace” approach.
Direct Data Connections
One of the primary benefits of augmenting your legacy systems? Easy connections to internal and external data. With a decisioning engine like the one provided by Zoot, you can easily implement new data connections, make calls into existing systems and tie all the input and attributes together for your unique business rules.
These direct data connections can help improve operational efficiency as well as improve your customer experiences. And because a Zoot engine can quickly implement new data sources with API connections, you are no longer beholden to your internal IT department to connect with a new (or existing) data source.
That means you can get the data you want, when you want it. And you can use that data to help improve credit risk profiles, fraud detection and prevention initiatives, underwriting processes and more.
Complex Calculations Made Easy
Once you have new data, you will likely want to put it to use. Legacy systems can mean coding time, reliance on IT and potential delays. But with a complementary system, you can take that data, run it through your unique and complex business rules quickly and easily.
Using a complementary engine, you can do all the heavy lifting of attribute calculation without any hard coding of your legacy system. The results can be easily run right back into that legacy engine for final decisioning, but you can cut the cord of IT engagement and streamline your attribute aggregation and calculation.
Update With Ease
Another challenge with legacy systems seems to be the limited update schedule. In many cases, those updates are infrequent, require significant development time and can be completely focused on regulatory updates, rather than strategic business initiatives.
With a complementary engine, you can eliminate the upgrade headache and partner with a provider that can keep pace with your growth goals. A system like the one provided by Zoot can be updated on your schedule, not your IT department’s timeline. Updates can be strategic, focused and in line with your goals. And updates can be implemented quickly, without impacting the underlying decisioning happening with legacy systems.
Like family reunions, legacy systems don’t have to be dreaded. With the right technology partner to complement those deeply embedded systems, you can have your casserole, and eat it too.