Ron van Kemanade, Group COO, Lloyds, on agents, COBOL, automating fraud detection
"Half a year ago, if I would have gone in and said, 'guys, we have 200 COBOL applications, let's refactor all of them!' they would probably have run for the woods.”
Financial institutions are increasingly facing pressure to modernize legacy systems, often driven by the competitive landscape and the need for greater agility, as advancements in AI make automation more feasible and attractive.
This indicates a growing willingness among large, traditionally conservative institutions to tackle deep-seated modernization challenges, potentially unlocking significant efficiency gains and competitive advantages.
The perception of 'unrefactorable' legacy systems like COBOL is changing, with AI and automation now seen as viable pathways to modernization, rather than just an impossible cost or risk.
- · AI/automation platforms
- · Cloud migration services
- · Financial technology companies
- · Legacy system vendors
- · IT departments resistant to change
Increased investment in AI-driven legacy system modernization strategies within financial services.
A wave of talent retraining and reskilling for new automation tools, possibly leading to a shortage of traditional COBOL developers.
Enhanced speed and accuracy in financial operations, potentially lowering operational costs and improving service delivery, while also creating new vectors for highly automated cyber threats.
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