A Recap of #TFITS 2019, Part 2: Case Study Panel
Modernizing Legacy Systems in Japanese Financial Institutions – Should We Fix It, If It’s Not Broken?
Tokyo Financial Information & Technology Summit (TFITS) is the only event in Japan dedicated to IT, data, and operations executives from financial institutions.
TFITS is a one-day conference hosted by WatersTechnology and sponsored by six solution providers across APAC. The 2019 summit was held on July 4.
I had the privilege of moderating a main stage strategic panel discussion titled “Case Study Panel: Modernizing Legacy Systems.”
My panelists were:
- Masayuki Ichioka, Vice President, Goldman Sachs Japan Co., Ltd.
- Ren Kuroda, Japan Equities COO, Global Markets Division, Mizuho Securities Co., Ltd.
- James Marsden, Managing Director, APAC Business Development and Strategy, Broadridge
This panel focuses on legacy modernization brought together three leading minds inactive in the Tokyo market. These individuals discussed possibilities, initiatives, and challenges related to initiatives by system departments and operation departments in the context of technology modernization at Japanese financial institutions, particularly related to core system maintenance, management, and development.
Panel topics included the following questions.
- What is the current landscape of “technical debt” in Japanese banking legacy systems?
- How do you manage the risk and the cost of maintaining aging infrastructures within the Japanese financial system?
- How do you bridge the gap between legacy technology and processes to build a digital client ecosystem?
- Does bolting-on fintech to build a digital facade work or will it lead to the inevitable collapse of legacy architecture?
- What are the top drivers of core modernization? Should risk mitigation or revenue generation lead modernization efforts? Why?