In the banking and financial sector, legacy systems, complex architectures, reliance on third-party libraries, regulatory compliance, and security considerations create significant challenges for application maintenance. Organizations often struggle with the accumulated cost of maintaining and fixing poorly designed or implemented software as it affects the quality, performance, security, and maintainability of software systems, as well as the productivity of developers. All this adds up to technical debt, accumulating over several years.
Technical debt can have severe consequences for your organization, such as:
According to a McKinsey survey, CIOs in the financial sector estimated that technical debt represents between 20-40% of the total value of their technology assets before accounting for depreciation. Additionally, they indicated that 10-20% of their technology budget, originally intended for new product development, is redirected toward addressing technical debt-related issues. Technical debt also reduces the agility and innovation of banks and financial institutions, making them less competitive and more vulnerable to cyberattacks.
Are you struggling with outdated and vulnerable applications holding back your financial institution's performance and growth? Do you want to modernize your IT infrastructure and stay ahead of the competition? If so, you need a reliable and effective solution for technical debt remediation.
We provide expert assistance with creating the technology strategy to manage known vulnerabilities. Thoroughly assess your current state and estimate the effort required to rectify security issues.
Virtusa deploys dedicated teams of resources working across applications to enhance the overall security stance of the applications.
We apply best practices for configuration and code changes essential for upgrading application libraries. The CoE (Center of Excellence) model ensures central governance of this program across all applications owned by a business unit, reducing time to market and facilitating knowledge sharing of best practices. This model helps optimize the work across the applications, and programs benefit immensely from each other.
Virtusa has been instrumental in empowering banks and financial institutions of all sizes globally.