openPR Logo
Press release

The world’s top banks respond to growing competition by modernizing their legacy applications

07-27-2011 08:35 AM CET | IT, New Media & Software

Press release from: Micro Focus

Micro Focus provides the Top 10 Global Banks with Application Modernization for Business-critical Processes

Newbury, UK, 26th July 2011

The world’s top banks are recognizing the role of IT in supporting growth and innovation in an increasingly competitive market where customer demand is becoming ever more sophisticated. Every one of the top 10 global banks, including household names like Barclays, have turned to Micro Focus® (LSE.MCRO.L), the leading provider of enterprise application modernization, testing and management solutions, to help them modernize their business-critical applications. These organizations and a number of other leading banks around the world -- such as ABN-AMRO, Banco di Desio, DnB Nor, Lloyds Banking Group, RBS, Standard Bank and Standard Chartered Bank -- have adopted more flexible IT environments with a view to improve staff productivity, customer satisfaction and time to market for new services.

According to a recent report by Gartner , financial institution CIOs' top three strategic priorities are developing and maintaining a flexible infrastructure, delivering projects that enable business growth and reducing the cost of IT. Forty-four percent expect to move more than half their institutions' transactions to a cloud infrastructure by 2015 and thirty-seven percent expect to support more than half their institutions' transactions on software-as-a-service (SaaS) applications.

Dale Vecchio, Research VP at Gartner, comments: “IT modernization initiatives and, in particular application re-hosting, offer organizations the ability to fundamentally change the economics of running enterprise applications. The significant cost savings can then be reinvested in more strategic transformational projects that enable business growth or improved customer service.”

Micro Focus offers a broad range of modernization and legacy migration strategies that help banks make the most of their existing IT investment in the enterprise applications that are at the heart of their business. Its application portfolio management and application analysis tools provide vital information to identify and maximize the value of applications. Micro Focus’ solutions enable banks to migrate business-critical mainframe modernization across applications, development and testing to more modern and cost-effective platforms based on Windows, z/OS, Linux or Unix without sacrificing the business logic that makes these applications unique.

“The banking industry is entering an era of intense competition as customer expectations become ever more sophisticated. Whether you’re a high street bank or an investment house, customers are demanding 24/7 access to data on a growing range of devices, which poses all kinds of availability and security challenges,” said Stuart McGill, CTO of Micro Focus. “The business logic embedded in institutions’ existing applications is often a key source of competitive advantage, meaning they need to find ways to get the most out of these existing IT assets at the same time as developing more agile applications that can drive business growth.”

For more information on Micro Focus application modernization solutions, please visit http://www.microfocus.com/application-modernization.

Micro Focus, a member of the FTSE 250, provides innovative software that allows companies to dramatically improve the business value of their enterprise applications. Micro Focus Enterprise Application Modernization, Testing and Management software enables customers’ business applications to respond rapidly to market changes and embrace modern architectures with reduced cost and risk. For additional information please visit www.microfocus.com

Alice Jackson or Alex Bishop
Racepoint Group
Unit 1&2,
The Village Offices,
Westfield London Shopping Centre,
Ariel Way,
London,
W12 7GF
+44 (0) 20 8811 2474
microfocusuk@racepointgroup.com

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release The world’s top banks respond to growing competition by modernizing their legacy applications here

News-ID: 184966 • Views:

More Releases from Micro Focus

Micro Focus Advises how to Future-proof IT Systems, Making 2012 the Year of Re-U …
Standish Group[i] has recently issued a report describing the risk of failure of major IT projects, citing the dangers of rewriting core business applications or replacing them with generic packages. In 2011, there were well-documented ERP and other software project horror stories, including the RIM and Amazon outages, highlighting the challenges and business-critical nature of having the right IT infrastructure in place. As 2012 progresses and the ramifications of the
New Borland StarTeam Release from Micro Focus Unifies ALM Environments
Micro Focus (LSE:MCRO.L), the leading provider of enterprise application modernization, testing and management solutions, today announced the launch of Borland StarTeam 12.0. The new suite of change management tools increases and extends interoperability of application lifecycle management (ALM) tools and asset types across software development teams. This helps to overcome traditional development barriers such as lack of cross-tool visibility and inefficient collaboration. Borland StarTeam has always provided management support
Micro Focus Announces New Approach to Modernizing IBM Mainframe PL/I Application …
It’s estimated that organizations running PL/I applications on IBM® mainframes are spending in excess of $1 billion per annum in operating costs. As a result, enterprises are looking for alternatives to deliver the same business capabilities for less while retaining the existing intellectual property built into the PL/I applications. To help organizations address this, Micro Focus (LSE: MCRO.L), the leading provider of enterprise application modernization, testing and management solutions, today
Enhanced Micro Focus SilkTest Suite Cuts Testing Costs, Helps Build Better Softw …
Micro Focus (LSE:MCRO.L), the leading provider of enterprise application modernization, testing and management solutions, today announced the general availability of SilkTest 2011. The new suite of application testing software enables organizations to achieve the highest level of quality, flexibility and scalability possible throughout the entire software development lifecycle. SilkTest now increases the quality of mission-critical applications running on any terminal-based host system through its integration with Micro Focus Rumba. In

All 5 Releases


More Releases for Bank

Mortgage-Backed Security Market 2022: Industry Manufacturers Forecasts- Construc …
The Mortgage-Backed Security research report is the professional report with the premium insights which includes the size of the business, the ongoing patterns, drivers, dangers, conceivable outcomes and primary segments. The Market Report predicts the future progress of the Mortgage-Backed Security market based on accurate estimations. Furthermore, the report offers actionable insights into the future growth of the market based on inputs from industry experts to help readers formulate effective
Doorstep Banking Services Market Challenges and Opportunities in Banking Service …
Doorstep banking is a facility provided so that user don't have to visit bank branches for routine banking activities like cash deposit, cash withdrawal, cheque deposit, or making a demand draft. The bank extends these facilities at user work place by appointing a service provider on your behalf. This service was earlier available only to senior citizens but it is available to everyone with nominal fee charges, depending on the type
What's driving the Neo and Challenger Bank Market trends? Key Players are Hello …
This Global Neo and Challenger Bank market report studies the industry based on one or more segments covering key players, types, applications, products, technology, end-users, and regions for historical data as well as provides forecasts for next few years. The global Neo and Challenger Bank market is highly competitive and fragmented due to the presence of numerous small vendors in the market. Atom Bank, WeBank (Tencent Holdings Limited), N26, Starling Bank
Payments Landscape in Iran: Opportunities and Risks to 2021- Bank Saderat Iran, …
Payments Landscape in Iran: Opportunities and Risks to 2021 Publisher's "Payments Landscape in Iran: Opportunities and Risks to 2021", report provides detailed analysis of market trends in the Iranian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including payment cards and cheques during the review-period (2013-17e). The report also analyzes various payment card markets operating in the industry, and provides detailed
Payments Landscape in Iran: Opportunities and Risks to 2021- Bank Saderat Iran, …
Payments Landscape in Iran: Opportunities and Risks to 2021 Publisher's "Payments Landscape in Iran: Opportunities and Risks to 2021", report provides detailed analysis of market trends in the Iranian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including payment cards and cheques during the review-period (2013-17e). The report also analyzes various payment card markets operating in the industry, and provides detailed
India Retail Banking Market Dynamics 2018 by SBI ICICI, HDFC, Axis Bank, Bank o …
Margins among Indian banks remained high at 6.3% in 2017 in comparison to its peers China (2.8%) and Malaysia (2.6%). The average cost-to-income ratio remained at around 53% during 2013-17, marginally higher than China (50%) and Malaysia (51%). However, there remain large disparities in operating efficiencies within the market. The same is also true for profitability, with large disparities in return on assets figures. This is due to rising compliance, regulatory, and other