System migration. What challenges do Investment Banks in particular face?

Answer 1

There are some challenges with migrating to a new system from a legacy:

1/ Dollar costs...often can be expensive.
2/ Training costs...re-training personnel can be an issue. There are alot of problenms initially and the learning curve is slow to begin with....
3/ Initial disruptions in operations can be costly to the bank and customers esp.....
4/ Do you do a whole-sale migration or a phased migration?....If phased, will there be compatability issue btw the legacy and new systems that will disrupt business? Key qtns for management to consider since financial institutions do a large volume of transactiosn and acnnot afford a disruption of operations not to mention the nature of info it has requires the highest level of security from the bank.

Answer 2

A lot of various challenges. First, some systems are very old and bulky, which makes them tough to migrate. You might have problems with duplicate account numbers if this migration invovles a merger of systems as well.