Accenture Research Finds Four in Five Banks Planning to or Already Migrating Mainframes to the Cloud Are Doing So Quickly
28 Abril 2022 - 7:59AM
Business Wire
Mainframe migration is an important digital
transformation step, but tackling talent retention and operational
complexity will be key
Banks are reducing their decades-long reliance on legacy
mainframe technology and planning to move a significant portion of
their core business functions to the cloud to launch new products
quickly and remain competitive, according to a new research report
from Accenture (NYSE: ACN).
Titled “The great cloud mainframe migration: what banks need to
know,” the research is based on a global survey of 150 banking
executives whose institutions are planning to or have already
started to migrate their mainframes to the cloud.
The research found that about four in five respondents (82%)
plan to move more than half of their mainframe workloads to the
cloud — including nearly one in four (22%) who aim to move more
than three-quarters — and the vast majority plan to do so in the
next two to five years.
Most banks have started moving certain applications to the
cloud, but they still rely on older mainframe technology for most
core business functions, including customer records, payments,
investments, risk and compliance.
“While many banks have embraced cloud for customer-facing
systems like mobile and online banking and employee tools like
email and video conferencing, they still rely on older mainframe
technology for their core business functions,” said Michael Abbott,
who leads Accenture’s Banking industry practice globally. “As a
result, most basic banking products like checking and savings
accounts are powered by a spaghetti tangle of code written decades
ago. Faced with rising interest rates, competition from fintechs
and increased competition for deposits, banks are looking to the
cloud to help them quickly drive core banking product
innovation.”
The report notes that these banks see a strong business case for
mainframe migration, with speed and agility; security; and the
ability to add new capabilities as strong motivators for migrating
(cited by 43%, 41% and 37% of the respondents, respectively). Three
in five executives (62%) expect an internal rate of return on their
migration investments greater than 10%, and more than
three-quarters (77%) expect to recover their mainframe migration
investment within 18 months.
Among the main challenges or barriers related to mainframe cloud
migration are the risk of business disruption; a lack of
understanding of how the code works; the ability to attract and
retain the right technology talent; and regulation of security and
compliance risks.
“Banks do well at recruiting and investing in young talent, but
retention is a struggle,” said Abbott. “Successful banks are
reshaping their cultures by creating roadmaps for the skills they
need in the future and developing strategies for hiring from new
talent pools and reskilling their workforce. Some are also
dramatically increasing their use of external talent pools and
embracing remote and hybrid workforces. Tackling talent challenges
will be crucial for banks in achieving their mainframe migration
goals over the next few years.”
Among other key findings:
- Banks see the cloud as an opportunity for efficiency as
mainframe costs rise. The vast majority (91%) of banks surveyed
reported that the cost to maintain mainframes has increased over
the past few years.
- Talent needs are specific. The banking executives
surveyed see the greatest demand for cybersecurity skills (47%) and
cloud solutions skills (46%), including being able to design
cloud-based virtual infrastructure, platforms, and applications for
speed and agility.
- Most legacy mainframes are between five and 20 years
old. 58% of those surveyed said their mainframe systems are
5-10 years old; 27% are 11-20 years old; and 9% are 21-30 years
old.
- Public cloud is the preferred option for core system
migration. Nearly two-thirds (63%) of banks plan to move their
mainframe workloads to public cloud environments, which can provide
added cost-efficiency, flexibility and ease of regulatory
compliance; about one-third (31%) plan to use a hybrid cloud model;
and just 6% plan to use private cloud.
About the research
The report, titled “The great cloud mainframe migration: what
banks need to know,” is the fourth volume of Accenture’s Banking
Cloud Altimeter digital magazine series. It is based on a survey of
150 information technology and innovation executives representing
banks in 16 countries across five continents. These banks, which
all have more than US$100 billion in assets (33% have more than $1
trillion in assets; 33% have $500 billion to $1 trillion in assets;
and 33% have $100 billion to $500 billion in assets), either plan
to or are in the process of migrating their core functions to the
cloud. Countries represented include Australia, Brazil, Canada,
China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia,
Singapore, Spain, Sweden, the United Kingdom and the United States.
The survey was conducted online in December 2021.
About Accenture
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capabilities in digital, cloud and security. Combining unmatched
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we offer Strategy and Consulting, Interactive, Technology and
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every day, serving clients in more than 120 countries. We embrace
the power of change to create value and shared success for our
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at accenture.com.
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Susan Kirwin Accenture +1 416-641-5148
susan.kirwin@accenture.com
Michael McGinn Accenture +1 312 693 5707
m.mcginn@accenture.com
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