Banking Sector - Core Banking Systems:
For their fundamental banking functions, including transaction processing, account management, and client data handling, many banks still depend on mainframe computers and antiquated database systems.
The programming language used in these systems, COBOL (Common Business-Oriented Language), is one such example. COBOL was created in the 1950s, but because of its dependability and effectiveness in handling high transaction volumes, it is still extensively used in the financial industry.
It has been revealed that significant institutions such as JP Morgan Chase and Bank of America rely on COBOL-based systems for their fundamental banking operations. This highlights the difficulty and need to update these antiquated systems without interfering with continuing financial operations.
Healthcare Sector - Patient Record Systems:
Patient records, billing, and appointment scheduling are often managed in the healthcare sector using legacy IT systems. These systems were created many years ago, and they are essential to the daily operations of clinics and hospitals.
For instance, the US Department of Veterans Affairs uses an electronic health record system called the Veterans Health Information Systems and Technology Architecture (VistA).
VistA is an example of the healthcare industry's dependence on outdated technology to handle sensitive and important patient data; it is a legacy system that has been in operation since the 1970s.
In order to improve patient care and operational efficiency, updating these systems is crucial due to the sensitivity and complexity of the data involved.
These real-life business cases show how widespread legacy systems are in important industries and stress the significance of modernization strategies that are strategic in nature, protecting vital services while opening doors to innovation and increased productivity.
