Financial institutions are modernizing core platforms to take advantage of AI

“To stay ahead of rapidly changing markets, meet changing regulatory requirements and reduce time to market, modernizing decades-old cores by moving to the cloud is essential.”

AI facilitates this change. Generative AI tools streamline already difficult migration tasks, scanning legacy code, creating documentation and mapping dependencies. Mullins points to customers who have used code transformation systems to reduce upgrade times from weeks to days, increasing productivity by up to 40 percent.

“What was once a costly and risky task can now be done at scale and with far less disruption,” he says.

Cloud as the basis for AI

Cloud technology is becoming an essential prerequisite for the introduction of AI. Without computing power, secure storage and strong governance in the cloud, financial institutions cannot develop and operate advanced AI services. Mullins says cloud platforms…