Novel approaches to software maintenance and legacy system modernization in established financial institutions
Posted: Nov 02, 2024
Abstract
The challenge of legacy system modernization represents one of the most persistent and costly problems facing established financial institutions in the digital age. Financial organizations worldwide maintain critical business systems that often span decades of technological evolution, creating complex interdependencies between aging infrastructure and contemporary business requirements. Traditional approaches to software maintenance and system modernization have largely followed either revolutionary replacement strategies or evolutionary refactoring methodologies, both of which present significant limitations in terms of risk management, cost control, and business continuity. The revolutionary approach, characterized by complete system replacement, often fails to account for the intricate business logic and institutional knowledge embedded within legacy systems. Conversely, evolutionary approaches frequently result in prolonged modernization timelines and technical debt accumulation that undermines the original modernization objectives. This research addresses these limitations by introducing Progressive Semantic Migration.
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