February 16, 2022 - Comments Off on How banks should leverage the power of automation

How banks should leverage the power of automation

February 16, 2022

by Todd Erickson

Mainframes are widely considered the backbones of many global financial services firms because they deliver unparalleled security, stability, and processing power. From credit card payments and ATM transactions to loans and mortgages, mainframes are relied on by 44 of the top 50 banks to host core applications that deliver secure experiences based on real-time data analytics.

Phase Change President Steve Brothers recently penned an article for TechBullion.com titled, "Banking automation: How banks should leverage the power of automation," in which he examines how these critical mainframes systems also present modernization challenges.

Mainframe systems are complicated and require meticulous processes to continue providing core operational value. While they are fully capable of running newer applications and systems to create new products and revenue streams, their ongoing support and modernization are challenging.

Brothers believes automation and artificial intelligence (AI) could greatly assist banking firms in maintaining and enhancing their mainframes because the key to sustaining these systems is precisely identifying the functionality created by the source code that is intertwined throughout the system — and changing that behavior without unintended consequences. Using a new AI approach that's designed to sift through large quantities of code in the same way humans do, AI-powered tools can aid developers in their frequent search through the deluge of code to rapidly identify where they need to make a change.

Read the entire article here.

Todd Erickson is a Technology Writer with Phase Change. You can reach him at terickson@phasechange.ai.

Published by: Todd Erickson in Applied, Technology

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