HCLTech’s white paper guides banks and financial institutions on modernizing legacy systems to reduce costs, improve agility, and enhance customer experience. It outlines six approaches—refactor, rehost, re-platform, re-architect, replace, rebuild—matched to tactical or strategic goals. Success depends on thorough assessments, aligning business and IT drivers, and choosing on-prem or cloud hosting. The paper compares each method’s benefits, risks, and fit, emphasizing phased, adaptable execution, cloud-native readiness, and integration of APIs/microservices to meet regulatory, operational, and competitive demands.

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