The mainframe is at the core of technology strategy in many industries, but critics often question whether it is still relevant. And U. Bank is just one of many — 92 of the top banks use the mainframe to provide banking services to customers, and other types of financial services companies depend on the mainframe, as well. Visa, for example, uses the mainframe to process billions of credit and debit card payments every year.
Why do major banks and financial institutions overwhelmingly rely on the mainframe instead of other computing platforms? Think about the transactions that the finance industry handles: ATM operations, credit card usage, money transfers and the management of investment capital, to name just a few essential financial functions.
Banks and financial services deal with huge amounts of data and create massive, constant demands on their infrastructure. IBM can now run its mainframe operating systems across an array of xlike servers. Now companies of different sizes can move up to this quality of service that they couldn't before. In the IDC study, researchers queried companies that were mainframe users.
About a fifth of the respondents work in financial institutions. IDC found that modernizers rated their platform's performance "very good," giving it a score of 4. Modernizers rated the customer experience achieved with their updated platform as "very good," at 4. When a company wants to run a program that requires a lot of computing power, like an AI model, upgrading a mainframe platform is a better bet, Winter said. One downside of mainframes is that the programming languages used for older machines, such as COBOL, are unpopular.
In a dramatic case in point, in April, New Jersey Gov. Still, banks are starting, little by little, to do their core processing in the cloud, for the cost and flexibility advantages of cloud computing.
It's across all industries. I think that's irreversible at this point. Next Post - Six key steps to mainframe modernization with cloud. Suggested Post - Six key steps to mainframe modernization with cloud.
Subscribe Get the latest blogs delivered straight to your inbox. In banking, sustainability is the new digital. Now what? Cookie Settings. English US. How banks can modernize their mainframe with the help of cloud 24 Sep Mainframes have been around for more than 50 years, and though they predate mobile technology, they are perfect for supporting both mobile and cloud-based banking.
When the banks first installed big iron, you had to physically walk into a branch to withdraw or deposit money. Today, everything is different. Banks rely more and more on mobile and cloud-based interactions. People check their balance, make purchases and transfers, and deposit their checks online using their mobile devices and cloud technology.
For larger banks, this can mean thousands of transactions per second, uploaded remotely via mobile to the cloud to be processed and filed away by a mainframe. Without all that processing power, banks simply would not be able to reliably handle the volume of information they receive.
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