Recent data demonstrates just how vital it is that financial services companies innovate their hiring approach to capture the right talent. 92 of the top 100 global banks still rely on mainframes as their core system, and they are used by all top 10 insurers worldwide. Older IT workers are aging out of the workforce resulting in a significant skill shortage, taking their decades of accumulated knowledge of legacy code and business rules with them.
Major banks and financial institutions overwhelmingly rely on legacy technology like mainframes due to their speed, capacity, power, and security – and since these systems were built in the 1970’s and 1980’s and never replaced. 92 of the top 100 banks use the mainframe to provide banking services to their customers. According to Reuters, an estimated $3 trillion in daily commerce flows through COBOL systems. It underpins deposit accounts, check-clearing services, card networks, ATMs, mortgage servicing, loan ledgers and more. Yet the technology sector is suffering from a skills shortage – and those relying on the upkeep of mainframes are particularly affected. This guide explores five ways financial services companies can leverage non-traditional talent to fill their legacy tech hiring gaps.
Download this guide to learn 5 ways to leverage a nontraditional talent pool to fill the financial services tech hiring gap.
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