Reengineering Enterprise Wide Legacy BFSI Systems: Industrial case study

Financial services sector typically known as BFSI (Banking Financial Services and Insurance) invest substantial amount of their developmental and maintenance budget in Information Technology (IT). Client servicing, regulatory/compliance requirements, effective risk monitoring among others necessitate such expenditure. A large amount of time and IT expenditure in BFSI sector is spent in reengineering the legacy systems. Successful execution of these reengineering programs is critical to the firm as well as the financial markets and regulators. In this paper, we present a report of the study done on reengineering three legacy systems in BFSI sector. The focus of the paper is on challenges and issues faced, practices followed, actual data collected by Mercury Quality Center during reengineering of these systems. Our study uses key metrics, client feedback, usage of these systems, document, process repository artifacts and discussion results from the interaction with key stakeholders involved in the reengineering of the three systems. We compile the best practices, lessons learnt and provide insights that can potentially avoid some of the issues encountered in large-scale reengineering programs in BFSI sector.