The Risk Of Standing Still: Why Banks Must Modernise Gen Systems

In a recent article published by Financial IT, Mark Hankin, Application Modernisation Partner at TXP, explores the critical need for banks to modernise Gen-based applications and presents practical pathways for transformation. 

The article outlines the challenges of legacy Gen systems and the modernisation paths available for banks to remain resilient and competitive. 

• Gen remains core to many banks but is now a legacy technology that limits agility, drives up costs, and poses compliance risks. 

• Challenger banks with cloud-native systems are innovating faster, widening the competitive gap. Traditional banks risk falling behind. 

• Skills shortages and incompatibility with modern IT (cloud, APIs, analytics) make reliance on Gen increasingly unsustainable. 

• Modernisation is essential, with five strategic options: Rehost, Refactor, Revise, Rebuild, or Replace. 

• Banks need a clear strategy that balances business impact and resources to transition smoothly, stay competitive, and accelerate innovation. 

Read the full article 

At TXP, we can deliver highly automated, customised migrations to modern platforms including Java, COBOL and .NET, with reduced costs, lower risks, and accelerated ROI. Find out more about how we could help you – let’s plan your migration strategy together.