Many banks across Canada have avoided replacing their core information technology (IT) systems for decades by investing in quick fixes, narrow point solutions and homegrown workarounds. However, maintaining a complex patchwork of legacy systems has, in many cases, become too expensive, risky and difficult to keep pace with the industry's rapidly changing needs.

When legacy is not enough: Understanding the high stakes game of replacing a bank’s core systems is a newly published Deloitte report that examines the complex challenges associated with selecting and designing a bank's new core systems. In doing so, it takes a multi-disciplinary view, highlighting the five key issues that require careful planning and consideration when replacing a bank's core IT systems: Scope, deployment strategy, package selection, the business case and organizational readiness.

Most importantly, the report presents practical and proven advice from Deloitte’s extensive experience in the banking sector and with core IT systems. Recognizing that IT systems never present a "one size fits all" solution, it will also help executives understand where to start and outline some of the most critical decisions they will need to make along the way.

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