NEWS
NEWS
NEWS
How South Africa’s oldest bank is making an ‘80s-vintage COBOL system work | #IBMinsight
Amid all the talk of analytics changing the way organizations operate and helping to uncover new business opportunities, one global financial institution is staying competitive with a more than 30-year-old database deployment. Jay Prag, the chief information officer of South Africa’s First National Bank (FNB), stopped by theCUBE this week to share the fascinating inside story.
While other users switched to newer software in order to keep up with evolving requirements, the Johannesburg-based financial services provider has continuously improved and expanded upon implementation of IBM Corp.’s Information Management System since the original rollout in 1983. Approximately 30 million lines of code later, FNB can now process a transaction for less than a tenth of a cent to keep its rates competitive with rivaling banks.
Listen to Prag lay out the history of the project and explain the reasoning behind sticking with an 80s-vintage system in a time when the pace of technological change has never been faster in the interview below. Be check our other coverage from IBM Insight 2015 as well for more exclusive exclusive case studies.
Photo via theCUBE
A message from John Furrier, co-founder of SiliconANGLE:
Support our mission to keep content open and free by engaging with theCUBE community. Join theCUBE’s Alumni Trust Network, where technology leaders connect, share intelligence and create opportunities.
- 15M+ viewers of theCUBE videos, powering conversations across AI, cloud, cybersecurity and more
- 11.4k+ theCUBE alumni — Connect with more than 11,400 tech and business leaders shaping the future through a unique trusted-based network.
About SiliconANGLE Media
SiliconANGLE Media is a recognized leader in digital media innovation, uniting breakthrough technology, strategic insights and real-time audience engagement. As the parent company of SiliconANGLE, theCUBE Network, theCUBE Research, CUBE365, theCUBE AI and theCUBE SuperStudios — with flagship locations in Silicon Valley and the New York Stock Exchange — SiliconANGLE Media operates at the intersection of media, technology and AI.
Founded by tech visionaries John Furrier and Dave Vellante, SiliconANGLE Media has built a dynamic ecosystem of industry-leading digital media brands that reach 15+ million elite tech professionals. Our new proprietary theCUBE AI Video Cloud is breaking ground in audience interaction, leveraging theCUBEai.com neural network to help technology companies make data-driven decisions and stay at the forefront of industry conversations.
