According to a recent piece of research by Accenture Consulting, entitled “Top 10 Challenges for Investment Banks 2016”, IT and networking professionals in this sector are facing a set of specific challenges. The report has highlighted that banks are facing widespread competition from so called FinTech start up innovators and this has highlighted the need for fundamental change. One of the key recommendations of the report is the need for banks to simplify and cut back technology estates that have become bloated and vast in scale and complexity. The cost and resource burden of maintaining such legacy networks has started to become unsustainable and the report argues that the banks must take urgent action. In short, the financial community should urgently industrialise their decommissioning activities of legacy IT and telco networks. The report is fascinating and is available here.
TXO already supports a range of financial institutions with optical networking & global decommissioning programmes and our on-site engineers have already been security cleared and screened to operate within banking premises. Not only do banking clients value TXO’s professional approach but they have also come to appreciate the substantial financial returns that can be generated by re-selling their out of service hardware for LAN and optical networking solutions.
Traditionally such clients have favoured the legacy Nortel 5200 platform because they value the security features of this system. TXO has recently completed a decommissioning and resale programme for a leading global bank featuring this platform, generating many hundreds of thousands of dollars in revenue for the bank as a result. It goes without saying that TXO is well equipped for the task of secure data handling via the means of either a mechanical shredding of HDD or certificated data wiping using the industry leading Blancco system.