Couple of days back I came out of call where MF people pretending to java, and still working on MF.
team located in CO, TX .
Then I came to know they are migrating there application from last 7 years.
If migration is happening for near decade, why they are not able to migrate?
If they are not able to migrate why they are still hanging around?
Sorry for my silly Question , I am new Joiner (not intern) to Schwab.
OP probably got hired thru H-1B Visa. A he-l of a lot of them around
In the future, it is likely that financial companies will continue to take a hybrid approach rather than completely moving away from mainframes. While there is a growing trend towards modernization and the adoption of newer technologies, mainframes still offer unique strengths that make them valuable for certain tasks and applications.
Mainframes provide exceptional reliability, security, and processing power, making them well-suited for critical and high-volume transaction processing, core banking systems, and security-sensitive applications. Furthermore, many financial institutions have made significant investments in their mainframe infrastructure and have developed extensive expertise in mainframe technologies over the years.
Rather than completely abandoning mainframes, financial companies are more likely to adopt a hybrid approach that integrates newer technologies, such as cloud computing, distributed systems, and microservices, alongside their existing mainframe systems. This allows them to leverage the benefits of both worlds—mainframes for their strengths in specific areas and newer technologies for increased agility, scalability, and cost efficiency.
The hybrid approach enables financial companies to gradually modernize their IT infrastructure, migrate specific applications to newer platforms, and take advantage of emerging technologies while preserving the reliability and functionality provided by their mainframe systems. This strategy allows for a more controlled and phased transition, minimizing disruptions to critical operations and maximizing the return on investment in existing mainframe assets.
MF' are fast as fu-k boy. They are also more secure than the mess we are building today with distributed systems. One day you might come to realize somethings are better staying MF and passing the work it does over to the distributed systems. Most credit card companies and financial companies still rely on MF for it's transaction speeds
older workers coasting and blocking everything
Let’s be clear on this point. Certain workers are sabotaging modernization efforts. Many longer tenure folks are stuck with the same BS and really want to move things along.
Even then it isn’t their problem. It’s the CIO and CTO plus their reports. Gross incompetence, changing objectives, epic failures including public cloud and mainframe modernization. Never admitting they don’t know what they’re doing. And they manage up to fool even d-mber people. The money wasted is obscene.
OP is asking why it takes so long to modernize Mainframe and port it to distributed, cloud etc.., Java or .NET.
OP, there was a large thread on this on this forum, the search field above can help.
My take on this as someone working on Modernization for 8 years in multiple departments is red tape, approvals, older workers coasting and blocking everything, 1000 meetings to make one decision (if ever), revolving door, infrastructure changes, process changes, requirement changes, governance, contractors not understanding simplest tasks, vendors milking the company, you name it. All this under the guise of FINRA regulations etc...
Sorry, it’s not exactly clear what you’re asking.
It’s alarming this guy even got hired with his english proficiency. Can’t even understand a single sentence 🤮
Did you get past the 6th grade? Just wondering