UK banks still run software code written more than 60 years ago
5 hours ago
- #banking
- #legacy-systems
- #technology
- More than half of UK banks rely on software code written in or before the 1970s.
- 16% of UK banks use software from the 1960s, and nearly 40% maintain 1970s code.
- 50% of banks depend on software understood by only one or two staff members, often near retirement age.
- 38 banks still use code designed for punch cards, and 15% run code for room-sized mainframes.
- Legacy systems like Cobol, used in major banking core systems, are becoming obsolete as experts retire.
- Decades-old code poses risks: difficulty in fixing errors and lack of agility to meet modern customer needs.
- Banks struggle to replace old systems due to their complexity and the high cost of maintaining them.