US banks rely on a 65-year-old programming language

4 hours ago

COBOL is a 65-year-old programming language still deeply embedded in global banking, government, and financial systems.
It handles about $3 trillion in daily commerce, supports most ATM transactions, and is used by major U.S. government agencies.
Replacing COBOL is complex and costly due to decades of interconnected systems and accumulated business logic, making maintenance the preferred option for many.
A talent crisis exists as experienced COBOL programmers retire and universities largely stopped teaching it, leading to hiring difficulties for companies.
Younger developers are learning COBOL as a niche skill, commanding premium salaries due to high demand and low supply of experts.
Retired COBOL programmers are being recalled as consultants, often earning more than in their full-time careers, due to irreplaceable system knowledge.
AI is being explored to analyze and update legacy COBOL code, helping modern engineers understand old systems, though human oversight remains crucial for accuracy.
COBOL's future remains strong because reliability trumps novelty in critical financial infrastructure, ensuring continued demand for skilled professionals.

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