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There are lots of banks that could easily outspend BankSimple, what they lack is vision, which is far more scarce than money these days.
by alwillis 15y ago
There are lots of banks that could easily outspend BankSimple, what they lack is vision, which is far more scarce than money these days.
- jtbigwoo 15y agoBanks are in a rough spot, actually. The big ones have a HUGE installed base which makes any changes very, very difficult. My division of the bank had tens of thousands of cobol jobs that ran daily or weekly. (We also had thousands of ETL jobs, web apps, etc. that depended on those cobol jobs.) Trying to shift the core functionality away the mainframe would have been a decade-long boondoggle.
- alastairpat 15y agoAs somebody else mentioned, it's not just about money. Here in Australia, we have four massive banks. They're some of the most profitable in the world and three of them are currently in the process of major technology renewal programmes. The problem is that the systems are so complex, inter-linked and old (the last upgrade was apparently in the 80s) that making changes is a nightmare. Indeed, one particular bank, NAB, has had huge problems leaving people unable to access their money for several days, caused by upgrades. Downtime is completely out of the question and making radical changes (could render some obscure system inoperable) is impossible. While there is a lack of vision, I think it goes far deeper than that.