Large parts of financial industry IT are just in a hopeless, terminal state. There are a few exceptions of organizations that have serious in-house knowledge (

Large parts of financial industry IT are just in a hopeless, terminal state. There are a few exceptions of organizations that have serious in-house knowledge (mostly select parts of investment banks) but, by-and-large, this sector has never really thought of information technology as being core to its mission. So everything related to information processing has been outsourced, from Microsoft's excel, to IBM's mainframes and COBOL. In this world Java is the epitome of sophistication and modernity. It is a monumental error in vision and leadership given that finance is nothing but information processing. In any other sector this level of incompetence would have brought swift and merciful disruption and obsolescence. But this is not any other sector. This is the highly-regulated inner sanctum where society keeps its precious Monetary State. As the experience with crypto amply demonstrates, leave that door ajar to fast-talking, white-paper writing financial "innovators" and a madhouse ensues in dt. It is entirely unclear how things will develop as the last COBOL developers retire to blissfully sail around the Balearics. Maybe banks will move from COBOL to blockchain, asking chatGPT for instructions every step of the way.