I think part of the answer is that is because of the software, not the hardware. The hard lock in in banking/insurance industry is to things like Cobol/DB2. The

I think part of the answer is that is because of the software, not the hardware. The hard lock in in banking/insurance industry is to things like Cobol/DB2. They happen to run in mainframes but that's not where most of the migration cost would be. Cloud providers afaik don't provide support for this type of software stack and migrating huge transaction processing software backends to other stacks is considered prohibitive from what I've heard.