Remember that until the early-mid 90s, file names were limited to 8 characters. Lots and lots of enterprise financial software was written in those days, and a

Remember that until the early-mid 90s, file names were limited to 8 characters. Lots and lots of enterprise financial software was written in those days, and a lot of it still runs. We're talking about tremendously complicated systems that support trillions of dollars in transactions a day. You don't change level of interleaving complication fast nor easily. With that said, the rest is just my own guess. Banks are slow moving. They're built on these old systems that run well, but would be prohibitively expensive to rebuild from scratch with modern principals. We see the edges of these systems when it comes to things like passwords.