As someone who's worked in banking tech, I can assure you the banks know that the infrastructure and tech they have isn't cheap to run, and that it could be don

As someone who's worked in banking tech, I can assure you the banks know that the infrastructure and tech they have isn't cheap to run, and that it could be done cheaper. The problem is that the immense complexity that exists in these environments makes it so incredibly complex and costly to migrate that it's almost impossible to do. One of the biggest banks in Australia has spent over $1 billion [1] on upgrading its core banking system and it's still not done. It's not just the tech. It's not just the account data. It's complex business rules, it's reporting (internal and external), it's legislative requirements, it's integration with thousands (not exaggerating) of other systems internally, up to hundreds externally, it's about legacy products from 30 years ago which are still on the books, etc. [1] http://www.itnews.com.au/News/256341,cba-goes-real-time-as-part-of-core-banking-upgrade.aspx http://www.itnews.com.au/News/256341,cba-goes-real-time-as-p...