Is this where you want to be?
Through the 1970s, fixing the car was a regular weekend preoccupation for many, but fast forward to 2019, and the only people working on their cars at the weekend are classic car enthusiasts. The same cannot be said for bank technologists, many of whom are still tuning up their firm’s technology at the weekend.
This anachronism is caused by outdated processes and technology. A failure to buy or build updated IT has left banks with a significant, ongoing task of maintenance. Outdated systems aren’t just time-consuming, they’re risky, resulting in banks beholden to old programming languages and methods that have a material impact on their business.
Modern cars boast computerised systems that track vehicular performance, more sophisticated, componentised engines that can be better supported through automation than the engines of the 1970s. It’s the same for software – in the 1970s, tech stacks were simpler, but also less powerful and capable. Today, tech stacks are far more complicated because they can do much more, and there is a far greater level of integration going on between systems.
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