“I just got through a conversion (for a system) to go from COBOL to Java, It’s taken them four years, and they’re still not done.”

In recent years, there have been efforts to modernize the banking industry’s technology infrastructure. However, this is a complex process that requires significant investment and planning. Banks must carefully balance the need for modernization with the need to maintain existing systems and processes.

The failure of the banking system to migrate from COBOL is a complex issue with many factors involved. COBOL, or Common Business Oriented Language, is a programming language that was developed in the late 1950s and has been used extensively in the banking industry since then.

One of the primary reasons for the banking system’s failure to migrate from COBOL is the sheer scale of the task. Many large banks have complex legacy systems built on COBOL that have been developed and maintained over decades. These systems can be difficult to replace, and even small changes can be risky and expensive.

Additionally, many of the developers who originally built and maintained these systems have retired or moved on to other industries. As a result, there is a shortage of developers with the necessary skills and knowledge to work with COBOL.

Another factor is the risk associated with making changes to these legacy systems. These systems are often critical to the functioning of the banking system, and even small errors can have significant consequences. Banks are understandably hesitant to make changes that could potentially cause downtime or other issues.

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