Back to the Future?
Last month Citi, typically known as an IT innovator in the financial services world, announced it is to replace its aging legacy core banking system with another mainframe-based batch system. Because of the relatively large number of mainframe solutions specific to the US market, and a host of outsourced solutions that also run on the mainframe, perhaps I shouldn’t be surprised. But generally speaking, banks in other mature markets are recognizing that they suffer from inflexible batch systems and are rapidly approaching a “skills cliff” of appropriately skilled and priced resources in COBOL and CICS
