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The banks have had zero incentive on spending money on their systems. From a bankers perspective, it's a cost centre, that you need to have since it's cheaper than people doing manual stuff.

It's just until recently that someone realized that since all services are delivered digitally, the banks would have been outcompeted by Google, Microsoft, Apple or just about any competent and large enough tech company, was it not for the heavy regulations, and a conservative financial world.




> The banks have had zero incentive on spending money on their systems.

Yeah, that's just not true.


As far as I see it, they have to spend shitloads of money sometimes, but there is no incentive to spend money on improving and adding features to the core systems such as the ledgers, as it is very hard to get a return on the money that way, partially because it will not really improve their market share.

The money is spent on systems on top of the core systems (web etc) basically trying to stay on par with the competition. If they spend on the core systems, it's when they try to consolidate and save costs.




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