As somebody else mentioned, it's not just about money.
Here in Australia, we have four massive banks. They're some of the most profitable in the world and three of them are currently in the process of major technology renewal programmes.
The problem is that the systems are so complex, inter-linked and old (the last upgrade was apparently in the 80s) that making changes is a nightmare. Indeed, one particular bank, NAB, has had huge problems leaving people unable to access their money for several days, caused by upgrades. Downtime is completely out of the question and making radical changes (could render some obscure system inoperable) is impossible. While there is a lack of vision, I think it goes far deeper than that.
Here in Australia, we have four massive banks. They're some of the most profitable in the world and three of them are currently in the process of major technology renewal programmes.
The problem is that the systems are so complex, inter-linked and old (the last upgrade was apparently in the 80s) that making changes is a nightmare. Indeed, one particular bank, NAB, has had huge problems leaving people unable to access their money for several days, caused by upgrades. Downtime is completely out of the question and making radical changes (could render some obscure system inoperable) is impossible. While there is a lack of vision, I think it goes far deeper than that.