Priya PatelTLDR: Around 70% of large corporations still rely on the outdated programming language COBOL for their mission critical work, which could negatively impact the financial system, according to fintech professionals. COBOL, which is over 60 years old, powers everything from ATM transactions to stock trades. Its ongoing prevalence poses a serious threat to the financial future due to its inability to integrate with new technologies like Open Banking, blockchain, and AI. Additionally, there is a shortage of programmers able to maintain these aging systems, as universities rarely teach COBOL and younger generations tend to gravitate towards more modern languages. Fintech professionals are calling for a coordinated effort to migrate critical financial systems away from COBOL and create functional alternatives that are fit for the future.
Outdated COBOL reigns, risking financial system, warns fintech professionals.
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