The coming billions in updating bank’s COBOL stacks

Commonwealth Bank of Australia, for instance, replaced its core banking platform in 2012 with the help of Accenture and software company SAP SE. The job ultimately took five years and cost more than 1 billion Australian dollars ($749.9 million).

Being conservative, multiply $500m across the top 20 banks, and you’ve got $10bn, using $749.8m directly, you get much closer to $15bn.

Better start planning.

Source: Banks scramble to fix old systems as IT ‘cowboys’ ride into sunset