Banks update their core systems: change is the only constant. I forget who said that but, in IT, it's a lesson we all have to learn--and quickly. For banks and other financial institutions, it's a mantra that they've managed to avoid understanding for too long, but now the proprietary chickens of the core systems are coming home to roost, as Karen Young explains.(Banking Software)(Company overview)

African Review of Business and Technology,  August, 2006  by Young, Karen

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MANY BANKS ARE facing critical challenges to their profitability and competitiveness. And it's all the fault of IT! Actually, you can lay the blame on IT's doorstep but it's not really the fault of the core banking systems. Developed over many years, often in-house and poorly maintained, they served a grand purpose when they went live, but now, like so many residents of old-age homes, they sit every more quietly in the sun, dribbling and but a shadow of their former selves.

The reason, ironically, derives from their success--as proprietary systems built around the business they ...

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