COBOL and financial services: powering business-critical systems today and in the future
Global Banking and Finance Review
By Ed Airey, Micro Focus Product Marketing Director for COBOL Solutions
6 October 2020
Recently, long-standing programming language, COBOL, hit the headlines as organisations scrambled to meet the demand for coders with the skills to maintain and modernise systems powering crucial services. While this focus on COBOL may be new from a media perspective, for many large organisations, especially those operating within the finance and insurance sectors, it never went away.
Despite being over 60 years old, COBOL remains the basis of the system code for the financial services (FS) industry. It was built in line with the development of mainframes during the 1950s and 1960s to meet shifting business needs. Back then, mainframes were designed for commercial use to process large amounts of data with a high computing power. Fast forward to 2020, many banks and insurance providers still run on mainframes and, in turn, modern COBOL.
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