A well written piece that encasulates the difficulties Banks’ organisation naturally resist change.

At the heart of the challenge are the people running the banks. Broadly speaking, there are two types. The first are stewards—or what I call “babysitters.” These bankers are conservative, risk-averse, and focused on not rocking the boat. They’re not sabotaging the bank’s future, but they aren’t championing innovation either. Their mindset is survival, not transformation. The second type are mavericks—rare individuals who look beyond their own tenure. They want to future-proof the bank, save customers money, and avoid being the “Kodak” or “Blockbuster” of finance. They embrace technology as the only way to adapt to a rapidly changing world. Unfortunately, the majority of decision-makers lean toward the steward side, while true mavericks are few and far between.

Replacing a core banking system is never a decision made by one person

This summarises the organisation and outlook of most banks and lastly the ‘great irony’.

The great irony is that the very systems banks cling to—patched, outdated, and inefficient—are the greatest risks to their survival. But change only happens when the right stakeholders see beyond the short-term and choose to embrace the future. Until more mavericks rise into leadership positions, the default stance of most banks will remain caution, not transformation.