COBOL is an old friend, in terms of my career. I worked in it for a while, and I learned many things about its use over the years. I have mentioned before that Banks and most financial systems rely on it at their core. Why? When it comes to money transactions, everyone is very Risk averse.
Swapping out COBOL for something “better” is just too big a risk these days. Maybe things will change, but it will be a slow very tested process.
COBOL our Friend
This now comes to the fun story about Mr. Sunk Mole (anagram) has learned that interfacing with it is not as straightforward as you might think. I got a chuckle out of the issue with dates and such that arose. People rushed to judgment to show how folks were collecting Social Security since 1875.
Old versions of COBOL use that date as a baseline. Social Security’s computers use that old version. Dates are stored as the number of days AFTER May 20 1875.
From Nope. There are no 150-year-olds on Social Security. It's COBOL!
Why do COBOL contractors make a bloody fortune these days? There aren't that many of us left for one thing. It's not as simple to program as one would think either. Admiral Grace Hopper's Godchild can be quite the beast to babysit. Remember Y2K? That was mostly a COBOL thing if you dug deep enough.
Other COBOL Capers?
- FinTech’s Foundations COBOL : FinTech enjoys selling itself as the next generation in banking technology. It has a very old friend helping it out. That friend is COBOL. It underpins most financial systems. Sometimes, they need old programmers to come in to fix it. We are becoming fewer and fewer.
- Banking is Necessary Banks are Not. Banking is necessary but banks are not is attributed to Bill Gates, and I think I agree with him. How banks do business leaves a lot to be desired. Smaller on line banks area already cutting into bank profits, will this make the big banks change?
- More Reasons to Change Banks There are many reasons to change banks. Remember, you are the customer. They should be giving you good service for the huge fees paid.
External COBOL Resources
- "Why COBOL Still Dominates Banking—and How to Modernize".
This article explores the reasons behind COBOL's persistent use in banking systems and discusses strategies for modernizing these legacy systems. castsoftware.com - "COBOL: A Ticking Time Bomb in the Financial System". Anne-Willem de Vries is the co-founder and CEO of Silverflow. He discusses the potential risks associated with the financial industry's reliance on COBOL. He suggests approaches to transition away from it. electronicpaymentsinternational.com
- "Can AI Cure the Curious Case of COBOL in the Finance Industry?" This article examines how modern technologies can assist in addressing challenges posed by legacy COBOL systems. AI is a particular focus in tackling these issues in the financial sector. finextra.com
- "The Code That Controls Your Money". Felix Salmon explores how COBOL supports many financial transactions. He discusses the implications of its widespread use in critical systems. wealthsimple.com
- "COBOL: The Career Opportunity You Didn't See Coming in the Banking and Financial Sector" .This piece highlights the demand for COBOL expertise in the financial industry. It also showcases the career opportunities available for those proficient in the language. amaris.com
