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  "documentTitle": "Banking: The future is back",
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      "text": "Generative AI is poised to untangle decades of legacy spaghetti code by effortlessly reverse-engineering and modernizing outdated code. This will unlock a new era of efficiency, flexibility and innovation that will transform the way banks operate and develop software.",
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      "text": "This solves a number of problems. The first is the shortage of COBOL programmers. Another is the time they would take to translate all the outdated code which would need to be replaced—generative AI has already shown its potential to work accurately at a much greater speed. And because the technology can also automate the testing of the rewritten code, it is able to keep the risk within acceptable limits.",
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      "text": "One reason why banks have been relatively slow to migrate from their legacy core banking systems to modern cloud-based systems is that most of their processes are dependent on an unfathomable maze of archaic code. Just like Rome and other ancient cities that consist of innumerable layers of construction, built one upon the other over a very long time, so banks' core systems consist of countless updates and modifications.",
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      "text": "Generative AI is likely to break the logjam by acting as a Rosetta Stone that enables legacy code to be translated. For the first time, it is now possible to reverse-engineer banks' legacy code. The technology can analyze lines or blocks of code in old languages to understand their purpose and summarize it in modern terms. It can also take instructions in natural language, meaning anyone with a clear understanding of what they want a piece of software to do will be able to create programs without knowing how to code. Generative AI will write new code, in any modern language, to achieve the desired result. Google, for example, is using AI internally to generate more than 25% of all new code, which is then reviewed and accepted by the company's engineers.",
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      "text": "Decades after they were used by NASA to put a man on the moon, engineers clung dearly to their slide rules—even when it became obvious they couldn't match the capabilities of more modern tools. Digital calculators, users argued, didn't give them the same connection with the problem. In a similar way, banks today are deeply attached to their legacy systems and ways of coding. The reasons may be different, but the outcome will be the same.",
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      "text": "All of this adds up to millions of lines of code, most of it in outdated languages like COBOL. And because there are few programmers left who are proficient in these languages, understanding and changing them can be a mammoth, risky undertaking. As long as they continue to work, albeit sub-optimally, the preference is to retain them. This makes banks' cores more rigid and fragile, not to mention more costly to run. But this is often regarded as preferable to taking on the hazards of a full-scale migration.",
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