UK banks spend ~£3.3bn/year just maintaining legacy core systems, and AI is exposing the cracks.
AI & cost of legacy systems in UK banking
UK banks allocate £3.3 billion annually to maintain outdated legacy core banking systems, which AI-driven tools are now exposing to critical vulnerabilities. This financial and operational burden disproportionately impacts major UK financial institutions relying on unsupported or poorly secured mainframe and COBOL-based systems. The lack of modernization increases exposure to cyberattacks, regulatory fines, and systemic operational failures.