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Goldman “wasn’t particularly satisfied” with the cash management services it was getting from other banks, so it decided to build what it calls “a treasury of the future”. This includes digital liquidity management products, self-service account opening and analytics tools including highly automated reports, which Goldman says are cheaper and more accurate than those offered by legacy providers.
“We were not burdened by incumbency in transaction banking or the consumer business, so we were able to build out those products in a digital interface for the new and current build,” says Mr Scherr. “If you look at other banks, some of them are dealing with mainframe engagement that still requires Cobol and the like,” he adds, referring to a more than 60-year-old programming language that still underpins a multitude of functions in the finance industry.
https://www.ft.com/content/0a21bd57-4e8b-4e3c-bb37-117a47d69b0a
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