How should banks respond to the current disruption in software engineering?
Deloitte United Kingdom | [United States] | Read the full article
The rapid advancement of artificial intelligence (AI) is significantly transforming the way banks approach software engineering. Traditional methods of software development are being replaced by innovative AI tools, which enhance efficiency and productivity among developers. Many banks are now utilizing large language models (LLMs) and other AI-driven solutions to streamline coding processes, allowing developers to focus on more complex tasks rather than mundane coding details.
As banks increasingly adopt these AI technologies, they are also addressing the challenges posed by outdated systems, particularly those built on legacy programming languages like COBOL. With a shrinking pool of experienced COBOL programmers, AI tools are proving invaluable in modernizing these systems, enabling banks to maintain their critical operations while upgrading their technology. This shift not only helps in understanding existing code but also in creating new applications more efficiently.
Moreover, AI is revolutionizing software testing and design, making it easier for engineers to ensure the quality and reliability of their products. By automating test case generation and providing design suggestions, AI tools are helping teams keep pace with the fast-moving demands of the banking industry. Overall, the integration of AI in software engineering is paving the way for a more agile and effective approach to developing banking solutions.
