The most common applications sector where the integration of long-standing legacy applications is a still vital requirement is, of course, the broad reaches of the financial services community. When such an application has established itself and proved not just its capabilities but its reliability and overall efficiency to the business those businesses are loath to change it. In the finance market, "if it ain’t broke don’t fix it" is still a good maxim where changing an application, let alone conducting a rip and replace exercise just because there is a newer alternative, carries with it the significant risks that any change can induce.
One of the most important languages underpinning many such applications is COBOL and, despite its age, it remains at the heart of many business critical applications. Analysts, Gary Barnett, Research Director of Ovum (quoted here) reported in 2005 that COBOL accounted for 90 per cent of all financial transactions, and most finance companies are well aware of its importance to them. But it is also the language of many other business applications (Barnett estimates 75 per cent of transactions generally) and many enterprises may be less aware that they have it as part of their IT infrastructure.
http://www.regdeveloper.co.uk/2007/01/05/developing_legacy_systems_part2/
One of the most important languages underpinning many such applications is COBOL and, despite its age, it remains at the heart of many business critical applications. Analysts, Gary Barnett, Research Director of Ovum (quoted here) reported in 2005 that COBOL accounted for 90 per cent of all financial transactions, and most finance companies are well aware of its importance to them. But it is also the language of many other business applications (Barnett estimates 75 per cent of transactions generally) and many enterprises may be less aware that they have it as part of their IT infrastructure.
http://www.regdeveloper.co.uk/2007/01/05/developing_legacy_systems_part2/
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