From legacy to leverage: Modernizing software engineering in banks

Deloitte’s latest analysis reveals that banks are falling behind other industries in software engineering — yet stand at the cusp of transformation.

Citigroup forecast shows AI could boost global banking profits by ~$2 trillion by 2028 through smarter software investments and automation.

But legacy systems, technical debt, and regulatory complexity slow innovation — many teams still spend 30% of their time fighting old tech.

What can shift the needle?

  1. Lean, product-centric engineering
  2. Talent and partner strategies built for agility
  3. AI tools embedded throughout the software development life cycle

The payoff is real: Deloitte estimates 20–40% cost savings by 2028, with productivity gains of $0.5M–$1.1M per engineer.

Source: https://www.deloitte.com/us/en/insights/industry/financial-services/future-of-software-engineering-in-banks.html