However, it was pointed out to me that I took something for granted, and in hindsight, it was a great observation.
In today’s world, where we are used to online shopping and mobile payments, many are not only carrying less cash but fewer cards also. It’s easy to think that all banks are truly running online every single minute of every day. However, this is simply not the case.
It’s hard to quantify exactly how many, but a significant number of banks – I would guess at least 50% – are still running on legacy core banking systems that have overnight batch processes.