The entire banking industry is the most backwards, outdated and barely functioning sector in the whole world. I have no clue how we have not yet collapsed the financial system via some hack or basic data loss.
Everything is also constantly regulated to death (and not the good kind) and banks wait until the very last day (even when regulations were passed at EU-level 6 years (!!) ago) and you then need to rush implementing it in the last month.
After working there for a few years now it's hard to trust any bank. Better not think too hard about it...
Sometimes not moving fast and not breaking things has its advantages.
Banks are pretty good at not losing data. They're also pretty good at layered security.
I mean there's fraud and theft on all levels, but collapse-level events don't come from "a hack or basic data loss". They come from political incompetence and large scale economic events.
you are confusing payment card issuers and processors with banks
Except for that day I logged into Barclays Bank (in the UK) and half the transactions were missing from the last several months of statements.
We're talking maybe 50 transactions just gone from the bank account ledger, which had long since been settled and previously downloaded (that's how I noticed).
To be fair to them, the transactions reappeared a few days later. But it took days, and had me quite worried.
Also there's a bunch of really annoying and expensive processes for rich people to get their money back after an error, so they don't see any problem.