Well yes, but the point I would make is that these days legacy banks are paying $100m+ for functionality that could be delivered on cloud platforms (and maintained) for a fraction of the cost.
It's a little (a lot) like nbnCo Capitalising $500m of copper when they could have had fibre for less. It's value is greatly diminished even before it's delivered.
To bring us back to the original point, the fact that SWF is not capitalising $millions in software build poses no concern for me whatsoever. The capitalised software on the banks books is worth little to anyone else, the underlying "value" resides in the customer base.
Undervalue?, page-69
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