Having had a connection to the industry at the time, I'm quite sure that the decision was made simply as a money/frustration saver. Banking systems are the worst pile of horse-dung in existence, and no one wants to touch it if they can avoid it. It's expensive and cumbersome, and the leadership will go through great lengths to not wake the sleeping monster and risk having the card house collapse.

So, I am fairly confident when my blame-o-meter is reads "incompetence" rather than "malice".