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Steven, to best explain this we need to first define the difference between public and private money.

Public money is money issued by the central bank, such as cash today and as such a central bank liability.

Private money is money issued by a private financial entity, such as a bank and is not a liability of the central bank.

Today, the only true form of central bank liability (public money) that we have is cash, and we have no true representation of public money in digital form. As soon as you migrate cash into any digital media, it becomes private money.

A CBDC is a way for central banks to represent public money in digital form, giving you all the benefits and  expectations that you get with existing public money today.

Most if not all big banks are a fantastic museum of old technology, and I do not think that is a surprice for anyone within the industry - but some have been better at modernising than others...

Agree with Lance, would be great to get insights on that study.