This paper examines the current system development processes of three major Turkish banks in terms of compliance to internationally accepted system development and software engineering standards to determine the common process problems of banks. After an in-depth investigation into system development and software engineering standards, related process-based standards were selected. Questions were then prepared covering the whole system development process by applying the classical Waterfall life cycle model. Each question is made up of guidance and suggestions from the international system development standards. To collect data, people from the information technology departments of three major banks in Turkey were interviewed. Results have been aggregated by examining the current process status of the three banks together. Problematic issues were identified using the international system development standards.