I worked for a somewhat large bank that used to do this "system analysis" job at its beginnings. Don't recall how they called this process step, but the idea was the same. Besides the internal analysts, they used to hire consultancies full of experienced ladies and gentlemen to design larger projects before coding started.

Sometimes they were hired only to deliver specifications, sometimes the entire system. The software they delivered was quite stable, but that's beyond the point. There sure were software issues there, but I was impressed by how those problems were usually contained in their respective originating systems, rarely breaking other software. The entire process was clear enough and the interfaces between the fleet of windows/linux/mainframe programs were extremely well documented. Even the most disorganized and unprofessional third-party suppliers had an easier time writing software for us. It wasn't a joy, but it was rational, there was order. I'm not trying to romanticize the past, but, man, we sure un-learned a few things about how to build software systems