Innovation, Library, Partner

Tomorrow’s banking: The digital transformation of financial institutions

  • For FIs, the vulnerability of both front- and back-end systems and processes was proven in the wake of the pandemic. But with these challenges comes unprecedented opportunities.
  • In our latest whitepaper with Plaid, we break down how FIs are tackling the challenges of digital transformation and implementing the technologies driving it.
close

Email a Friend

Tomorrow’s banking: The digital transformation of financial institutions

The wake of the pandemic brought about many challenges, like a rapidly increased reliance on digital solutions in the front, and closed branches, unprepared call centers, and overwhelmed lenders dealing with PPP loans in the back. More importantly, it presented financial institutions with a timely opportunity: a call for innovation.

According to a late 2020 IDC survey, only 20% of financial systems worldwide said they’d “recovered to a new normal” from the effects of COVID-19 on their internal systems. Yet the shift is here to stay.

In Plaid’s 2021 survey on fintech use, 88% of U.S. respondents said they use technology to manage their finances. This jumped from over half (58%) of respondents in 2020.

This new digital era is an opportunity for financial institutions to remain agile in the face of constant change. Fintechs, companies applying modern technology and user experiences to financial services, are filling gaps traditionally overlooked by financial institutions.

In Tearsheet and Plaid’s latest whitepaper, we explore:

  • The opportunity presented by digital transformation
  • Key challenges financial institutions face
  • A 7-step strategy to tackle those issues
  • The technologies driving digital transformation into tomorrow
  • Input from decision makers at Plaid, Chase, US Bank, and Goldman Sachs.

Read the full whitepaper here.

0 comments on “Tomorrow’s banking: The digital transformation of financial institutions”

Partner, Payments

How FIs are using modular modernization and the cloud to keep up with the change in payments ft. FIS and AWS

  • The payments landscape is experiencing regulatory upheaval, forcing financial institutions to rethink their approach to money movement modernization.
  • Dive into this episode to hear about how financial institutions are navigating regulatory pressures through modular modernization strategies.
Rabab Ahsan | October 02, 2025
4 charts, Innovation, Partner

How AI is changing payment fraud prevention: From evolving scams to predictive defenses

  • Fraudsters are leveraging AI to refine their attacks, leaving organizations facing mounting financial hits.
  • Firms are losing an average of $60 million annually to payment fraud, according to a Mastercard commissioned new research from Financial Times Longitude. But the same technologies behind the problem can also unlock the solution.
Sara Khairi | September 25, 2025
Designing new products, Partner

How design-thinking powers Temenos’ empathy-driven experiences

  • As banks face mounting pressure to innovate, product teams are often hindered by time-consuming processes, unable to dedicate time to creating experiences that would bridge the gap between product and consumer needs.
  • Temenos is helping its banking clients embed empathy, data, and collaboration into every stage of product development.
Rabab Ahsan | September 25, 2025
Partner

Why record keepers are becoming workplace financial wellness firms, ft. FIS

  • Record keepers are evolving into comprehensive financial wellness platforms, moving beyond traditional 401(k) services to address participants' complete financial lives including debt, banking, and cash flow.
  • FIS executives Will Hicks, Sherry Baker, and Deloitte's Scott Parker discuss leveraging technology, data integration, and personalized advice to transform retirement services.
Rabab Ahsan | September 18, 2025
Innovation, Partner

Trust as the cornerstone: A quick guide to open banking and open finance adoption

  • 92% of businesses report that open banking is essential for future-proofing their organization, according to research from Mastercard.
  • As the financial services ecosystem, including banks, credit unions, and fintechs, build deeper expertise in serving customers digitally and more intuitively, open banking becomes an essential innovation driver.
Rabab Ahsan | September 17, 2025
More Articles