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”

Banking, Partner

How cloud-native core banking helped EQ Bank grow through improved customer experience

  • EQ Bank’s early move to a cloud-native core with Temenos positioned it to lead in digital transformation, leveraging real-time data and AI to deliver personalized customer experiences.
  • Temenos’ Will Moroney and EQ Bank’s Geoff Vona talk about how co-building solutions has propelled both the company and the bank forward.
Tearsheet Editors | September 02, 2025
Partner, Payments

How Citi is helping insurers compete in an always on digital payments landscape

  • Traditional insurance faces mounting pressures from new technologies and market entrants, making digital adoption an imperative for efficiency and customer-centricity.
  • Kamiel Bouw, Global Head of Insurance for Citi Treasury and Trade Solutions, discusses how Treasury functions must evolve beyond settlement roles.
Rabab Ahsan | August 19, 2025
Banking, Partner

Banks can’t duct tape their way out of legacy system failures. Core modernization is a business imperative

  • Legacy banking systems create mounting operational risks and innovation constraints, with "duct tape" fixes leading to frequent outages and inability to compete with agile fintechs.
  • Ritesh Rihani from Galileo and John Kraper from PwC discuss incremental transformation strategies, talent challenges, and unlocking data-driven banking through modern API-based architecture and event-driven systems.
Rabab Ahsan | August 12, 2025
Banking, Partner

How Temenos is leading banking forward through customer and partner insight

  • Chief Marketing Officer Isabelle Guis says customer centricity and innovation are at the heart of Temenos’ philosophy.
  • Guis also discusses how global market changes are impacting technology investments, strategies for addressing the limitations of legacy systems, and what it really means to lead banking forward.
Tearsheet Editors | August 06, 2025
Partner

How to serve customers better at the point-of-decision ft. Galileo’s CEO Derek White

  • 30% of customers are pulling out debit cards when making purchases at major travel and entertainment brands. The co-branded debit card presents a new opportunity or brands to deepen customer relationships while addressing the preferences of a generation that increasingly chooses debit over credit.
  • Listen to this episode with Derek White, CEO of Galileo Financial Technologies, to learn about how co-branded debit cards are creating new monetization opportunities for brands and what consumer behaviors are driving this new product.
Rabab Ahsan | July 31, 2025
More Articles