Digital native fintechs are encroaching upon banks’ traditional turf, and customers are more willing than ever to switch to providers that can offer the capabilities and services they demand. These changing dynamics are raising the competitive pressure on financial institutions, but outdated technology is hindering their ability to respond with high-tech services of their own. To remain relevant, banks must upgrade their core tech–and a strategic, incremental approach enables FIs to accomplish this critical overhaul without undue cost, risk or business disruption.
In this report, you’ll learn more about:
How big of a threat fintechs pose to established financial institutions
Why changing consumer behaviors are heightening the battle for customers
How banks can respond to these challenges with a phased core upgrade