Banks across North America are prioritising investments in technology to modernise legacy systems and compete with non-traditional players
Banks in North America have long lagged behind their global counterparts when it comes to adopting modern technology.
But that trend appears to be shifting, according to the latest research from Temenos and The Economist, which finds banks in the region are betting big on technology to modernise legacy systems and compete with non-traditional players.
Nine in 10 North American banks consider technology to be the biggest trend impacting their industry over the next five years, compared to 63% of banks globally.
“The fear of being left behind and missing out on new markets is pushing North American banks towards a greater adoption of disruptive technologies,” comments Nelly Rezny, EVP, Business Solutions Group for the Americas at Temenos.
“Banks in this region are betting big on technology, with the goal of modernising and securing their core infrastructure and personalising customer experience and engagement.
“Tech investments are also helping banks compete with fintechs and non-financial companies, both on banks’ traditional turf and in newer spaces, such as embedded finance, where their competitors have led the way.”
