Why European financial institutions need modernization to meet customer demands

In recent years, digital transformation has become one of the biggest challenges and opportunities for financial institutions of all sizes and disciplines across Europe. Whether it relates to integrating real-time payments or introducing innovative financial tracking and budgeting applications, this indiscriminate need to modernize services for the digital age only continues to become more urgent.

For one thing, the accelerated push toward modernization in Europe has become just as much about meeting the demands of local consumers as it is about keeping pace with financial services innovations emerging from other regions. Rapid advancements in financial technology and the subsequent rise of FinTech providers have led to a dramatic transformation of the competitive landscape, in which consumers’ preferences are increasingly shaped by a desire for the latest and greatest in digital banking applications and capabilities. And more specifically, since the start of the pandemic, digital banking users have?increased by 23% in Europe ?– so whether by desire or necessity, the demand for digital banking services is on the rise.

But whether it’s a traditional bank or customer-funded building society, European financial institutions share the same primary challenge when it comes to addressing the evolving needs of today’s consumer. That is, undergoing the process of replacing outdated legacy infrastructure with modern, future-proofed systems.

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