header icon
Solutions
header icon
Products
header icon
Platform
header icon
Developers
header icon
Company
English
English

| June 20, 2024

How Banks Can Meet the Fintech Challenge with a Phased Core Upgrade

How Banks Can Meet the Fintech Challenge with a Phased Core Upgrade

IN COLLABORATION WITH PYMNTS

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 These changing dynamics are raising the competitive pressure on financial institutions, but outdated technology is hindering their ability to respond with high-tech services of their own.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