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Why Financial Innovation Risks Leaving the Customer Behind
Financial institutions are investing heavily in compliance at the expense of customer experience, risking relevance in a digital-first world. With outdated legacy systems and growing friction in user journeys, the industry must rebalance priorities to deliver on fintech’s original promise of smarter, more human-centered banking.
May 29, 2025
Alessia Falsarone, Non Executive Director, IUKL Loans Ltd
Tags:
AI and Technology (including Fintech)
The views and opinions expressed in this content are those of the thought leader as an individual and are not attributed to CeFPro or any other organization
- Financial institutions are diverting a significant share of IT budgets toward compliance, reducing focus on customer experience and innovation.
- Legacy systems are the primary barrier to digital transformation, slowing processes and preventing seamless customer interactions.
- Poor digital experiences are driving customer churn, with 70% willing to switch providers after a frustrating interaction.
- To stay relevant, financial firms must modernize their tech stacks and streamline compliance without sacrificing user experience.
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