Traditional financial institutions have arrived at a critical crossroads in the course of their digital transformation. They have built up a level of consumer trust that is on par with that of their digital-first rivals. As of the 28th of September in the year 2023, GFT, a global digital transformation company, and Thought Machine, a cloud-native banking technology firm, have joined forces to enable incumbent U.S. banks to flourish in the digital era. This partnership builds upon their multi-year collaboration, the focus of which has been on ushering in new digital infrastructures while steering traditional banks away from legacy technology and toward embracing truly cloud-native systems.
Traditional banks have been overtaken by their digital competitors throughout history; however, traditional banks are now introducing new financial experiences that their digital competitors are unable to duplicate. The race is on for banks to…
