Financial Services

Can disruptive technologies bolster the competitiveness of North American Banks?

November 21, 2023


Can disruptive technologies bolster the competitiveness of North American Banks?

November 21, 2023

Sardar Karim

Manager at Economist Impact

Sardar is a manager at Economist Impact with more than ten years of professional experience in policy analysis, economics and management consultancy. He has worked in the Middle East, South Asia and Africa with various national and regional government and development agencies, such as the UN, USAID and FCDO. His main areas of expertise include sustainable economic development, labour productivity, social protection, education, food security and poverty alleviation. He has extensive experience in designing and conducting large-scale research projects and surveys, impact assessments, project evaluations and programme management. 

Sardar holds a master’s degree in Public Administration in International Development from Harvard University and a bachelor's degree in Economics from Lahore University of Management Sciences. He studied abroad at Waseda University in Japan and Malardalen University in Sweden. Sardar is a recipient of the Fulbright Scholarship, Erasmus Mundus Fellowship, Joint Japan World Bank Graduate Scholarship and Pakistan’s Presidential Award for Academic Excellence.

North American banks are turning to digital technologies to modernise and secure their core infrastructure and processes as they compete with non-traditional players.

  • Even more respondents in North America are convinced than those in other regions (90%, compared with 63% globally) that technology will be the trend to have the biggest impact on banks in their country in the next five years.
  • Product agility and enabling embedded finance are bigger strategic priorities for North American banks than those in other regions in the next five years. Accordingly, they are investing more on agile technology delivery (DevOps) and blockchain technology.
  • In order to best utilise emerging technologies and handle the exponential growth of data, banks are moving applications to the cloud. Banks in North America are prioritising moving domestic core banking much more so than those in other regions. They also have a stronger belief that a multi-cloud strategy will become a regulatory pre-requisite.
  • More banks in North America see offering banking products and responsible lending to the unbanked and underbanked population as a strategic, actionable business opportunity for the next one to three years.


Economist Impact conducted a study, commissioned by Temenos, to understand emerging trends in the banking industry. This report presents insights from a global survey of 300 executives in retail, commercial and private banking spanning Europe (25%), North America (23%), Asia Pacific (18%), Middle East and Africa (17%), and Latin America (17%). Respondents perform various job functions, such as IT, customer service, finance, marketing and sales, strategy and business development, and general management, among others. Half of the respondents are C-suite executives. This is the seventh year that Economist Impact has conducted this survey. The research also included interviews with industry practitioners to gain further insights.

Which trends do you believe will have the biggest impact on banks in your country in the next five years?

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