The COVID-19 pandemic was a watershed moment for North American financial services, accelerating digital transformation at a pace and scale previously unseen. As the dust settles, the sector finds itself fundamentally reshaped—not just by necessity, but by a new set of expectations from customers, regulators, and the market. The key themes from Sibos 2020—resilience, customer experience, innovation, partnerships, and climate action—have all played out in unique ways across the US and Canada, setting the region apart as a crucible for digital reinvention.
The pandemic exposed vulnerabilities in legacy systems and operational models, but it also showcased the sector’s remarkable resilience. North American banks and fintechs rapidly enabled remote workforces, scaled digital channels, and maintained business continuity even as physical branches shuttered. Leaders like JPMorgan Chase highlighted how cloud adoption and agile decision-making allowed them to serve clients seamlessly during periods of unprecedented market activity. The lesson was clear: resilience is not just about surviving shocks, but about building the technological and organizational muscle to adapt quickly and thrive in uncertainty.
Customer expectations have shifted irreversibly. With in-person interactions limited, digital became the primary channel for engagement. North American institutions responded by investing heavily in customer data platforms, AI-driven personalization, and seamless onboarding experiences. The bar for user experience is now set by the best digital platforms, not just other banks. As Citi’s leadership noted, both B2C and B2B customers now demand fast, simple, and secure interactions—mirroring the consumer experiences they enjoy elsewhere. The result is a new focus on hyper-personalization, always-on targeting, and the elimination of one-size-fits-all journeys.
Innovation in North America has become more pragmatic and purpose-driven. Rather than pursuing technology for its own sake, leading banks and fintechs are combining cloud, big data, machine learning, and automation to address specific pain points—whether it’s real-time payments, fraud detection, or digital onboarding. The rise of embedded finance is a prime example: banks are integrating their services into non-financial platforms, meeting customers where they are and unlocking new revenue streams. Meanwhile, the move to cloud-native core banking platforms is enabling both incumbents and challengers to launch new products at breakneck speed, unencumbered by legacy constraints.
The old rivalry between banks and fintechs has given way to a new era of partnership. North American financial institutions are increasingly collaborating with fintechs, big tech, and cloud providers to accelerate transformation. These partnerships are not just about technology—they’re about combining scale, regulatory expertise, and customer trust with the agility and innovation of digital natives. The result is a vibrant ecosystem where banks can rapidly deploy new capabilities, fintechs can scale their solutions, and customers benefit from a broader array of services. Publicis Sapient’s work with cloud-native platforms like Mambu and Thought Machine, and payments innovators like Form3, exemplifies how these partnerships are driving real-world impact.
Sustainability has moved from the periphery to the core of financial services strategy. North American banks are increasingly integrating climate risk into their decision-making, developing sustainable finance products, and supporting clients’ transitions to greener business models. The pandemic underscored the interconnectedness of global risks, and the sector is now leveraging its influence to drive progress on climate action. This includes not only investment in green assets, but also collaboration with governments, regulators, and industry peers to set new standards for responsible finance.
The regulatory landscape in North America is both a driver and a challenge for digital transformation. In the US, the lack of a unified open banking framework has created uncertainty, but also opportunity for banks to define their own strategies and partnerships. In Canada, regulatory clarity around cloud adoption and data privacy has enabled more aggressive modernization, with leading banks moving core systems to the cloud and embracing composable banking models. Across the region, regulators are increasingly focused on operational resilience, data security, and financial inclusion—pushing institutions to innovate while maintaining trust and compliance.
Perhaps the most profound shift has been in customer behavior. North American consumers and businesses have embraced digital channels at record rates, with mobile and online banking now the norm. This digital-first mindset is driving demand for instant, personalized, and frictionless experiences—whether it’s opening an account, making a payment, or accessing financial advice. Banks and fintechs that can deliver on these expectations are winning loyalty and market share, while those that lag risk irrelevance.
The post-pandemic era has cemented digital transformation as the defining imperative for North American financial services. The region’s unique blend of regulatory complexity, technological innovation, and evolving customer expectations is creating both challenges and opportunities. By embracing resilience, customer-centricity, purposeful innovation, strategic partnerships, and climate action, North American banks and fintechs are not just adapting—they are setting the pace for the future of global finance.
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