The COVID-19 pandemic marked a turning point for North American financial services, catalyzing a wave of digital transformation that has fundamentally reshaped the sector. As banks, fintechs, and insurers across the US and Canada navigated unprecedented disruption, they accelerated the adoption of digital technologies to enable remote work, maintain business continuity, and meet rapidly evolving customer expectations. Today, the region stands as a global leader in digital reinvention, defined by resilience, customer-centricity, innovation, and a new era of partnerships.
The pandemic exposed vulnerabilities in legacy systems and operational models, but it also showcased the remarkable resilience of North American financial institutions. Banks and fintechs rapidly enabled remote workforces, scaled digital channels, and maintained business continuity even as physical branches shuttered. Cloud adoption and agile decision-making became critical, allowing organizations to serve clients seamlessly during periods of market volatility. 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. Both B2C and B2B customers now demand fast, simple, and secure interactions—mirroring the consumer experiences they enjoy elsewhere. This has driven 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—such as real-time payments, fraud detection, and 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. Cloud-native core banking platforms are 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 combine 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 and payments innovators exemplifies how these partnerships are driving real-world impact.
The regulatory landscape in North America is both a driver and a challenge for digital transformation. In the US, the absence 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.
Ready to lead the next wave of transformation? Connect with Publicis Sapient’s experts to discover how your organization can thrive in the new digital era.