Tietoevry Banking publishes insight report on card transformation for leading banks

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Tietoevry Banking announces the release of its latest insight report, Transforming the card value chain for leading banks. The report offers unique insights from transformation programs that collectively cover more than 26 million cardholders across Nordic and Baltic markets and interviews with senior representatives from leading Tier 1 banks alongside Tietoevry Banking experts.

The new report argues that great technology is a baseline requirement for banks and identifies four critical pillars for successful transformation: Product, Process, Partnership, and People. The report also highlights the drivers for modernization and why it is not only a technology challenge, but a strategic shift that reshapes ways of working and how banks deliver value to customers.
“Modernizing core solutions, such as cards, is a strategic investment for any bank and often spans years, markets, and organizational silos. Banks know that the risks are real: delays, cost overruns, and failed implementations, while competitive pressure and customer expectations keep rising. We know that success depends on more than modern technology and great products. It also requires trust, shared views, proper governance, and a partner who understands the operational and cultural realities of banking,” says Mario Blazevic, Managing Director at Tietoevry Banking.
Transformation is a strategic necessity for banks
With over 80% of European banks engaged in some form of core system modernization, the pressure to replace ageing card platforms and the people who maintain them are increasing. Regulatory developments, rising fraud risks, and the cost of maintaining legacy infrastructure are accelerating the shift to cloud-native, SaaS-based solutions.
Banking transformation remains high-risk and according to McKinsey, 70% of banking transformations fall short of their stated objectives. Tietoevry Banking’s report addresses these challenges and offers practical guidance based on ongoing and successful deliveries at scale.
Key insights and success factors identified in the report:

• Product resilience and flexibility are non-negotiable. Banks expect 100% uptime, seamless integration, and the ability to co-create future functionality.
• Process alignment is critical. Successful partners demonstrate strong governance, compliance, and communication – tailored to each bank’s operating model and realities, to meet regulatory requirements and organizational needs.
• Partnerships drive successful outcomes. Trust, transparency, and shared understanding enable faster delivery, better risk management, and long-term innovation. One case study highlights the reissuing of over 300,000 cards within weeks, with minimal errors – a result only possible through trust and collaboration between the bank and its partner.
• People are the transformation X-factor. Banks value cross-functional expertise, cultural awareness, and strategic thinking. Success depends on teams that can collaborate and communicate clearly across geographies and organizational units to overcome the challenges that will arise along the journey.

“Modern banking transformation is more than simply replacing outdated systems or implementing new solutions, it’s also about rethinking how banks operate and deliver value to their customers. But to succeed with all these things and bring these changes to life requires the support of reliable and trusted partners. These insights are drawn from real partnerships and deliveries at scale, and we hope this report helps banks ask the right questions, build the right partnerships, and succeed where others struggle,” says Mario Blazevic.
 
About Tietoevry Banking
Tietoevry Banking is the market-leading provider of financial SaaS solutions for the Nordics and beyond. With over 3,000 dedicated experts and customers in 30+ countries, we deliver solutions for payments and card value chains, financial fraud prevention, lending, and wealth management, as well as a banking-as-a-platform. By combining decades of experience with our modular, scalable, and secure solutions, we empower financial institutions to unlock significant value, and rapidly adapt to market changes, meet regulatory demands, and deliver exceptional customer experiences. Tietoevry Banking is a specialized business unit of Tietoevry. www.tietoevry.com/banking