Core Insights - Lagging modernization in core IT systems is hindering banks' ability to differentiate their products and services, threatening customer retention and responsiveness to digital demands [3] - A significant majority of consumers aged 18 to 54 are comfortable with an exclusively digital relationship with their bank, highlighting the importance of digital experiences [4] - Concerns about the rapid evolution of emerging technologies are causing bank leaders to hesitate in investing in new technologies, despite the potential for improved customer experiences [4][5] Technology and Customer Experience - Outdated technology is leading to customer attrition, with 62% of surveyed customers considering switching banks for better digital experiences [8] - 68% of IT leaders and banking executives believe that legacy technology architecture is slowing modernization and negatively impacting customer digital experiences [8] - A considerable portion of banks' oldest programming code dates back to before 2000, with nearly one-third of technology infrastructure originating from the 1960s or earlier [8] Investment and Modernization Efforts - The banking industry has invested over $2.8 trillion since 2011 to digitize products, yet this effort has resulted in a "sea of sameness" [6][7] - Strategic investments in new technologies are essential for banks to enhance online digital experiences and retain customers in the modern era [5][6]