Tietoevry Banking has released a new insight report titled “Transforming the card value chain for leading banks,” which analyzes transformation initiatives covering more than 26 million cardholders in the Nordic and Baltic regions. The report is based on interviews with senior executives from Tier 1 banks and Tietoevry Banking experts.
The report identifies technology as a baseline requirement for banks and outlines four essential pillars for successful transformation: Product, Process, Partnership, and People. It emphasizes that modernization is not just a technical challenge but requires strategic changes in how banks operate and deliver services to customers.
Mario Blazevic, Managing Director at Tietoevry Banking, said, “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.”
The need for transformation is underscored by the fact that over 80% of European banks are involved in some form of core system modernization. The industry faces increasing pressure to replace outdated card platforms due to regulatory changes, rising fraud risks, and high costs associated with maintaining legacy systems. This has accelerated interest in cloud-native, SaaS-based solutions.
Banking transformation projects remain risky; many fail to achieve their objectives. The report from Tietoevry Banking offers practical advice based on ongoing large-scale implementations.
Among its findings:
– Banks require resilient products with seamless integration and uptime.
– Alignment of processes—including governance and compliance—is crucial to meet both regulatory demands and internal needs.
– Strong partnerships enable faster project delivery with better risk management. One example cited involves reissuing over 300,000 cards within weeks through effective collaboration.
– People are key to transformation success; cross-functional skills and cultural awareness are needed for teams to address challenges across different locations.
“Modern banking transformation is more than simply replacing outdated systems or implementing new solutions, it’s also about rethinking how banks operate and deliver value to their customers.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,” added Blazevic.
Tietoevry Banking provides financial SaaS solutions for clients in more than 30 countries through a team of over 3,000 specialists. Its offerings cover payments systems, card value chains, fraud prevention tools, lending solutions, wealth management platforms as well as banking-as-a-platform services.
For further information about Tietoevry Banking’s activities visit www.tietoevry.com/banking
