Michael Haney, head of product strategy at Galileo Financial Technologies, describes himself as a “reformed banker.” With a front-row seat to banking transformation, Haney sees firsthand how consumer expectations are reshaping the industry—and how traditional banks risk falling behind.

“We live in a world of instant gratification,” Haney said. “Press a button, and your movie streams immediately. Your order arrives within the hour. Consumers expect that same immediacy in their financial lives.” For banks, that shift in mindset is a fundamental challenge—one that can't be solved by technology alone. It requires aligning tech investment with business value.

In a recent discussion with PYMNTS, Haney joined Dan Williams, SVP of Embedded Banking at KeyBank, to explore how banking leaders are adapting. “Technology and business strategy are no longer separate,” said Williams. “Customer expectations are shaped by the tools they use every day—so your infrastructure needs to meet them where they are.”

Real-Time Banking: Meeting Growing Consumer Demands

According to Williams, the distribution of financial services is rapidly evolving. Banks are no longer the sole delivery channel. “Customers access banking through apps, platforms, and services they already use,” he said. “So our payment products need to be interoperable at the point of consumption.”

Maximizing Digital Banking Investments: The Business Case Beyond Tech

Haney identified three core expectations driving change: real-time capabilities, data-powered personalization, and the seamless blending of services like early wage access and buy now, pay later. These features aren’t “nice-to-haves” anymore—they’re expected by both consumers and commercial clients.

To meet those demands, Haney says banks must rethink their foundation. “You need modern middleware—API management, event streaming—and a cloud-first, data-first mindset,” he said. “Legacy architectures weren’t built for real-time data movement, which is why we’re seeing a rise in chief data officers and stronger data governance.”

Williams added that financial services can’t exist in isolation. “Everything we do is part of a broader business workflow,” he said. “Payments don’t happen in a vacuum. Embedding financial services into those workflows creates better outcomes.”

An Iterative Approach to Core Modernization

Instead of overhauling everything at once, Haney and Williams both advocate for composable, modular modernization. Greenfield approaches—such as launching new product lines or digital sidecars—allow banks to test and learn. But for most, a progressive, iterative model works better.

“Show value with each budget cycle,” Haney said. “Those five-year, ‘wait-and-see’ transformation programs are over. You have to prove business value continuously.”

Williams agreed: “Success now means constantly delivering small, meaningful improvements. That’s how you create lasting customer impact.”

Composable Banking Architecture

The panel closed with a look at the bigger picture. Is composable banking still a differentiator—or has it become table stakes?

“The flexibility and modularity we’ve been talking about are absolutely table stakes,” Haney said. But he cautioned against overhyping fintech competition: “Traditional banks still have significant regulatory advantages. The threat isn’t existential—it’s operational.”

Williams echoed that sentiment. “It’s not banks versus fintechs. Fintechs can be partners, distribution channels or technology providers. We’re all reading from the same playbook. The difference is execution.”

In today’s environment, execution is everything. The institutions that succeed won’t be the ones that talk about change—but the ones that deliver it, one customer experience at a time.

Ready for the Future of Banking?

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