How, where and why people ‘bank’ and what it means for the future of financial services
Despite 77% of U.S. adults still using traditional banks, Galileo research shows that 43% of their funds are kept elsewhere, and 61% of consumers are somewhat or highly likely to switch to a digital-only provider. 1
The way financial services are delivered to people and businesses globally is at a tipping point. Driven by rapid payments technology innovation and shifting consumer behaviors, the intersection of data, technology and finance has never presented greater opportunities for businesses looking to change how money moves around the world.
What's more, the opportunity is no longer limited to banking institutions. Non-financial businesses of all kinds are deploying innovative new user experiences and embedded financial solutions that are redefining the future of financial services—including how, why, and where consumers keep their money.
Take a deep dive into Galileo’s State of Consumer Banking and Money Survey results to discover how you can deliver financial experiences that respond to evolving consumer demands. You’ll learn more about where consumers keep their money, and why and how they use their accounts across a variety of traditional, digital and prepaid options. The eBook also unearths how financial innovators can build a roadmap to a better financial future for everyone, including:
• Why consumers choose and switch financial providers;
• The correlation between provider satisfaction and consumer behavior; and
• Opportunities for embedded finance and the future of fintech.
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Banks can’t duct tape their way out of legacy system failures. Core modernization is a business imperative
Legacy banking systems create mounting operational risks and innovation constraints, with "duct tape" fixes leading to frequent outages and inability to compete with agile fintechs. Ritesh Rihani from Galileo and John Kraper from PwC discuss incremental transformation strategies, talent challenges, and unlocking data-driven banking through modern API-based architecture and event-driven systems.
How to serve customers better at the point-of-decision ft. Galileo’s CEO Derek White
30% of customers are pulling out debit cards when making purchases at major travel and entertainment brands. The co-branded debit card presents a new opportunity or brands to deepen customer relationships while addressing the preferences of a generation that increasingly chooses debit over credit.
SoFi Tech Platform Drives Revenue Growth, Expands Beyond Financial Services in Q2
SoFi's Technology Platform segment achieved strong 15 percent revenue growth, expanded into new sectors, and powered innovation across the company in Q2.
Galileo Drives SoFi's Seamless Fintech Integration and Expansion
Since acquiring Galileo Financial Technologies in 2020, SoFi Technologies, Inc. SOFI has deepened its fintech infrastructure by integrating Galileo’s payment processing and tech capabilities across its growing suite of offerings.
Modern Banking Starts With Mindset Before Tech
Despite massive investments in digital transformation, a persistent gap between operational stability and forward-looking innovation continues to stall progress.
