Study Reveals Implementation Challenges and Delays in U.S. Financial Institution Technology Rollouts
A new study by Go-Live Faster and Datos Insights highlights significant operational struggles among U.S. banks and credit unions during technology modernization projects. The research, which surveyed 61 institutions with assets between $5 billion and $100 billion, found that 51% of respondents reported that recent technology implementations caused negative issues for clients. Furthermore, two-thirds of these institutions missed implementation deadlines, and 46% exceeded their original budgets. The report identifies integration complexity (85%) and data migration issues (70%) as the primary drivers of project delays. While there is high anticipation for artificial intelligence—with 87% expecting a meaningful impact within 18 months—only 3% have fully integrated AI into their testing processes. These execution gaps carry significant financial weight, with approximately half of the surveyed institutions reporting monthly delay costs between $100,000 and $400,000.
Topics: AI Adoption in Banking Digital Banking Implementation Financial Institution Modernization Fintech Trends Project Management Failures