Across Europe, banks are racing to modernise their card systems at an unprecedented pace. Yet despite the urgency and investment involved, the majority of these programmes fall short, according to Tieto.
McKinsey & Co claim around 70% of all technology transformations fail to meet their targets — a sobering figure given that eight in ten European banks are currently engaged in such programmes, according to research by Tieto Banktech.
So what separates the successful transformations from the rest? According to Tieto Banktech, the answer lies not in the sophistication of the technology deployed, but in the strength of the human relationships behind it.
Tieto Banktech managing director Mario Blazevic has argued that high-performing technology is merely table stakes in today’s market. Advanced solutions — secure, compliant, and reliable — are now a baseline expectation, not a competitive advantage. What truly defines the outcome of a transformation, he contends, is the quality of collaboration between a bank and its technology partner.
Tieto Banktech managing director Triin Öun said, “When we build shared cultural values, agree on ways of working, and create transparent forums for collaboration, something powerful happens – trust grows. With trust comes increased clarity, faster decision-making, and shared accountability. Problems stop being “theirs” or “ours” – they becomeours to solve together.
This philosophy has been put to the test in real-world scenarios. In one high-stakes programme with Tieto and a leading Nordic bank, the partnership model enabled the reissuance of 300,000 cards within weeks of a portfolio takeover — a feat that many inside the organisation had considered impossible.
The head of card products and application management at the bank said, “People internally doubted it was possible, saying it had never been done in such a short timeframe before. However, the way Tieto Banktech handled our collaboration was exceptional. The process was carried out without friction; thanks to the trust we placed in your decades of experience to guide us through this complex project.”
The head of card issuing at another Nordic tier 1 bank echoed this sentiment, noting that the cultural foundation of the collaboration serves as a safety net when formal processes fall short. “If we run into issues that aren’t covered by set processes, the culture aspect of our collaboration is there to catch and resolve them.”
For select clients, Tieto Banktech has adopted the Triple Fit framework — a structured model designed to align planning, execution, and resources between supplier and customer — as a means of deepening these partnerships further.
Drawing on her experience across legal, financial services, and technology programmes over the past decade, Öun has outlined five principles she believes are critical to building and sustaining strong transformation partnerships. These include establishing trust and clear communication from the outset, embedding change management structures before the design phase begins, assessing organisational maturity early to identify capability gaps, tackling difficult conversations around scope and expectations head-on, and shifting the relationship dynamic from supplier-customer to one of genuine strategic partnership.
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