In the fast-evolving landscape of financial technology, few experts have their finger on the pulse quite like Kofi Ndaikate. With a deep understanding of fintech innovations, from blockchain and cryptocurrency to regulatory frameworks, Kofi offers unparalleled insights into how technology is reshaping banking. Today, we dive into some of the most groundbreaking stories in banking tech from October 2025, exploring massive cloud migrations, strategic mergers, and leadership transitions that are setting the stage for the future of finance. Our conversation touches on the implications of these developments for customer experience, community banking, and industry innovation.
Can you walk us through what might have driven a major bank like Commonwealth Bank of Australia to migrate its core banking platform to the AWS cloud?
Absolutely. A move like this is often rooted in the need for scalability, flexibility, and resilience. Migrating to the cloud allows a bank to handle massive transaction volumes in real-time, which is critical for a financial institution of that size. It also reduces dependency on legacy on-premises systems, cutting down maintenance costs and enabling faster innovation. For a bank managing a significant chunk of a country’s liquidity, ensuring uptime and security through a robust cloud infrastructure like AWS is a game-changer. Plus, with a decade-long relationship with AWS, there’s likely a strong trust factor in handling critical workloads.
How do you think an 18-month migration timeline might have affected the bank’s daily operations during such a large-scale project?
An 18-month timeline for a core banking migration is ambitious, and it’s almost certain there were operational hiccups along the way. You’re talking about transitioning systems that handle millions of transactions while keeping services running for customers. There’s likely a lot of behind-the-scenes work to minimize disruptions—think phased rollouts or parallel systems running during the transition. Staff training and customer communication would have been key to managing expectations. Any downtime or glitches could erode trust, so the pressure to execute flawlessly must have been immense.
What kinds of challenges do you imagine arise during a migration of this scale, and how might they be addressed?
The challenges are multifaceted. Data integrity is a huge concern—ensuring no customer information is lost or corrupted during the move. Then there’s system compatibility; older banking platforms often don’t play nice with modern cloud environments, requiring extensive customization. Cybersecurity risks also spike during transitions, as systems are more vulnerable. Overcoming these likely involves rigorous testing, robust backup systems, and a strong incident response plan. Partnering with experienced tech providers can also make a big difference in navigating these hurdles.
With 90% of customer accounts now on this real-time system, what improvements in customer experience might we expect to see?
Real-time systems are transformative for customers. Transactions that once took hours or days—like payments or loan approvals—can now happen almost instantly. Account updates are immediate, so customers always have an accurate view of their finances. This also enables more personalized services, as banks can leverage real-time data for tailored offers or fraud detection. Ultimately, it’s about convenience and trust—customers feel more in control and confident when they see their bank operating at the speed of their lives.
Turning to the merger of UFS and BankOnIT, what do you think motivated this union at this particular moment in time?
Mergers like this often stem from a shared recognition of market needs. Community banks in the US are under pressure to modernize, but they lack the resources of larger institutions. By combining forces, UFS and BankOnIT can pool their expertise—one bringing core banking systems and the other a private cloud platform—to offer a more comprehensive solution. It’s likely also a strategic move to stay competitive in a landscape where tech is evolving rapidly, and smaller players risk being left behind.
How could combining cloud platforms and core banking systems benefit smaller community banks in the US?
For community banks, integrating cloud platforms with core systems means access to cutting-edge tech without the hefty price tag of building it in-house. Cloud solutions offer scalability, so banks can grow without overhauling infrastructure. Meanwhile, modern core systems streamline operations, from loan processing to compliance reporting. Together, they reduce costs, improve efficiency, and allow these smaller banks to offer digital experiences that rival bigger competitors—think mobile banking apps or faster payment processing.
Shifting gears to leadership changes, what can you tell us about the significance of a CEO stepping down to explore new ventures in tech and human interaction, as seen with Galileo?
When a CEO steps down to build something new at the intersection of humans and technology, it signals a personal passion for innovation beyond the current role. It often reflects a desire to tackle unsolved problems—perhaps creating more intuitive financial tools or reimagining how people engage with digital platforms. For the company, it can be bittersweet; you lose a visionary, but it also opens the door for fresh perspectives. It’s a reminder that fintech is as much about human experience as it is about technology.
What are some key initiatives or achievements that might stand out from a CEO’s tenure in a fintech firm like Galileo?
During a CEO’s time at a company like Galileo, initiatives that expand market reach or redefine product offerings often stand out. For instance, launching secured credit products with dynamic funding can empower underbanked customers, while innovations like payment method switching streamline user experience. Expanding into new sectors, such as travel or hospitality, also shows strategic vision. These kinds of moves not only drive growth but also cement a company’s reputation as an innovator in the API-based banking space.
With a new CEO stepping in from a financial background, how might that shape the company’s direction moving forward?
A CFO stepping into the CEO role often brings a sharp focus on financial discipline and operational efficiency. Their background means they’re likely to prioritize sustainable growth over flashy, high-risk moves. They might dive deep into optimizing costs, refining revenue streams, and ensuring regulatory compliance—especially critical in fintech. At the same time, they’ll need to balance that with innovation to keep the company competitive. It’s a grounding influence, but the challenge will be maintaining the creative momentum of the prior leadership.
Looking ahead, what is your forecast for the role of cloud technology in shaping the future of banking over the next decade?
I see cloud technology becoming the backbone of banking in the next ten years. It’s not just about storage or cost savings—it’s about enabling real-time, data-driven decision-making and hyper-personalized customer experiences. As banks fully embrace hybrid and multi-cloud environments, we’ll see faster innovation cycles, with AI and machine learning integrated directly into core systems. Security will remain a concern, but advancements in encryption and zero-trust architectures will help. Ultimately, banks that don’t adopt cloud solutions risk obsolescence, as agility and scalability become non-negotiable in this digital-first world.
