Mark Walker, editorial director at the Fintech Times, speaks with Will Moroney, chief revenue officer at Temenos, about the growing gap between what banking customers expect and what they actually receive. The conversation focuses on customer satisfaction, payments, core banking modernization, and how AI is changing the urgency around legacy system transformation. In this episode, Will Moroney explains why three quarters of customers sit in what Temenos calls the “switchable middle,” why payments are often the biggest pressure point in day-to-day banking, and why retention numbers can be misleading if they are not backed by real loyalty. He also discusses why tier one and tier two banks are now moving more seriously on core modernization, even if procurement cycles are getting longer.
Key topics
- Will Moroney says Temenos’ global banking expectations gaps research was designed to measure the gap between customer service expectations and actual banking service.
- The biggest surprise in the research was that three quarters of respondents said they were only moderately happy with their bank.
- Temenos calls this group the “switchable middle,” meaning customers who are still retained but are open to moving some or all of their banking elsewhere.
- Payments stand out as a major friction point because they are a daily interaction, often done under stress, such as paying bills or moving money.
- Customers are no longer benchmarking banks against other banks alone – they compare banking experiences with technology companies, social platforms, and ride-hailing style apps.
- Moroney distinguishes retention from loyalty, arguing that banks can look healthy on retention while quietly losing more meaningful customer relationships.
- Fintechs are pulling customers out of the traditional banking ecosystem by offering narrow but useful services like payments and micro-lending.
- Core modernization remains difficult because banks have layered new digital capabilities on top of older infrastructure rather than rebuilding the core.
- AI is now adding fresh pressure to modernize, but also creating a new opportunity to understand legacy systems, data, processes, and code faster.
- Large banks are now showing more interest in core transformation, but their procurement cycles are longer because the systems are more complex and the analysis burden is greater.
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