June 2025: Top Five Banking Technology Stories of the Month
As technological innovation accelerates in the financial sector, banks worldwide are racing to modernize their systems and meet evolving customer expectations. June 2025 saw several notable developments in banking technology, showcasing upgrades in core banking platforms, new digital banking launches, and key leadership changes in fintech companies. FinTech Futures highlights the top five banking technology stories from this month.
- Ikano Bank Launches New Loan and Deposit Solution on TCS Bancs Core System
Ikano Bank in Sweden successfully went live with a new loan and deposit solution supported by Tata Consultancy Services’ (TCS) Bancs core banking system. The rollout represents Ikano’s largest and most complex system implementation to date and was completed on schedule and within budget.
This milestone is part of a broader digital modernization effort at Ikano Bank, which operates across several European countries including Sweden, Denmark, Finland, Norway, the UK, Poland, Germany, and Austria. The new core platform is expected to streamline and enhance the bank’s lending and deposit services significantly.
- Malaysia’s KAF Digital Bank Prepares for Launch Using Temenos SaaS Platform
Malaysia’s KAF Digital Bank is gearing up for its public debut by deploying Temenos’ Software-as-a-Service (SaaS) platform hosted on Microsoft Azure. This implementation equips the bank with a comprehensive suite of core and auxiliary banking functionalities, including advanced analytics, payments processing, and data services.
Upon launch, KAF Digital Bank will provide a variety of Shariah-compliant financial products such as loan offerings, deposit accounts, personal financial management tools, money transfers, and a Visa-enabled debit card, addressing the growing demand for Islamic banking services in the region.
- Marginalen Bank Migrates to Mambu’s Cloud-Native Core Banking Platform
Swedish digital bank Marginalen Bank completed a significant system upgrade by migrating from legacy infrastructure to Mambu’s cloud-native core banking platform. The 13-month migration project was executed flawlessly with zero downtime and full data integration, assisted by systems integrator Avenga.
Powered by Microsoft Azure Cloud, the API-enabled Mambu core will handle Marginalen’s payments, lending, and deposit operations, enabling faster product innovation and improved customer experiences. Marginalen Bank, which integrated Citibank Sweden’s consumer business in 2010, currently serves over 200,000 retail and business banking customers.
- Thought Machine COO Gareth Richardson to Step Down
In leadership news, Gareth Richardson announced his decision to step down as Chief Operating Officer (COO) of UK-based banking technology firm Thought Machine. Having joined the company in early 2019 as Chief Delivery Officer before becoming COO, Richardson plans to pursue a new opportunity as CEO at another fintech venture.
His departure, expected this summer, follows the earlier exit of Thought Machine’s Chief Revenue Officer Liam Leahy in April, marking a notable transition period for the company.
- Richland State Bank Upgrades Core Banking with Finovifi’s Modern Banking Systems
Richland State Bank, a community bank in South Dakota established in 1913, has selected Modern Banking Systems (MBS) by Finovifi to modernize its core processing platform. Owned by the same group as Bryant State Bank—which has used MBS technology since 1982—this move aligns with a broader consolidation strategy.
Richland State Bank will continue operating its own in-house processing, while Bryant State utilizes MBS’s Service Bureau model, enabling the ownership group to optimize operations across both banks efficiently.
Looking Ahead
June’s top banking technology stories underscore the ongoing digital transformation within the sector as financial institutions seek scalable, flexible, and cloud-enabled core systems. From Swedish and Malaysian digital banks to established US community banks, the focus remains on leveraging innovative platforms to deliver enhanced financial services in a rapidly changing landscape.
About the Author
Tyler Pathe is a financial industry reporter specializing in fintech innovation and banking technology developments.
For more information on these stories and the latest banking technology news, visit FinTech Futures. Nominations are now open for the Banking Tech Awards 2025 until July 11.
