Financial institutions worldwide spent $650 billion on digital transformation in 2024, according to McKinsey. That spending spans cloud migration, API integration, AI deployment, and customer experience redesign. Fintech companies are the primary catalysts for this spending. They create the competitive pressure that forces transformation and provide the tools that make it operationally possible. The speed of financial transformation varies by market, but the direction is consistent across every region: digital, automated, and API-driven. The Global Pace of Financial Transformation Financial transformation is most advanced in markets where fintech competition is strongest. CB Insights data shows a direct correlation between fintech…