Digital transformation has emerged as a key force for improving sustainability in the financial sector. In the contemporary debate on sustainability and digital transformation, there are prevailing narratives of progress, innovation, and positive changes. However, the study of this chapter aims to explore the dark side of digital transformation towards sustainability. The study carried out focus group discussions utilizing purposive and convenient sampling techniques to gather qualitative data from participants. The research employed thematic analysis to extract important insights into the challenges and complexities of digital transformation for sustainability in the financial industry. The findings identified four main themes and sixteen sub-themes. The findings identified several challenges, difficulties, and ethical dilemmas regarding digital transformation towards sustainability. The findings also suggest some measures to minimize these complexities and maximize the benefits of digital transformation towards sustainability in the financial sector. These findings offer a deeper understanding of sustainable digital transformation by offering the financial industry useful guidance to balance growth with responsible environmental and social practices.