Banking Predictions for 2024 – Thematic Intelligence

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

Exploring in-depth trends and insights from the ‘Banking Predictions for 2024’ report will enable you to:

  • Analyze the major themes that will impact the banking industry in 2024.
  • Identify the top 20 themes impacting the banking industry – artificial intelligence, cybersecurity, the future of work, cloud computing, blockchain and cryptocurrencies, fintech, internet of things, big data, social media, financial wellness, digital lending, digital banking, conversational platforms, personalization, data privacy, and open banking.
  • Understand a wide range of disruptive themes that will fall or rise in the list of priorities for bank CEOs, employees, and consumers.
  • Evaluate a series of predictions as well as winners and losers for each theme.

How is the ‘Banking Predictions for 2024’ thematic report unique from other reports in the market?

  • The report helps in understanding the most disruptive themes in banking for 2024.
  • The report provides access to key predictions per theme and helps in making business strategies and tech decisions.
  • The report helps in understanding which individual firms are best placed to win or lose amid predicted thematic impacts.

We recommend this valuable source of information to anyone involved in:

  • Bankers /Fintech Companies/Lending Companies
  • ​Digital payment companies/Insurance Companies/​Retail Banks
  • Financial Service Technology Leaders and Startups
  • Business Development and Market Intelligence
  • Investment Analysts and Portfolio Managers
  • Professional Services – Investment Banks, PE/VC firms
  • M&A/Investment, Management Consultants, and Consulting Firms

To Get a Snapshot of the Banking Predictions for 2024 Thematic Intelligence Report

Download a Free Report Sample

Banking Predictions Thematic Report Overview

The top 20 themes in banking predictions for 2024 are classified into these groups – industry, technology, regulatory, and macroeconomic. The major industry themes impacting the banking sector in 2024 are financial wellness, digital lending, digital banking, conversational platforms, and personalization. Artificial intelligence, cybersecurity, the future of work, cloud computing, blockchain and cryptocurrencies, fintech, the internet of things, big data, and social media are expected to be the most talked about technology themes in 2024. The major macroeconomic themes impacting the banking industry are ESG social, ESG governance, ESG environment, and inflation. Data privacy and open banking will be the major regulatory themes.

Banking Predictions – Top Themes 2024

Banking Predictions – Top Themes 2024

Buy the Full Report for More Insights on Top Themes in the Banking Industry

Download a Free Report Sample

The Banking Predictions thematic intelligence report identifies the top themes that will impact the banking sector’s growth in the coming years. For each theme, the report offers a series of predictions, identifies winners and losers, and points one to further reading. Moreover, the report assesses how leading players within the market are positioned for the future.

Report Pages 40
Regions Covered Global
Top Themes ·        Artificial intelligence

·        Cybersecurity

·        The future of work

·        Cloud computing

·        Blockchain and cryptocurrencies

·        Fintech

·        Internet of Things

·        Big data

·        Social media

·        Financial wellness

·        Digital lending

·        Digital banking

·        Conversational platforms

·        Personalization

·        Data privacy

·        Open banking

Enquire & Decide Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.

Banking Predictions – Top Themes

The top themes analyzed in the report are:

  • Artificial intelligence
  • Cybersecurity
  • The future of work
  • Cloud computing
  • Blockchain and cryptocurrencies
  • Fintech
  • Internet of Things
  • Big data
  • Social media
  • Financial wellness
  • Digital lending
  • Digital banking
  • Conversational platforms
  • Personalization
  • Data privacy
  • Open banking

Artificial Intelligence: Generative AI exploded into the mainstream with the launch of Chat GPT. Chat GPT hit one million users in five days and 100 million in two months. The prospects for highly intelligent, human-like interaction across all parts of the value chain are promising. Early prototypes from big incumbent banks, strictly in beta, when mapped onto the cost structure of a Bank of America or JPMorgan Chase, quickly run into the many 100s of millions. In 2024, we expect big incumbent banks to systematically carry out trials of different types of gen AI in beta and hybrid phases. After successful trials, banks will roll out those most proven use cases as widely and quickly as possible to drive dramatic reductions in operating costs.

Inflation: Inflation will drive more disruption than digital banks. The IMF forecasts global inflation will drop to 5.2% in 2024. However, the IMF predicts that inflation will remain above target rates in almost all countries. Many countries will continue tweaking monetary policies, but in most markets continued high rates will mean high funding costs and tight margins. As a result, banks will be forced to offer higher deposit rates to drive customer retention and maintain liquidity.

Data Privacy: In the coming years, the focus on privacy-enhancing technologies, such as anonymization and pseudonymization is expected to increase. Anonymization is a process of de-identifying sensitive data while preserving format and type. The popular methods of anonymization include tokenization, randomization, noise injection, suppression, and shuffling. On the other hand, pseudonymization ensures all personally identifiable information, including names, addresses, and social security numbers, is identified and either removed, masked, or replaced with other values.

Buy the Full Report for More Insights on Banking Predictions for 2024

Download a Free Report Sample

Scope

– ESG, which many felt would fundamentally alter the trajectory of banking from 2021 onwards, will fall even further down the list of priorities for bank CEOs, employees, and consumers.

– Fee models for banking vary in different parts of the world, but 2024 will remind everyone that banking is not, nor has it ever been, ‘free’—it is just a question of how providers prefer to charge, and how consumers prefer to pay.

– The IMF forecasts global inflation will drop to 5.2% in 2024, down from a peak of 8.7% in 2022. However, the IMF predicts inflation will remain above target rates in almost all countries.

– The pace and nature of change driven by generative AI will benefit incumbent providers the most in the near term, as they have the customers and the processes to be improved incrementally.

Key Highlights

  • Success in AI will require judicious investments in related areas, such as cloud and robotic process automation. This will help in harvesting the transformational potential of AI across all dimensions of the customer experience.
  • Millennials and Generation Z are the potential customers for mobile-first investing and robo-advice. This is seen by many new entrants as a launching pad for a lifelong wealth relationship.
  • The most successful mobile payment systems in 2023 and beyond will be those that utilize the versatility of a mobile P2P or mobile commerce system to achieve omnichannel reach, as services in Asia-Pacific have already done.

Tink
Plaid
Bank of America
Amazon
Darktrace
10X
Allica
Monzo
Ant Financial
Backbase
Santander
Barclays
BBVA
Nubank
Revolut
Visa
Mastercard
BNY Mellon
Current
FTX
Grab
JPMorgan Chase
J.P. Morgan
KakaoBank
Mambu
mBank
MoneyGram
Western Union
NatWest
OakNorth
PayPal
Railsbank
Rocket Mortgage
Samsung Pay
Solarisbank
Starling Bank
Thought Machine
Tide
Triodos Bank
WeBank
MYbank

Table of Contents

  • 1. Executive Summary
  • 2. Top Themes for 2024

    • 2.1. Financial inclusion will drive incumbents’ profitability
    • 2.2. Environmentalism will fail as a commercial issue
    • 2.3. Fees will be in the regulatory crosshairs
    • 2.4. Inflation will drive more disruption than digital banks
    • 2.5. Gen AI will benefit incumbents
    • 2.6. PFM dies but POS decision support lives on
    • 2.7. The cyber skills shortage will be partly mitigated by AI
    • 2.8. The old normal of hybrid work will return
    • 2.9. New entrants will prioritize profitability
    • 2.10. Many digital banks will struggle
    • 2.11. BNPL providers will diversify propositions
    • 2.12. Chatbots will drive call center investment
    • 2.13. Managed services underpin transformation
    • 2.14. The third cryptocurrency winter will end
    • 2.15. Personalization will reduce complexity
    • 2.16. Autonomous finance will fail to materialize
    • 2.17. AI and embedded finance will collide with privacy
    • 2.18. Big data drives big credit risk improvment
    • 2.19. Social media super apps will expand
    • 2.20. Embedded finance will be SME-focused

  • 3. Glossary
  • 4. Data Sources
  • 5. Further Reading
  • 6. Our Thematic Research Methodology
  • 7. About GlobalData
  • 8. Contact Us

Frequently asked questions

Banking Predictions for 2024 – Thematic Intelligence thematic reports
Currency USD
$995

Can be used by individual purchaser only

$1,995

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Banking Predictions for 2024 – Thematic Intelligence was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
Financial Services
New
Worldline - Competitor Profile
$350 | March 2024
Financial Services
New
Huawei Pay - Competitor Profile
$350 | April 2024
Financial Services
New
Kuwait Cards and Payments - Opportunities and Risks to 2028
$2,750 | April 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Banking Predictions for 2024 – Thematic Intelligence in real time.

  • Access a live Banking Predictions for 2024 – Thematic Intelligence dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.