Banking Predictions for 2024 – Thematic Intelligence

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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

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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

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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

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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.

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– 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.

Bank of America
Ant Financial
BNY Mellon
JPMorgan Chase
J.P. Morgan
Western Union
Rocket Mortgage
Samsung Pay
Starling Bank
Thought Machine
Triodos Bank

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

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