Banking Trends to Watch Out for in 2024

4 Minutes Read    February 23, 2024

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Will the financial industry be driven by the ever evolving economic, technological, and customer trends?

The financial industry is poised to brace various macroeconomic and technological factors to combat an environment fraught with uncertainties in 2024. This will be a paramount step as the interplay of these factors will shape business models, with the IMF projecting a modest 1.4% GDP growth for advanced economies like the USA in 2024.

This year, banking trends will further evolve with the rise in customer expectations and technological adoptions among the masses. At an incredible pace, traditional banks are already being aggressively impaired by digital banks. With digital banks being better able to actualize customers’ needs, incumbent banks are finding it difficult to sustain in the market. This is especially true as customers are becoming open to meeting their needs by a non-financial institution. Elevated digital engagement will reward customer loyalty, and FIs will creatively use incentives to leverage high-profit margins.

It will be worth seeing how financial institutions position themselves amidst this turbulence as banks continue to fight their longstanding cadence with inflation.

Near-term Trends

1. Junk Fees

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2. 1071

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3. Fed Rate Fluctuation

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Long-term Trends

1. Hyper-Personalization

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2. Generative AI

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3. Technological Advancements

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4. Hyper Automation

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As we embark on 2024, the financial industry faces challenges, but with foresight comes empowerment. The call to innovation and proactive measures echoes loudly, ushering in an era of adaptation. While AI’s impact on banking is in its infancy, the sector anticipates transformative changes amid uncertainties and digital engagement surges. Despite lingering concerns from 2023, resilience prevails. The delicate equilibrium between customer-centric approaches and regulatory adherence emerges as a focal point. In navigating this dynamic landscape, the financial services industry is poised to paint a hopeful picture of progress, seamlessly intertwining with analytics and automation.

Ankit Maharaj Singh

Senior Vice President, Strategic Growth

Ankit has over 20 years of experience in all aspects of operations and business development for financial services firms. In particular, he is recognized for expertise in cross-channel fraud protection on the banking and merchant sides of the business. Ankit was most recently associated with Quatrro Processing Services, where he held several positions involving strategic relationships and business integration. Before that, he held senior managerial positions at Convergys and American Express.

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