What are the top digital banking trends in 2024?..........

In 2024, digital banking is witnessing several transformative trends:

Key Facts

• AI Integration: Over 70% of banks are adopting AI for customer service and fraud detection.
• Personalized Banking: 60% of consumers expect tailored services based on their financial behavior.
• Open Banking: 40% growth is expected in open banking platforms allowing third-party access to financial data.
• Enhanced Security: 80% of banks are increasing investments in cybersecurity to protect customer data.

Examples or Use Cases

• AI Chatbots: Banks like Bank of America use chatbots for customer inquiries.
• Personalized Offers: Capital One provides customized credit card offers based on spending habits.

FAQs

• What is open banking? Open banking allows third-party developers to build applications and services around financial institutions.
• How is AI used in banking? AI is used to enhance customer experiences, detect fraud, and automate services.