What are the key trends shaping the banking industry in 2024?.

The banking industry in 2024 is experiencing significant transformations driven by technological advancements, regulatory shifts, and changing consumer preferences. Key trends include:

Key Facts

• Digital Transformation: Over 70% of banks are investing in digital technologies to enhance customer experience.
• Sustainable Banking: 90% of banks are integrating ESG criteria into their investment strategies.
• Open Banking Growth: The global open banking market is projected to reach $43 billion by 2026.
• AI and Automation: Banks are leveraging AI for risk assessment and customer service improvements, with expected savings of $1 trillion by 2030.

Examples or Use Cases

• Many banks are implementing AI chatbots to provide 24/7 customer support, significantly reducing operational costs.
• Sustainability initiatives are leading banks to offer green loans, attracting environmentally conscious consumers.

FAQs

• What is digital banking? Digital banking refers to the use of online platforms and applications to provide banking services.
• How is sustainability impacting banking? Banks are focusing on sustainable finance to attract investors and comply with regulations.