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Thematic Research - Banking Predictions 2024

Publisher GlobalData
Published Jan 09, 2024
Length 60 Pages
SKU # GBDT18475302

Description

Thematic Research - Banking Predictions 2024


Summary

This report identifies the 20 key themes that will impact the banking industry in 2024. For each theme, we offer a series of predictions, identify winners and losers, and suggest further reading.

2024 will be a year of reckoning for fintech providers. A more difficult macroeconomic environment will see new entrants and established fintech companies prioritize profitability rather than “growth at all costs”. Investors will demand shorter, clearer paths to profitability, and demand clarity on core revenue-generating products. There will be far less tolerance for vanity acquisition numbers, or expansion into new products, or new markets, with, instead, a firm focus on unit economics.

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.
Reasons to Buy
  • Understand the most disruptive themes in banking for 2024.
  • Access key predictions per theme to help guide strategy and tech decisions at your institution.
  • Understand which individual firms are best placed to win or lose amid predicted thematic impacts.

Table of Contents

60 Pages
Executive Summary
Top Themes for 2024
Viewing the world’s data by theme helps you make important decisions
Financial inclusion will drive incumbents’ profitability
Winners and losers
Further reading
Environmentalism will fail as a commercial issue
Winners and losers
Further reading
Fees will be in the regulatory crosshairs
Winners and losers
Further reading
Inflation will drive more disruption than digital banks
Winners and losers
Further reading
Gen AI will benefit incumbents
Winners and losers
Further reading
PFM dies but POS decision support lives on
Winners and losers
Further reading
The cyber skills shortage will be partly mitigated by AI
Winners and losers
Further reading
The old normal of hybrid work will return
Winners and losers
Further reading
New entrants will prioritize profitability
Winners and losers
Further reading
Many digital banks will struggle
Winners and losers
Further reading
BNPL providers will diversify propositions
Winners and losers
Further reading
Chatbots will drive call center investment
Winners and losers
Further reading
Managed services underpin transformation
Winners and losers
Further reading
The third cryptocurrency winter will end
Winners and losers
Further reading
Personalization will reduce complexity
Winners and losers
Further reading
Autonomous finance will fail to materialize
Winners and losers
Further reading
AI and embedded finance will collide with privacy
Winners and losers
Further reading
Big data drives big credit risk improvment
Winners and losers
Further reading
Social media super apps will expand
Winners and losers
Further reading
Embedded finance will be SME-focused
Winners and losers
Further reading
Glossary
Data Sources
Further Reading
GlobalData thematic reports
Our Thematic Research Methodology
About GlobalData
Contact Us
List of Tables
Table 1: Glossary
Table 2 Data Sources:
List of Figures
Figure 1: The biggest themes driving growth in banking
Figure 2: Financial inclusion will drive incumbents’ profitability
Figure 3: Environmentalism will fail as a commercial issue
Figure 4: Fees will be in the regulatory crosshairs
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