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IDC FutureScape: Worldwide Banking 2024 Predictions

Publisher IDC
Published Oct 26, 2023
Length 20 Pages
SKU # IDC18273572

Description

IDC FutureScape: Worldwide Banking 2024 Predictions


This IDC study provides IDC's top 10 predictions for worldwide banking for 2024 and beyond."Today's goal for banking worldwide is to overcome the immediate challenges in the markets while mapping out a longer-term strategy for growth and innovation during calmer times," said Jerry Silva, research vice president, IDC Financial Insights. "The banks that can map out strategic investments, leveraging appropriate technologies, will be best prepared to remain resilient and profitable in any situation."

Please Note: Extended description available upon request.

Table of Contents

20 Pages
IDC FutureScape Figure
Executive Summary
IDC FutureScape Predictions
Summary of External Drivers
Predictions: Impact on Technology Buyers
Prediction 1: Expect 50% of the Top 100 Banks to Hyper-Personalize Customer Rewards and Loyalty Programs by 2026
Associated Drivers
IT Impact
Guidance
Prediction 2: Fraud Experts Are Forecasting Increases in Fraud Using GenAI, so Fraud Solutions Will Need to Identify the Use of GenAI in Fraud Schemes by 2024
Associated Drivers
IT Impact
Guidance
Prediction 3: By 2025, 33% of Financial Institutions Will Integrate Enterprise Intelligence in Their Lending Operations That Will Reduce Credit Decisioning Time by 50%
Associated Drivers
IT Impact
Guidance
Prediction 4: By 2028, Powered by CX Analytics at the Edge, Real-Time Sentiment Analytics Will Drive 33% of Customer Engagements, Delivering 10% Growth in Customer Loyalty and Retention for Banking Firms
Associated Drivers
Business Impact
IT Impact
Guidance
Prediction 5: By 2026, 15% of Cross-Border Payments Will Settle in Real Time
Associated Drivers
IT Impact
Guidance
Prediction 6: By 2026, 75% of Financial Institution Lenders Will Add Lending Staff Resources Dedicated to Ensuring Compliance with New Regulations for Explainable AI in Credit Decisions
Associated Drivers
IT Impact
Guidance
Prediction 7: By 2025, 60% of Corporate Banks Around the Globe Will Introduce Confirmation of Payee to Fight Fraud and Provide Corporates with Secure Instant Payments for Their B2B and B2C Services
Associated Drivers
IT Impact
Guidance
Prediction 8: By 2026, 50% of the Banks Will Adopt Alternate Data Models to Supplement Legacy Credit Approval and Fraud Detection Decision-Making Models
Associated Drivers
IT Impact
Guidance
Prediction 9: By 2026, Regulatory Expectations with Respect to Operational Resiliency and Cybersecurity Will Continue to Expand to Cover Over 50% of Banks
Associated Drivers
IT Impact
Guidance
Prediction 10: Recent Bank Failures Will Motivate Over 25% of Banks to Use AI to Monitor and Assess Banking Risks in Real Time by 2025
Associated Drivers
IT Impact
Guidance
Advice for Technology Buyers
External Drivers: Detail
AI Everywhere — Generative AI Takes the Spotlight
The Drive to Automate — Maximizing Efficiency and New Opportunities
Global Supply Chain Resiliency — Push for Diversification
Cybersecurity and Risk — Building Resilience Against Multiplying Threats
The Digital Business Imperative — Competitiveness and Outcomes
Everything as a Service Intensifies — Transforming Models to Drive Change
Dynamic Work and Skills Requirements — New Work Mode Era
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