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Accenture : Top 10 banking trends for 2024
Top 10 Trends for 2024: Banking on AI are:
- The rise of gen AI. Banks will benefit more from gen AI than other industries due to a potential 22-30% productivity boost and a 6% revenue increase. But for this they will need to use cloud and data effectively and rethink work and talent.
- Capturing the digital dividend. Banks have mastered digital servicing but struggle to converse meaningfully with customers across these channels. AI offers a huge opportunity to turn digital interactions into sales.
- All the risk we cannot see. In 2024, banks will face many risks: some familiar, others less predictable. We identify five that deserve special attention. Planning for the unplanned will pay dividends.
- A whole new way of working. Banks will need new skills, approaches and mindsets, both in IT and in every function and level. Recruitment alone can’t solve this challenge; an entirely new strategy is called for.
- The power of pricing. Optimized pricing can have a huge impact on banks’ performance. They are starting to combine intuition with gen AI and better data to turbo-charge scenario planning and move to personalized pricing.
- Time to think cloud first. Most banks’ early cloud experiences were like that of a novice driver put behind the wheel of a Ferrari: they drove it like a family sedan. Now they’re learning what cloud can really do for them.
- Regulation recalibrated. Banking regulation has ballooned, yet little of it addresses the reasons why banks fail. In 2024 banks, central banks and regulators will collaborate to find a better approach.
- From technology to engineering. A subtle change, with big implications, is emerging: the shift from a tech management to an engineering mindset. Building with technology is increasingly recognized as a C-suite imperative.
- The key to the core. New approaches and technologies—including the ability of gen AI to swiftly convert outdated code—are combining to finally free banks from their aging core systems.
- Beyond Six Sigma. Gen AI’s understanding of intuition and experience is overcoming the limitations of Six Sigma—its bias toward quantitative problems—and enabling a new approach to operational efficiency.
