Playing catch up: Top trends banks are prioritizing in 2024
The 2024 retail banking trends research reveals a significant strategic evolution over the past 4 years as institutions scramble to address digital disruption impacts on consumers. What remains concerning is the lack of correlation between anticipated personalization trends and the commitment to prioritizing data, AI and predictive engagement.
In 2021, banks placed an emphasis on basic digital capability expansion. The focus landed predominantly on new payment options, better integrating uneven customer touchpoints, and simplifying at least initial online applications for improved convenience.
These priorities signaled banks recognizing vast mobile and web experience gaps left unfilled during the 2010s for most legacy organizations. But these banks and credit unions still failed to grasp the personalization amplitude consumers already enjoyed with tech titans. Financial institution initiatives mostly addressed discrete pain points instead of complete digital customer journey intimacy.
Change has continued and the financial services industry has been playing the challenging game of ‘catch up’. The Digital Banking Report has tracked the changes in trends and priorities for more than 2 decades. While the trends, strategies and challenges have evolved, the importance of understanding the changes and adjusting business models to reflect marketplace movement has been a constant.
The speed of change is making the process of catching up harder than ever.
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