2024 Global Banking Trends: Navigating inflation, tech advances, and fintech collaboration for strategic growth
As the banking industry enters a new and demanding phase, financial institutions are under pressure to expedite their transformation efforts.
However, they must manoeuvre through various influential factors that could affect their performance and strategic initiatives. These factors encompass inflationary pressures, potential shifts in interest rates, geopolitical uncertainties, and global economic changes. As profit margins peak, disparities in performance across different regions will become more evident due to variations in rate cycles and competitive dynamics.
The rapid advancement of technology, coupled with the convergence of multiple trends, is fundamentally altering the way banks operate and serve their customers. In 2024, global banking trends are projected to centre around heightened digitalisation, the adoption of cutting-edge technologies such as artificial intelligence, the promotion of sustainable and ethical banking practices, bolstered cybersecurity measures, safeguarding customer data privacy, ensuring regulatory compliance, and the ongoing refinement of customer-centric financial services.
These trends occur within the competitive landscape shaped by fintech innovations, where collaboration with these new entrants and fintech partners may continue to impact the industry.
