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December 2023 | Report


2024 OUTLOOK: THE FUTURE OF THE BANKING INDUSTRY

Banks face uncertainty and will need to adapt to industry shifts and embrace AI
for strategic transformation in a competitive market


2024 Outlook: The Future of the Banking Industry

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The last 18 months have been difficult for banks—but a lookahead to 2024
includes a sense of pragmatism about the reality of the new normal.

This report will explore four key areas for the banking industry in 2024. Each
section of the report will focus on one of these areas, offering insights and
projections for the transformative year ahead.




2-MINUTE TAKEDOWN


HIGHER INTEREST RATES AND A FRAGMENTING INDUSTRY

As uncertainty around interest rates persists, banks are facing strategic
decision-making challenges. This environment is augmented by, and fueling,
industry fragmentation, forcing banks to adapt to maintain financial stability
and a competitive edge against new industry players.


THE CHALLENGING LANDSCAPE FOR REGIONAL BANKS

Regional banks are facing an identity crisis amid anticipated consolidation,
deposit outflows and stricter regulations. These factors necessitate a strategic
overhaul to differentiate and survive in a competitive market. Regional banks
must embrace new technologies and enhance their data operations to stay
competitive and comply with evolving regulations.


THE CHANGING RISK ENVIRONMENT

In the wake of Silicon Valley Bank, a stricter regulatory landscape is emerging,
requiring greater transparency and more comprehensive data operations from
banks. Institutions must pivot toward optimized data management and digital
solutions that meet modern consumer needs, using innovation to ensure regulatory
compliance and risk mitigation.


OPPORTUNITIES FOR USING DIGITAL TOOLS AND ARTIFICIAL INTELLIGENCE

Transformational technology changes are looming in the banking sector, with
artificial intelligence (AI) poised to change operations, customer relations and
risk management. Banks must strengthen their foundational data capacities and
embrace AI not just as a tool but as a means of shifting their overall culture
toward a full embrace of digital to improve the customer experience. 


2024 OUTLOOK: THE FUTURE OF THE BANKING INDUSTRY

The challenges, trends, and actions that will define the year in financial
services. Download our 2024 Outlook.

Get the Report


PREVIOUS BANKING OUTLOOKS


2023 OUTLOOK

Get The Report


2023 MID-YEAR OUTLOOK

Get the Report


2022 OUTLOOK

Get The Report



WEST MONROE’S 2024 OUTLOOKS

2024 will bring both challenges and opportunities for businesses. The common
language across industries? Efficiency and optimized workforce management. Above
all, a collective dedication to digital innovation will steer the course to
success in the coming year.

Read All 2024 Outlooks

Contributors Chris Caulfield, David Schiff, Neil Hartman, Tom Collins, Dana
Twomey, and Brett Mastalli


MORE ON FINANCIAL SERVICES

December 2023 | Point of View

Prepare now for the changes coming to small business lending

August 2023 | Point of View

Revolutionize small business banking

July 2023 | Report

2023 Banking Outlook: Mid-Year Update

Archive | Webinar

The Future of Small Business Banking


CONTINUE READING ABOUT FUTURE OF WORK

Dec. 12, 2023 | Podcast | Be Digital

This is Digital, Episode 31: AI for Executives: Practical Uses for You and Your
Company

December 2023 | Resource

Navigating Digital Transformation in Clinical Research: Leveraging ICH E6 (R3)
Guidelines for Success

December 2023 | Resource

Product Competency Analyzer 

Dec. 6, 2023 | Podcast

This Is AI, Episode 5: Comparing Large Language Models (LLMs), Data Sets, and
Potential Breakthroughs


EXPLORE OUR LATEST PERSPECTIVES

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