Mambu, the leading SaaS cloud banking platform, has launched its Partner Predictions Report for 2024, delving into the trends that are set to shape the financial landscape in the year ahead, and examining the ways banks, businesses and financial players can respond to these shifts.
With 2023 seeing generative AI disrupting every industry including software, media, healthcare and more - and big tech companies like Apple and Google, making their presence known within banking, 2024 is set to be another transformative year for the financial services industry.
In Mambu’s new report, 30 experts from various sectors across big tech and financial services, including Amazon Web Services, Deloitte and Backbase, forecast trends that are expected to influence the industry in 2024 and beyond.
The full list of the 2024 predicted trends has been published on Mambu’s website. Here are a few highlights:
- Generative AI and banking: Digital banks, fintechs, and established financial institutions alike are using generative AI to synthesise financial documents, provide personalised financial recommendations and more, which has helped financial institutions experience massive productivity booms along with greater operational efficiency. Its effect on the industry is only set to increase.
- Mortgages: Retail banks must consider adding technologies to the lending process, which are personalised to customer needs and deliver lifetime value. Financial institutions that fail to enhance the experience they provide during the mortgage process will lose to specialist lenders, which are customising their offerings based on customer behaviour and needs.
- Regulation: Financial services firms must anticipate regulatory changes and recognise the implications for their business, to stay abreast of compliance matters. 2024 will see more regulatory oversight partnering with financial services firms to unlock innovation, while enhancing consumer protection, enriching user experiences, and expanding personalised service offerings.
Together with our partners, we’ve evaluated the trends we expect to see across financial services.
Fernando Zandona, Chief Executive Officer of Mambu said: “Mambu has long been at the forefront of digital transformation in the financial services industry, and next year will be no different. What’s clear is that embracing technology continues to be key for established banks and new digital challengers alike, if they are to thrive in this fast-paced landscape. At Mambu, we look forward to supporting our customers to transform, so that they can deliver better financial experiences for their customers."
To download the full report, please visit mambu.com/insights/articles/mambu-partner-predictions-report-fintech-trends-for-2024.