The New Year provides a great opportunity to explore the latest trends in many business sectors relying on technology. Last month, we analyzed the 2024 trends predicted to influence the constantly evolving world of FinTech.
This time, we look at a specific FinTech niche, exploring predictions in digital banking for the upcoming year.
Understanding the possibilities for digital banking in 2024 helps position your organization for success. This is especially the case if your company wants to make a significant impact in a competitive arena. Leverage these insights to ensure your company employs technology professionals with the right skills and experience on upcoming projects.
What Digital Banking Trends Should You Watch Out For in 2024?
Data-Driven Personalization of Digital Banking Services
As AI and machine learning become commonplace in the FinTech world, digital banking businesses continue to leverage these innovations. One area where AI especially makes a difference is data-driven personalization. Machine learning algorithms analyze the massive amounts of Big Data generated by a consumer’s digital footprint, finding actionable information.
Digital banks use this information to create personalized products and services attractive to new or existing customers. An Accenture study noted 74 percent of consumers had no problem with their data being used for this purpose. Expect this data-driven personalization to become a standard for digital bankers and eCommerce providers in 2024 and beyond.
Automation Becomes Commonplace Throughout Digital Banking
Another area where AI makes a difference in the modern economy involves powering the automation of time-consuming tasks. The back offices of digital banks and other financial institutions benefit from the improved efficiency and subsequent cost savings. As such, expect digital banks to increasingly leverage robotic process automation (RPA) to become more efficient, productive, and profitable.
A Stronger Focus on Cybersecurity Initiatives
As more people embrace eCommerce and digital banking, all that data makes an attractive target for cybercriminals. It seems stories about a new data breach or similar incidents remain a common occurrence on the news. Notably, a recent survey found that nearly 60 percent of customers leave an online financial service due to data breaches. As a result, expect digital banks to increase their investments in cybersecurity and SecOps initiatives moving forward.
Digital Banking Apps Embrace Visualization
With digital banks increasingly entering the marketplace, the competition between these newfound businesses becomes fierce. One way they differentiate themselves involves digital banking apps with a focus on sharp user interfaces featuring visualization. Expect state-of-the-art mobile app design to become vital for these modern banking providers in 2024.
Looking to Hire Top Talent?
If your company needs experienced tech talent to leverage the digital transformation, connect with The CERES Group. As one of the top IT staffing agencies in Boston, we provide exceptional candidates to help foster your success. Schedule some time with us to discuss your current and future hiring plans.