Banking Trends to Watch in 2024

BaaS, GenAI, TikTok, X, and Digital Wallets Will Reshape the Market

Report by Tiffani Montez, Maria Elm, and David Morris  | Dec 12, 2023
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Table of Contents
Risky BaaS partnerships will test the trust between FIs and fintechs
Banks get real about the disruptive challenges of genAI
A wave of social media players will push the boundary of banking with bold new ventures
Paze will put banks back in the digital wallet game
Sources
Media Gallery
About This Report
Dramatic shifts are in the works for 2024, as BaaS, social media players, genAI, and new digital wallets reshape the banking landscape. Our top trends explore what’s in store.
Topics
Banking
Financial Services
Payments
US
Table of Contents
Risky BaaS partnerships will test the trust between FIs and fintechs
Banks get real about the disruptive challenges of genAI
A wave of social media players will push the boundary of banking with bold new ventures
Paze will put banks back in the digital wallet game
Sources
Media Gallery

The banking industry will face a gauntlet of challenges in 2024, as soaring interest rates, rising delinquencies, unpredictable inflation, and stringent capital requirements threaten to accelerate shrinking profit margins. Meanwhile, social media platforms are turning up the competitive heat and generative AI (genAI) disruption looms large.

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Table of Contents

  1. Risky BaaS partnerships will test the trust between FIs and fintechs
  2. Banks get real about the disruptive challenges of genAI
  1. A wave of social media players will push the boundary of banking with bold new ventures
  2. Paze will put banks back in the digital wallet game
  1. Sources
  2. Media Gallery

Charts in This Report

Primary Way Banking Executives Worldwide See Their Business Model Evolving Over the Next 12-24 Months, July 2023 (% of respondents)Mobile Payment App/Wallet That US Adults Use Most Often for Online vs. In-Store Purchases, July 2023 (% of responses)

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authors

Tiffani Montez, Maria Elm, and David Morris

Contributors

Suzy Davidkhanian
Principal Analyst, Retail & Ecommerce
Jasmine Enberg
Principal Analyst
Amy Rotondo
Director, US Research
Yoram Wurmser
Principal Analyst