Banking Trends to Watch for H2 2023

Customer Growth and Generative AI Are Top Priorities

Report by Eleni Digalaki  | Jul 13, 2023
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Report Snapshot
Banks face an intensifying battle for deposits and squeezed margins in H2 2023.
Banks will seek new ways to drive customer acquisitions.
M&As will offer a path to customer growth.
Banks will target areas where genAI is ready for primetime.
Sources
Media Gallery
About This Report
Banks’ top priority in H2 2023 will be growing their customer bases. The result? Better messaging and targeting, stronger digital capabilities, and industry consolidation. At the same time, generative AI will start driving meaningful efficiencies.
Topics
Banking
United States
Table of Contents
Report Snapshot
Banks face an intensifying battle for deposits and squeezed margins in H2 2023.
Banks will seek new ways to drive customer acquisitions.
M&As will offer a path to customer growth.
Banks will target areas where genAI is ready for primetime.
Sources
Media Gallery

Report Snapshot

US banks are staring down tough competition and squeezed margins as they enter the back half of 2023. In response, they’ll revamp their marketing strategies to win key customer segments and preserve their bottom lines. Furthermore, mergers and acquisitions (M&As) will see an uptick as bigger banks chase customer growth and smaller ones chase business sustainability. Generative AI (genAI) adoption will also grow with big banks rolling out key use cases.

Key Question: What trends will reshape banking industry dynamics in H2 2023?

KEY STAT: Gen Zers will surpass all generations, bar millennials, by number of mobile banking users in 2025, per our forecast, making them a key target segment as banks hunt for new customers.

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Table of Contents

  1. Report Snapshot
  2. Banks face an intensifying battle for deposits and squeezed margins in H2 2023.
  3. Banks will seek new ways to drive customer acquisitions.
  1. M&As will offer a path to customer growth.
  2. Banks will target areas where genAI is ready for primetime.
  3. Sources
  1. Media Gallery

authors

Eleni Digalaki

Contributors

Caitlin Cahalan
Researcher, Financial Services
Jenna McNamee
Analyst
David Morris
Principal Analyst
Will Paige