This report identifies key demand-side trends in the banking industry that can help enterprises fine-tune their digital strategies. It also provides an overview of enterprise challenges in the banking industry based on Avasant’s assessment.
Why read this Market Insights?
Banks are focused on improving their brand loyalty by offering enriched customer engagement through hyper-personalized services. They are working toward modernizing their legacy core banking infrastructure and adopting cloud environments to achieve greater flexibility, improved integration with newer technologies, innovate effectively, and launch new products faster. Banks are navigating increased regulations and financial scrutiny post-2023 Silicon Valley Bank crisis by leveraging advanced analytics and AI-powered risk management and regulatory data reporting solutions. They are continuously boosting their cybersecurity posture to deal with increased vulnerabilities and prioritizing ESG goals to promote green financing and financial inclusivity.
The Banking Digital Services 2024 Market Insights™ aids enterprises in the banking sector in identifying important market trends and challenges for any digital project they participate in.
Methodology
The industry insights presented in this report are based on the following: our ongoing interactions with enterprise CXOs and other key executives; targeted discussions with service providers, subject matter experts, and Avasant Fellows; analyst insights from primary and secondary research; and lessons learned from consulting engagements.
Table of contents
About the report (Page 3)
Executive summary (Pages 4–7)
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- Defining banking digital services scope
- Key drivers and enterprise response
- Avasant recognizes 28 top-tier providers supporting the banking industry in digital transformation
Demand-side trends (Pages 8–14)
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- Banks are improving customer engagement through personalized services using advanced AI and analytics technologies.
- They are modernizing their legacy core banking infrastructures for enhanced performance.
- Banking firms are unlocking the potential of the cloud to innovate faster with emerging technologies.
- Since the 2023 Silicon Valley Bank crisis, banks have been navigating regulatory challenges by adopting data reporting and risk management solutions.
- Increased digitalization of banking poses cybersecurity challenges for banks.
- Banks are prioritizing ESG goals to promote sustainable financing and financial inclusivity.
Key contacts (Page 15)
Read the Research Byte based on this report.
Please refer to Avasant’s Banking Digital Services 2024 RadarView™ for detailed insights on the service providers and supply-side trends.