The volatile macroeconomic environment and rising interest rates have put pressure on banks, impacting their liquidity and raising the cost of funding. Rising competition due to neobanks and fintechs that offer personalized products and add-on services have upended customer expectations. Stringent regulatory requirements are driving banks to revamp their processes and operations. Banks seek support from service providers to transform their operations, drive higher margins and process efficiency, and enhance customer experience. This has led to a 23% growth in banking process transformation revenue for service providers in the past 12 months. Both demand-side and supply-side trends are covered in our Banking Process Transformation 2023 Market Insights™ and Banking Process Transformation 2023 RadarView™, respectively.

Despite a challenging business environment, financial services firms are investing in digital technologies to improve cost efficiency and capabilities. Digital assets have become an increasingly popular alternative investment avenue amongst the customers of private and wealth managers. Financial services firms are also allocating significant resources to cybersecurity measures due to growing cyber threats. Stringent financial regulations mandate ESG investment scrutiny to avoid greenwashing of the tagged investments. To address these issues, financial institutions are leveraging digital technologies to optimize operations, deliver efficient investment services, and enhance customer experience while mitigating risks. Both demand-side and supply-side trends are covered in our Financial Services Digital Services 2023–2024 Market Insights™ and Financial Services Digital Services 2023–2024 RadarView™, respectively.