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The Big Picture

Banking & Financial Services guide through the next 12 months 

The financial services industry is facing a challenging period amidst a combination of rising interest rates, increased regulatory scrutiny, and potentially easing but still concerning inflation. To navigate these turbulent times, leaders need to provide their teams with the support and guidance they need to adapt and seize opportunities.

Looking ahead to 2024, the industry will encounter further disruptions from technological advancements such as generative AI, cloud adoption, rising fraud and cyber threats, and the convergence of industries through embedded finance. These developments demand unprecedented agility and strategic flexibility. Firms must be prepared to adapt their strategies and embrace new technologies to remain competitive in a rapidly evolving landscape.

By the end of the decade, 2024 could be seen as a pivotal year when the future of the industry started to take shape. Leaders who proactively invest in innovation and prioritize the creation of new products and services that enhance positive outcomes will position themselves for long-term success.

2024 Financial Services Industry Outlooks

Economic uncertainty, political unrest and technology disruption

As 2023 draws to a close, the UK banking industry faces economic uncertainty, political unpredictability, margin pressures from technology investments, and rising customer expectations. 

Over the next year, strategic priorities and initiatives will continue to focus on fortifying profitability, streamlining operations, and leveraging emerging technologies to innovate and withstand market turbulence.

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Payments innovation balances opportunity and fragmentation

As digital payments rapidly evolve, and the market becomes crowded, strategically managing emerging possibilities while mitigating consumer experience fragmentation risks becomes pivotal for institutions across issuing, acceptance and settlement domains.

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Global uncertainty meets digital revolution

Disruptive players, technology-driven efficiency, and evolving investor goals forces agile innovation to redefine the landscape across all sub-sectors in the capital markets industry.

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 “In 2024, financial services will be redefined by the convergence of technology, personalization, and sustainability, empowering individuals and businesses to thrive in a rapidly changing world.” 

John Da Gama-Rose
Head of Banking & Financial Services, GGM
Cognizant

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