IDC FutureScape: Worldwide Banking 2024 Predictions

IDC FutureScape Figure

• Figure: IDC FutureScape: Worldwide Banking 2024 Top 10 Predictions

Executive Summary

IDC FutureScape Predictions

• Summary of External Drivers

• Predictions: Impact on Technology Buyers

• Prediction 1: Expect 50% of the Top 100 Banks to Hyper-Personalize Customer Rewards and Loyalty Programs by 2026

• Associated Drivers

• IT Impact

• Guidance

• Prediction 2: Fraud Experts Are Forecasting Increases in Fraud Using GenAI, so Fraud Solutions Will Need to Identify the Use of GenAI in Fraud Schemes by 2024

• Associated Drivers

• IT Impact

• Guidance

• Prediction 3: By 2025, 33% of Financial Institutions Will Integrate Enterprise Intelligence in Their Lending Operations That Will Reduce Credit Decisioning Time by 50%

• Associated Drivers

• IT Impact

• Guidance

• Prediction 4: By 2028, Powered by CX Analytics at the Edge, Real-Time Sentiment Analytics Will Drive 33% of Customer Engagements, Delivering 10% Growth in Customer Loyalty and Retention for Banking Firms

• Associated Drivers

• Business Impact

• IT Impact

• Guidance

• Prediction 5: By 2026, 15% of Cross-Border Payments Will Settle in Real Time

• Associated Drivers

• IT Impact

• Guidance

• Prediction 6: By 2026, 75% of Financial Institution Lenders Will Add Lending Staff Resources Dedicated to Ensuring Compliance with New Regulations for Explainable AI in Credit Decisions

• Associated Drivers

• IT Impact

• Guidance

• Prediction 7: By 2025, 60% of Corporate Banks Around the Globe Will Introduce Confirmation of Payee to Fight Fraud and Provide Corporates with Secure Instant Payments for Their B2B and B2C Services

• Associated Drivers

• IT Impact

• Guidance

• Prediction 8: By 2026, 50% of the Banks Will Adopt Alternate Data Models to Supplement Legacy Credit Approval and Fraud Detection Decision-Making Models

• Associated Drivers

• IT Impact

• Guidance

• Prediction 9: By 2026, Regulatory Expectations with Respect to Operational Resiliency and Cybersecurity Will Continue to Expand to Cover Over 50% of Banks

• Associated Drivers

• IT Impact

• Guidance

• Prediction 10: Recent Bank Failures Will Motivate Over 25% of Banks to Use AI to Monitor and Assess Banking Risks in Real Time by 2025

• Associated Drivers

• IT Impact

• Guidance

Advice for Technology Buyers

External Drivers: Detail

• AI Everywhere — Generative AI Takes the Spotlight

• The Drive to Automate — Maximizing Efficiency and New Opportunities

• Global Supply Chain Resiliency — Push for Diversification

• Cybersecurity and Risk — Building Resilience Against Multiplying Threats

• The Digital Business Imperative — Competitiveness and Outcomes

• Everything as a Service Intensifies — Transforming Models to Drive Change

• Dynamic Work and Skills Requirements — New Work Mode Era

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• Related Research