What are the major trends expected to change banking in 2024?

ANSWER:

The banking sector is poised to undergo significant changes in 2024, primarily driven by the adoption of generative artificial intelligence (gen AI). This technology is expected to boost productivity by 20-30% and increase revenue by 6%, necessitating banks to leverage cloud and data more effectively and reconsider their approaches to work and talent. Other key trends include capturing the digital dividend, addressing unseen risks, reimagining new working methods, utilizing the power of pricing, adopting a cloud-first mentality, recalibrating regulations, transitioning from technology management to an engineering mindset, unlocking core system potentials, and surpassing traditional optimization methods like Six Sigma through gen AI's capabilities​​.