Accenture – Banking Trends, 2024

This report discusses the revolution that the Digital Age brought to the banking industry over the past 25 years. It mentions the emergence of new technologies and digital-native competitors, as well as the decline in cash usage and the transformation of traditional banking branches. Despite the rise of these competitors, no fintech has been able to break into the global top-250 list of banks by assets, highlighting the continued importance of traditional banks. The introduction then talks about the transformative potential of the Age of AI, referring to the ability to process and analyze large amounts of data, the power of cloud technology, and the rapid advancement of artificial intelligence. It states that these technologies will dramatically transform how banking is done, although they are unlikely to change the fundamental nature of the industry. The report aims to explore the trends and impacts of AI in the banking industry, acknowledging the uncertainty of how exactly it will change the industry but emphasizing the importance of using AI as a force for good. The challenge lies in harnessing AI in a way that benefits everyone.