Accenture – Commercial Banking Trends, 2024

In 2023, commercial banks experienced improved profitability due to higher interest rates and consumer spending. However, 2024 poses new challenges with uncertainties in the global economy and emerging technologies like AI impacting growth and profitability. Operational and regulatory concerns are top priorities as clients demand more yield and security for deposits, leading to challenges in asset quality and investment environment. Banks need to adapt to changes in the economy and stringent regulations, with those investing in digital core and data capabilities positioned to outperform. Generative AI is seen as a transformational tool for addressing pressing challenges in commercial banking, but also raises questions about talent, roles, and data strategies. The technology is viewed as an engine for innovation and creativity, disrupting workflows and redefining human-machine collaboration. Banks are urged to explore the potential of generative AI to enhance productivity, decision-making accuracy, and cost effectiveness in engaging with customers. The time to act and capitalize on these transformative opportunities is now.