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The buoyant financial services sector that includes banks, insurance firms or fintech, and other players is looking at 2024 with great expectancy. The markets are optimistic that 2024 will lead the charge of the bulls with India at the forefront. One of the bright spots in the world economy is India which is now among the top 5 economies in the world. It aims to now be among the top 3 within a few years. In today’s blog, we see the trends that will mark 2024 in the financial services domain. Let’s read what these trends signal for the bulls and the bears as per information gathered from the Best Salesforce Partners.
Below are the top trends in the financial services sector in 2024 as per the Best Salesforce Partners:
Generative AI. This is going to revolutionise banking by delivering advanced visibility into spending patterns. Banks are going to tap into Generative AI to deliver hyper-customised experiences to clients, leading to a superior experience in the banks. Bank of America, Wells Fargo, and Citigroup are top financial services brands that are gung-ho around generative AI. This year will see innovations like customised financial planning & boutique investment strategies derived from client profiles & behavioral data, courtesy of generative models like those fuelling ChatGPT.
Artificial Intelligence-led insurance. Courtesy of AI and its ability to recognise patterns in data, more insurance firms will offer customised products as a result of an evaluation of a person’s risk probability. In theory, a pointed risk evaluation results in just insurance and reduced pricing. The industry will deal with issues surrounding privacy & data leaks, and biases exhibited by AI. For more information, call the Best Salesforce Partners.
Process and workflow automation. Automation of manual and repetitive office processes and workflows will further momentum in 2024. A range of tasks will be within AI’s domain such as KYC checks, document verification, and onboarding new clients. Banks will be seeing an uptick in productivity and efficiency thanks to this courtesy of the Best Salesforce Partners.
Salesforce Financial Services Cloud. Financial Services Cloud is a CRM tool exclusively meant for companies dealing in wealth management, retail banking, commercial banking, and insurance carrier markets. More financial institutions will see merit in boarding a tech tool that has been designed for them exclusively. It is fitted with a pre-built data model that enables financial advisors, bankers, and insurance agents to get a better view of each lead & client. This allows for targeted engagement that clients seek and results in loyalty. It is deployed via the Best Salesforce Partners.
Investment in cyber security. This is not exactly a trend that will come and go. It’s a commitment to staying safe and ensuring that data is not stolen or worse. Strategies will be devised, and steps taken to keep a step ahead of hackers, etc.
Reg-tech. It is the integration of tech into tools meant to enable banks & insurers to handle compliance and regulation. It comprises using tools such as AI, blockchain, or cloud computing to undertake compliance activities. It will gain center stage in 2024 thanks to the increasing complexity & mass of regulatory needs in financial services, especially regulations concerning personal information and privacy.
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