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WORLD RETAIL BANKING REPORT 2024

Intelligent banks do more with less: Take an efficiency leap with frictionless, personalized banking

In 2024, retail banks worldwide face a volatile and uncertain landscape: navigating this complex terrain will be challenging and require intelligent solutions to help maintain profitability while delivering superior customer experience.

Findings in the World Retail Banking Report 2024, the 20th anniversary edition – which reflect the views of 250 senior banking executives, 1,500 banking employees, and 4,500 retail banking customers – include the following:

  • Despite significant business challenges and the need for cost discipline, banks will continue to invest in digital transformation, focusing strongly on AI and generative AI.
  • As AI applications multiply, scalable benefits will require balancing customer experience enhancements and optimizing operational efficiency.
  • Most retail banks have significant work ahead of them in developing their technology and data estate to realize the full value of their intelligent transformation.

Key Highlights

Highlight 1

Key features of generative AI copilot that unlock untapped workforce potential

Generative AI introduces the copilot era, enhancing workforce efficiency by seamlessly collaborating with human operators and offering insights, recommendations, and adaptive assistance. The bank employees we surveyed identified the following critical copilot elements that could increase their productivity.

As banking agents struggle with daily tasks, customer engagement dips

Only 9% of a bank’s customer onboarding team time is allocated to customer interaction, and a substantial portion of that time concerns addressing process-related questions. Contact center employees dedicate 82% of their time with customers to operational and support tasks, instead of focusing more productively on customer needs and sales.

Most banks lack readiness for generative AI-led intelligent banking

Banks face several impediments in adopting enterprise-wide AI due to legacy systems and incompatible processes. Most banks are unprepared for intelligent banking driven by generative AI, lacking business, technology, and data readiness.

Banks are lagging in developing KPIs to gauge generative AI performance

Assessing the impact of generative AI is crucial for banks across numerous aspects of strategy and performance. Understanding impact helps evaluate AI systems and ensures they align with the bank’s objectives and benchmarks. Despite its importance, many banks are lagging in implementing effective KPIs for monitoring generative AI impact.

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        Meet our experts

        Executive Steering Committee

        Pierre Ruhlmann

        Pierre Ruhlmann

        COO, Retail Banking

        BNP Paribas

        Sweta Mehra

        Sweta Mehra

        MD, Everyday Banking

        ANZ

        Arun Mehta

        Arun Mehta

        Head of Data Analytics and AI

        First Abu Dhabi Bank

        Steven Cooper

        Steven Cooper

        CEO

        Aldermore Bank

        Vincent Kolijn

        Vincent Kolijn

        Head of Strategy and Transformation, Retail Bank

        Rabobank

        Rafael Cavalcanti

        Rafael Cavalcanti

        Head of Data, Analytics, and AI

        Banco Bradesco

        Frederic Tardy

        Frederic Tardy

        General Manager, FSI

        Microsoft

        Greg Jacobi

        Greg Jacobi

        VP & GM, Banking and Lending

        Salesforce

        Cormac Flanagan

        Cormac Flanagan

        Global Head of Product Management

        Temenos

        Gurbhej Dhillon

        Gurbhej Dhillon

        CTO

        Flutterwave