The 2024 Retail Banking Trends:

“Bank managers could learn to understand the true nature of consumer trust more deeply in order to have better chances to build trust more systematically.”

2024 retail banking trends: Achieving a unified customer experience

Chief Executive Summary

In the 2023 version of this report, we placed a strong emphasis on rebuilding trust in response to an historic fall, particularly among younger generations. I’m happy to report that the news is more positive this year with fewer signs of widespread distrust of financial institutions. A global study by Statistica found that, worldwide, customers award their banks around four index points out of five, indicating generally positive levels of trust (Statista).

Luc Haldimann

Of course, if you scratch even a little under the surface, a more complex image emerges. Trust in the financial sector isn’t binary, leaving room for certain institutions to perform better than others. A Kantar report found that 58% of consumers globally believe that their national banks are more trustworthy than regional or local banks, with 42% opting for the latter (Kantar). What’s more, younger generations, both millennial and Gen Z, are also more likely to have lower levels of trust in financial institutions in general, which is an ongoing concern.

At Unblu, we believe that the answer lies in customer centricity built upon a unified experience. Banks need to place their customers right at the core of their business operations to forge positive, long-term relationships.

In terms of service experience, this requires leaning into enhanced digital capabilities – particularly with regard to embracing AI-powered capabilities, investing in mobile channels, and innovating with phygital experiences.

Beyond this, there is a lot of room for banks to differentiate themselves. Some of this is defensive. There is simply no room to allow cyberattacks to penetrate banking systems in the coming year as the fallout in trust is too costly. Likewise, digital transformation initiatives should be mature, with leading institutions now entering new phases to address digital service gaps.

In terms of active strategic opportunities, there are a number of developing trends, ranging from ESG and Buy Now Pay Later to niche journeys, and beyond.

Overall, 2024 is full of opportunities to improve customer centricity for the banks with the strategic vision to leverage them.