Financial Services State of the Nation Survey 2024

Issued in February 2025

Worldwide, a convergence of rapid technological and cultural change is transforming financial services. Our annual research shows that Gen AI and other technology such as cloud and APIs are taking center stage, enabling financial institutions to offer the seamless, personalized experiences that customers increasingly demand.

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1

Respondents are excited about the speed of technological and cultural change in the financial services sector and the opportunities ahead.

87% are excited for the opportunities ahead at a personal level

85% are excited about the opportunities for their institution

83% are excited for the sector more broadly

20232024

2

Financial institutions have continued investment in AI and generative AI over the last 12 months.

61% of financial institutions have recently adopted AI or improved their capabilities, twice as many as in 2022

35% of financial institutions have adopted or improved generative AI (Gen AI) capabilities in the last 12 months, up from 25% in 2023

44% of financial institutions say personalization is one of the primary expectations that customers have of them, up from 39% in 2023

100%of markets are increasing focus in Gen AI on IT operational gains, and many are deprioritizing marketing use cases

3

How financial institutions are preparing for technological change

49%Continuous learning and development

47%Modernizing all aspects of our operations e.g. turning to cloud and embracing API-led tech

45%Investing in the latest technologies

41%Utilizing customer feedback and data to drive innovation and adapt to market needs

39%Implementing flexible and agile methods to accelerate product development

38%Utilizing platforms which empower deployment of innovative fintech solutions quickly

37%Forming strategic partnerships with tech firms to gain insights

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Methodology
The research canvasses the opinions of over 1,100 professionals at financial institutions and banks across France, Germany, Hong Kong, Japan, Mexico, Saudi Arabia, Singapore, the UAE, UK, US and Vietnam.