European banking stands at a critical juncture, confronting evolving economic conditions, technological advancements, and a pressing sustainability agenda. The latest trends in banking technology are reshaping how financial institutions operate and how consumers interact with banks. In 2024, banks must maintain tighter control of costs while investing in new technologies amid a complex regulatory environment. This delicate balance will be crucial for long-term success, requiring banks to prioritise strategic investments over short-term profitability.
A key focus area is technology modernisation. Cloud computing and Generative AI (GenAI) advancements can enhance operational efficiencies and user experiences and create new revenue streams. As consumers demand seamless, multichannel, and personalised experiences, banks can leverage GenAI, cloud, and data analytics and form strategic partnerships to stay competitive. Customer centricity must drive this transformation, primarily as new market entrants utilise open banking to access data and generate valuable insights.
In addition, European banks lead in sustainability commitments and innovations such as carbon trading platforms. They must further embrace purpose-led strategies to attract values-driven Gen Z talent, expected to comprise over a quarter of the global workforce by 2025.
European banks are strengthening resilience and transforming by embracing adaptability, customer centricity, and sustainable practices to navigate the volatile global environment, which includes geopolitical tensions, uneven recovery patterns, and macroeconomic uncertainties.
In this Banking Technology 2024 edition, we feature D8 Corporation, whose solutions address specific business cases organisations have in the payment cards, risk analytics and e-commerce industries. The magazine also features the expert perspectives of Sam Everington, CEO, Engine by Starling, Starling Bank, and Darrin McLaughlin, Chief Technology Officer, Lake City Bank. These esteemed professionals share their invaluable insights concerning the developments and challenges within the industry, along with the possible solutions. We hope these valuable insights from industry leaders featured in this edition will assist you in making informed decisions for your businesses.
