Financial Services State of the Nation Survey 2023
Worldwide, a convergence of rapid innovation and customer-centricity is transforming financial services. Our annual research shows that Banking as a Service (BaaS), embedded finance, and artificial intelligence are taking center stage, enabling financial institutions to offer the seamless, personalized experiences that customers increasingly demand.
Key highlights
1Financial institutions are rapidly exploring the benefits of artificial intelligence (AI), with deployment of AI and improvements in AI capabilities increasing notably year-on-year.
20222023
2Respondents perceive generative AI as a key means to meet increased customer expectations for tailored, personalized services, with 32% of those interested in the technology saying they will use it in this way.
Widely cited use cases for generative AI
3Banking as a Service and embedded finance have grown in significance over the last year, with financial services organizations adopting them in far higher numbers. BaaS deployment has jumped globally by 37% year-on-year.
% Financial institutions that have either deployed BaaS, or improved their use of this technology during the past 12 months:
- United StatesUSA
- United KingdomUK
- FranceFR
- GermanyDE
- Saudi ArabiaKSA
- United Arab EmiratesUAE
- SingaporeSG
- Hong KongHK
- VietnamVN
20222023
4Technological and cultural change across financial services is happening at a rapid pace. Most decision-makers in financial institutions worldwide are excited about the opportunities this presents going forward.
Full report
Download the full report to learn more about the technology investment priorities for banking professionals, the value they place on Open Finance and ongoing industry collaboration, and the importance of Environmental, Social and Governance (ESG) initiatives.
