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.

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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.

of professionals agree that their institution is interested in generative AI

of financial institutions have improved or deployed AI technology in the last 12 months

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

Collecting, processing, and analyzing data for ESG purposes 36

Automating manual or repetitive tasks 34

Enhancing IT operations 33

Collecting, processing, and analyzing data for KYC or AML purposes 33

Improving risk management and decision-making processes 33

Enhancing the customer service experience 32

Generating synthetic data for KYC or credit decisioning 30

Streamlining development operations 29

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.

of professionals are personally excited about the pace of change

are excited for the opportunities it will bring for their financial institution

are excited for the wider financial services industry

Full reportDownload 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.

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