Looking back and reflecting on 2023 there are a few things that stand out. Thankfully, the economists’ predictions of recession haven’t come to fruition. That’s not to say that it’s been plain sailing. Confidence in financial services was shaken by the high-profile failure of a handful of banks. Market conditions despite, or perhaps because of, high interest rates continue to be challenging and difficult to predict.

Amidst this landscape, consumers continue to expect streamlined, personalized, digital experiences that delight. The shape of competition continues to evolve. Many of our bank and financial institution customers are leveraging their unique combination of deep, personal connection to their communities and sophisticated technologies to offer compelling products and services. As a result, they are attracting new customers and growing their deposit bases.

This reinforces the need for enterprise agility in 2024 – the ability to be able to react rapidly to changing circumstances, the ability to sense what’s happening in the market, and more importantly the ability to act swiftly and decisively. It starts with vision and a desire for action. Enterprise agility matters. Supported by the vital ingredients of the right culture, people and processes it is further enabled and empowered by technology and the right partner.

The transformative effect of advanced technology has been much talked about. As Roy Amara – the American scientist and futurist – put it, “we tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run”. We saw the first part of Amara’s Law play out with the explosive growth of Gen AI. But while the initial hype may have subsided somewhat, there’s a lot happening behind the scenes. As discussed in our annual State of the Nation survey, financial institutions are exploring the benefits of AI, with 83% of professionals agreeing that their institution is interested in generative AI (Gen AI). At Finastra we have long believed in the power of technology to unlock the power of finance for everyone. We continue to believe in ‘doing well by doing good’, and we have embarked on a company-wide initiative around Gen AI. We are leveraging the technology’s capabilities across all facets of our operations – including exploring how to embed Gen AI in our products to help customers achieve their goals.

We are proud to serve our customers and we don’t take the trust placed in us lightly. In 2024, we will continue our relentless focus on combining rich, broad and deep banking functionality with advanced technology to equip our customers with the tools they need to serve their customers. Working together, combining expertise and experience, focused on the same goal, we look forward to the opportunities ahead.

Siobhan Byron
EVP, Universal Banking
Finastra
Universal Banking, Finastra