World Retail Banking Report 2024

World Retail Banking Report 2024

This report by Capgemini Reasearch Institute shows that banks will continue to invest in digital transformation, focusing strongly on AI and generative AI.

In 2024, retail banks worldwide face a volatile and uncertain landscape: navigating this complex terrain will be challenging and require intelligent solutions to help maintain profitability while delivering superior customer experience.

Findings in the World Retail Banking Report 2024, the 20th anniversary edition – which reflect the views of 250 senior banking executives, 1,500 banking employees, and 4,500 retail banking customers – include the following:

  • Despite significant business challenges and the need for cost discipline, banks will continue to invest in digital transformation, focusing strongly on AI and generative AI.
  • As AI applications multiply, scalable benefits will require balancing customer experience enhancements and optimizing operational efficiency.
  • Most retail banks have significant work ahead of them in developing their technology and data estate to realize the full value of their intelligent transformation.

Key Highlights

  • Key features of generative AI copilot that unlock untapped workforce potential
    Generative AI introduces the copilot era, enhancing workforce efficiency by seamlessly collaborating with human operators and offering insights, recommendations, and adaptive assistance. The bank employees we surveyed identified the following critical copilot elements that could increase their productivity.
  • As banking agents struggle with daily tasks, customer engagement dips
    Only 9% of a bank’s customer onboarding team time is allocated to customer interaction, and a substantial portion of that time concerns addressing process-related questions. Contact center employees dedicate 82% of their time with customers to operational and support tasks, instead of focusing more productively on customer needs and sales.
  • Most banks lack readiness for generative AI-led intelligent banking
    Banks face several impediments in adopting enterprise-wide AI due to legacy systems and incompatible processes. Most banks are unprepared for intelligent banking driven by generative AI, lacking business, technology, and data readiness.
  • Banks are lagging in developing KPIs to gauge generative AI performance
    Assessing the impact of generative AI is crucial for banks across numerous aspects of strategy and performance. Understanding impact helps evaluate AI systems and ensures they align with the bank’s objectives and benchmarks. Despite its importance, many banks are lagging in implementing effective KPIs for monitoring generative AI impact.

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  • Therese Sinter
    Therese Sinter
    Marketing & Communications Director, Sogeti Nordics
    +46 70 361 46 21

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