Industry outlook

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Financial Services Industry Outlook 2024

Leaders will need to help their people navigate through uncertainty and near-term challenges and find opportunities

The conditions most likely to play out over the next few months—the combination of high interest rates, greater regulatory pressure, and potentially moderating, but still troubling, inflation—are trends many senior financial services industry (FSI) leaders have seen before. But many of their employees, especially those from younger generations, haven’t, so leaders will need to help their people navigate through uncertainty and near-term challenges and find opportunities.

They’ll also need to focus on what’s coming next. In 2024, the technological turbulence—including generative AI, transition to the cloud, increased fraud and cyber risk, and blurring of industry lines, such as the embedded finance trend—will require financial services leaders to be much more agile than ever. New strategic options will need to be created to help firms tack in the direction of the prevailing breeze, wherever it’s coming from.

History shows the financial services industry has frequently been a catalyst for progress, helping organizations and people manage economic and societal changes. By decade’s end, FSI leaders may look back at 2024 as the year the future started to unfold, in real terms. Those who choose to invest in that future now—to catalyze the creation of new products and services that can enable positive outcomes—could set the stage for competitive advantage for some time to come.

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