Banking on the Cloud: 7 major banking trends for 2024

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Amazon Web Services

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Digital Reinvention
22/02/2024 Article
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In the Banking on the Cloud report, published by Amazon Web Services (AWS) in 2023, they explored seven trends that are changing how banks serve customers, as well as operate and secure their enterprises. These trends persist in 2024, and will continue to shape the industry. 

At the same time, AWS notes the emergence of several important new trends – some new and some that have evolved from last year – that they are seeing banks focusing on in 2024 and likely beyond to drive innovation, improve customer outcomes, and enhance core operations in the bank. The 2024 Banking on the Cloud report combines insight from analyst firms and global consultancies with knowledge gained by working alongside their customers in the banking industry.

The report also outlines how Amazon Web Services are helping their banking customers to accelerate their journey. Generative artificial intelligence is transforming how banking services are delivered, and how humans will interact with computers. It highlights how banks are using generative AI in the activities of banking to transform and reimagine their customer interactions, as well as their internal processes.

“Navigating the trends explored in our report and building the future by taking actions to do things differently today rests, in part, on three core imperatives. These three imperatives: seizing the advantage of choice, moving with speed and agility, and leveraging the power of trust and experience are the difference between idea and action when it comes to navigating change successfully and building the future of banking today,” said Charles Mendis, Head of Worldwide Banking Market Development at AWS.

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