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5 companies to watch for banking innovation in 2024

In an era marked by rapid technological advancement, banks are at the forefront of driving change

Photo by NordWood Themes on Unsplash
Photo by NordWood Themes on Unsplash

Opinions expressed by Digital Journal contributors are their own.

As we delve deeper into 2024, financial institutions are not only navigating complex challenges but also seizing opportunities to make a significant impact on society. From embracing cutting-edge technologies to redefining customer experiences, banks are transforming the way we think about and engage in our finances. 

With the rise of fintech and new avenues for digitization, these fresh new additions to banking have been easy to implement and compatible with legacy infrastructure, while adding substantial improvements to what a bank can do for its clients.

Here are five companies shaping the present and future, driving change and innovation. 

  1. Wysh — no cost embedded life insurance 

Life insurance has traditionally been seen as a separate financial product, distinct from banking services. However, the concept of embedded life insurance is gaining traction within the banking sector, presenting a paradigm shift in how financial institutions approach customer protection and risk management.

Wysh, the first US player in this area, is a unique life insurance company that offers a financial-protection benefit that financial institutions can embed into deposit-style accounts that are offered to their customers. By embedding life insurance into various banking products such as savings accounts, investment portfolios, and mortgage loans, banks are not only enhancing the overall value proposition for their customers but also promoting financial security and peace of mind. This innovative approach allows customers to safeguard their loved ones’ future while managing their financial goals effectively.

Wysh has already forged a partnership with the fintech UNest, marking a significant shift in the landscape of financial protection, and has several other financial institutions in its pipeline, setting the stage for a broader adoption of embedded life insurance across the banking industry.

From the perspective of financial institutions, embedded life insurance presents an opportunity to deepen customer relationships and enhance loyalty. By offering comprehensive financial solutions that address both protection and wealth management needs, banks can position themselves as trusted advisors and partners in their customers’ financial journeys.

  1. Citibank — AI-powered virtual assistants

As the world becomes increasingly digitized, banks are leveraging technology to revolutionize the way customers interact with financial services. In 2024, we’re witnessing an unprecedented surge in the development of digital banking platforms, mobile apps, and virtual assistants that are reshaping the customer experience and democratizing access to financial services.

One notable trend is the rapid rise of AI-powered virtual assistants and chatbots, which have become indispensable components of banks’ digital strategies. These virtual assistants, equipped with advanced natural language processing and machine learning capabilities, empower customers with personalized and responsive support around the clock. 

Citibank, a global leader in banking innovation, unveiled its groundbreaking virtual financial assistant named “Citi AI,” representing a paradigm shift in customer service within the banking industry. Whether it’s addressing inquiries, providing tailored financial advice, or facilitating seamless transactions, virtual assistants play a pivotal role in enhancing customer engagement and streamlining service delivery.

  1. Truist — feature updates

In addition to embracing cutting-edge technologies and integrating life insurance into their offerings, banks are continuously rolling out feature updates to enhance the functionality and value of their digital platforms. These feature updates cater to evolving customer needs and preferences while ensuring that banks remain competitive in the fast-paced financial landscape of 2024.

One prominent area of focus for feature updates is personalization. Banks are leveraging data analytics and machine learning algorithms to deliver highly personalized experiences tailored to individual customer preferences, behaviors, and financial goals. From personalized product recommendations to targeted promotional offers, banks are striving to make every interaction with their digital platforms relevant and meaningful to the customer.

While feature updates are happening across the industry, Truist Bank has a big leg up after partnering with IBM last year. A part of IBM’s Quantum Accelerator program, Truist will continue to develop new consumer banking use cases in 2024 and beyond.

  1. Wells Fargo — process automation

Another key area where banks are making a significant impact is through process automation. One of the primary applications of process automation in banking is in back-office operations, such as account opening, loan processing, and compliance tasks. By automating repetitive and time-consuming tasks, banks can accelerate the pace of operations, minimize errors, and free up employees to focus on other more strategic and value-added activities.

Wells Fargo introduced a feature in 2018 called “Control Tower” in its mobile app, offering customers greater control and visibility over their financial accounts. Control Tower is a great example of process automation, allowing users to track their spending, set budgeting goals, and receive real-time alerts for suspicious activities.

In 2024, this trend continues. Many banks are using AI-powered algorithms to automate credit risk assessment processes, allowing them to make faster and more accurate lending decisions. By analyzing vast amounts of data and identifying patterns and trends, these algorithms can assess creditworthiness more effectively than traditional methods, enabling banks to offer loans to a broader range of customers while minimizing the risk of defaults.

  1. Chase Bank — cyber-security and fraud detection

In an increasingly digital landscape, cyber-security and fraud detection have become paramount concerns for banks and their customers alike. With the rise of sophisticated cyber threats and evolving fraud schemes, financial institutions are investing heavily in robust security measures and advanced fraud detection technologies to safeguard sensitive data and protect against financial crime.

One key focus area for banks is the implementation of multi-layered security protocols to prevent unauthorized access and mitigate cyber threats. This includes measures such as encryption and multi-factor authentication, which help ensure that only authorized individuals can access accounts and conduct transactions securely.

While every bank is investing in cyber-security and fraud detection, Chase Bank continues to be recognized for its robust multi-factor authentication technology, among other security features.

In summary, banks are playing a pivotal role in driving innovation and shaping the future of finance in 2024 and beyond. From innovative digital offerings to process automation and cyber-security, banks are leveraging technology to enhance customer experiences, improve operational efficiency, and mitigate risks. 

By embracing these dynamic trends and investing in cutting-edge technologies, banks are not only meeting the evolving needs of customers but are also ensuring the resilience and stability of the financial system in the face of unprecedented challenges. 

As we look ahead, collaboration and innovations within the banking sector are poised to drive further advancements and propel the industry towards a more inclusive, secure, and prosperous future.

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Written By

Jon Stojan is a professional writer based in Wisconsin. He guides editorial teams consisting of writers across the US to help them become more skilled and diverse writers. In his free time he enjoys spending time with his wife and children.

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