Brand Innovators 2024 Outlook: Financial Services - Brand Innovators

Brand Innovators 2024 Outlook: Financial Services

2024 will be a big year for banking and finance, as new technologies will drive transformation and innovation in the category.

Expect financial services brands to embrace new tech while also focusing on personalized consumer experiences.

“In 2024, marketers across industries—including financial services—will turn to more focused, personalized experiences to drive consumer engagement,” says Raja Rajamannar, chief marketing officer at Mastercard. “Today, marketers are equipped with extensive data and advanced technologies like AI that offer deeper customer insights than ever before. When we use these tools ethically and transparently, it benefits both business and customers. The era of hyper personalized experiences is here to stay.”

Natalie Sunderland, global head of marketing and communications at BNY Mellon sees a real opportunity in connecting people more closely together to power culture and take it forward.

“Contributing to the client community and helping play our part in strengthening that is really valuable right now, particularly as we think about the value that can come from us all banding together to create solutions, as we look forward to recognizing that the world is changing around us,” she says. “And then, just like everyone else, we’re taking a look at A.I. and the work that we can do to create greater efficiency.”

Buy Now Pay Later platform Klarna is also looking at new technologies to improve the consumer experience.

“AI-powered services are gaining momentum in the financial services and ecommerce space, but only the most effective will prevail. At Klarna, we’re just beginning to tap into AI’s vast potential,” says David Sandstrom, CMO, Klarna. “Our applications range from streamlining organizational tasks – like saving countless hours in customer service disputes – to integrating advanced AI translation services, and revolutionizing consumer shopping with highly personalized experiences. Looking ahead to 2024, I anticipate a worldwide surge in AI innovations within financial services, and through extensive experimentation we’ll discover where AI can make the most significant impact.”