5 Financial Service Trends That Could Change the Way You Strategize

Five hand drawn light bulbs representing a financial services trends on wooden steps with male hand holding or placing the last step
By Jack Henry

2 minutes

How future-ready is your credit union?

Sponsored by CUES Supplier member Jack Henry.

Technological advancements and changing consumer demands are reshaping our financial services industry, requiring credit unions to adapt and innovate like never before.

With fierce competition around every corner, converging technology and shifting user experiences, it’s difficult to pinpoint what’s most important now (and why). That’s why we’ve put together the top five financial service trends we’ve been watching so far in 2024—trends that could help you reimagine your short- and long-term strategies.

  1. AI-Powered Digital Banking: The convergence of digital banking and data is set to revolutionize the industry. With the rise of open banking, credit unions are leveraging AI to provide members with more transparency and control over their financial data. This shift will enable credit unions to better understand their members’ needs and offer personalized services.
  2. Focus on Small- to Medium-Sized Businesses (SMBs): Community financial institutions are focusing on serving small businesses, offering embedded third-party solutions and cash-flow management tools. By providing tailored services, credit unions can aim to become the primary banking relationship for SMB owners.
  3. Enhanced Fraud Detection: As fraud becomes more sophisticated, credit unions are turning to artificial intelligence and machine learning to combat threats. These technologies analyze patterns and anomalies in transaction data to detect fraudulent activity and protect members’ assets.
  4. Deposits and Payments Integration: Financial institutions are realizing the importance of integrating deposits and payments. By offering real-time payment options and personalized products, credit unions can create stickier deposit relationships and address the holistic financial needs of their members.
  5. AI-Assisted Lending: Economic uncertainty has led many financial institutions to focus on proactive portfolio monitoring and lending strategies. Generative AI is helping lenders synthesize financial data, provide recommendations and identify cross-selling opportunities. 

Take Charge of Your Future

As the financial services landscape continues to evolve, it's crucial for credit unions to embrace AI and other innovative technologies. By staying ahead of the curve, you can unlock new opportunities and drive success for your organization and members.

Contact us today to learn how Jack Henry's AI solutions can help you navigate these trends and thrive in the digital age.


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