2024 State of banking report
Dec 29, 2023
1 min read
Wipfli’s 2024 banking outlook reveals new M&A, cybersecurity and AI trends
Wipfli’s annual research report into the state of banking reveals a slowdown in aggressive growth, a reluctance to embrace AI and a surprising number of cybersecurity instances.
Nearly 400 banks across the United States participated in Wipfli’s “State of banking” research report. Among the key findings:
- 56% of banks expect growth of only 1%-5%
- 78% of banks plan to buy, down from 90%
- 43% cite both cybersecurity and employee issues as a top concern
- 61% cite digital customer engagement as a top strategy
- 65% of banks report at least one identified instance of unauthorized access to data or networks
- 51% say risk is a top barrier to using AI
- 56% of banks have no strategy to serve unbanked or underbanked populations