2024 Banking Priorities Executive Report

In 2023, the U.S. financial services sector weathered yet another tumultuous year. High consumer spending continued despite persistent inflation and rising interest rates over four quarters. Larger banks invested heavily in digital sales and self-service, and the public collapse of regional institutions led some consumers to switch allegiances. And while navigating the hypercompetitive market didn't get easier, community banks continued to find ways to compete with national players.

Responses to the 2024 Banking Priorities Executive Survey reflect those nuances, as community bankers shared their concerns, planned investments, and strategies to grow and retain customers. Although their challenges and tactics remain familiar, their responses convey an inherent optimism for the future. With more accessible instant payments and innovative technologies like generative Al and open banking, there's an underlying opportunity to differentiate, deepen personal relationships, and become more efficient.

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