Report Snapshot

US banks are staring down tough competition and squeezed margins as they enter the back half of 2023. In response, they’ll revamp their marketing strategies to win key customer segments and preserve their bottom lines. Furthermore, mergers and acquisitions (M&As) will see an uptick as bigger banks chase customer growth and smaller ones chase business sustainability. Generative AI (genAI) adoption will also grow with big banks rolling out key use cases.

Key Question: What trends will reshape banking industry dynamics in H2 2023?

KEY STAT: Gen Zers will surpass all generations, bar millennials, by number of mobile banking users in 2025, per our forecast, making them a key target segment as banks hunt for new customers.