IDC FutureScape: Worldwide Corporate Banking 2024 Predictions

PUBLISHED: October 26, 2023

PAGES: 19 Pages

DELIVERY TIME: 1-2 business days

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Description

This IDC FutureScape provides IDC's outlook for the worldwide banking industry for 2024."AI is entering the corporate banking arena fast and across a multitude of use cases. Automation, orchestration, predictability, and simplification are the main characteristics. Open data as well as real-time data are pushing the limits on relevance, reliability, and risk mitigation," said Tom Zink, senior research director at IDC Financial Insights. "As the foundation is in place, we are bracing for more innovation also driven by generative AI, as connectivity and collaboration are intensifying in the treasury ecosystem."

Product Code: US50795823

IDC FutureScape Figure

Executive Summary

IDC FutureScape Predictions

Summary of External Drivers
Predictions: Impact on Technology Buyers
- Prediction 1: By 2025, 60% of corporate banks around the globe will introduce Confirmation of Payee to fight fraud and provide corporates with secure instant payments for their B2B and B2C services.
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  - Guidance
- Prediction 2: By 2025, 50% of SMEs will use alternative supply chain financing from non-bank lenders that will offer AI-based solutions to provide faster and more convenient funding access.
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- Prediction 3: By 2026, 15% of cross-border payments will settle in real time.
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- Prediction 4: By 2026, 50% of the corporate lenders would include ESG as a part of their loan acceptance criteria.
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- Prediction 5: By 2026, over 50% of G2000 will adopt financial applications with dedicated Generative AI functionality to support financial reporting activities.
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- Prediction 6: By 2026, 50% of financial institutions will rely on blockchain/distributed ledger technology (DLT) to verify account and identify veracity, in regard to AML and/or QIB, Accredited Investor, etc.
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- Prediction 7: By 2027, three-quarters of commercial bond issuance will be accomplished using intelligent pricing features on digital market access platforms.
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- Prediction 8: Due to advances in scenario modeling, forecasting accuracy, data accessibility and anything as a service, 40% of corporate banks will offer forecasting-as-a-service solutions to their clients by 2027.
  - Associated Drivers
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- Prediction 9: By 2028, 40% of corporate banks will adopt trade finance solutions enriched with counterparty risk evaluation and trade elements ESG scoring, improving trade transaction risk evaluation.
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- Prediction 10: By 2029, wholesale CBDCs will modernize existing wholesale payment systems to boost automation, transparency, sustainability and cross-border transactions, particularly within/between Europe and Asia.
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