5 Key Digital Business Banking Trends to Watch for in 2024

We recently interviewed Dragonfly’s Chief Revenue Officer Carl Robinson about the trends he believes will take center stage in 2024. Carl has spoken to many Dragonfly business banking customers and prospects and sees 5 key trends emerging in 2024:

• More Banks will Move to the Cloud in 2024

Banks want to use APIs and microservices to give their customers the experience and services they need. And moving to the cloud will give banks the ability to provide these important services at scale, 24/7/365.

• Banks Can Be ISO 20022 Compliant and Upgrade Payments Simultaneously

Banks are choosing between complying to ISO 20022 or upgrading their payments, but they can do both. In 2024, by deploying composable banking solutions, banks can successfully meet ISO 20022 compliance and upgrade payments. 

• Embedded Payments will Soar in 2024

Until now, banks were losing out to FinTechs’ ability to make payments easy for small business and corporates. But with the help of embedded payments, banks will be better able to compete against FinTechs in 2024. Embedded payments provide banks with the ability to embed themselves in their customers’ ERP systems, like NetSuite and Sage, making it easy for customers to seamlessly issue payments.

• Banks Will Rebound from a Tough 2023 by Embracing New Technologies

2023 was a rough year for many banks, but banks are ready to rebound and new technology will help their trajectory. Banks will rely on digital business banking, embedded payments, APIs and microservices to help them better manage variances in the economy.”

• In 2024, Banks will Deliver on the Self-Service Promise

Many banks have touted self-service capabilities for their business customers, but many business customers have been less than impressed with perfunctory ‘self-service capabilities. In 2024, banks will use embedded banking to deliver the APIS and microservices customer want, enabling customers to initiate payments, receivables, and giving banks a deeper connection to their business customers.

We recently surveyed more than 100 bank executives about future banking trends. Download our “State of Banking” survey report to learn more.