What could be greatly improved in banking from 2024 to 2025?
Jon Tvrdik, CEO, WaveCX
One of the most significant areas for improvement in banking this year is the humanization of digital experiences. Financial institutions need to focus on delivering solutions that build trust and loyalty while keeping services intuitive, accessible and proactive. This involves putting simplicity and personalization at the forefront of digital interactions. By leveraging AI-powered tools, banks can provide seamless and personalized experiences that meet the evolving needs of their customers.
Additionally, there is a need to improve the accessibility and implementation of advanced technologies for institutions of all sizes. While the technology is ready, adoption depends on overcoming resource constraints, training teams to adapt to new ways of working, and aligning these tools with compliance frameworks. Making these technologies accessible and easy to implement will be crucial for widespread adoption and success.
These improvements will not only enhance the overall customer experience, but also position financial institutions to compete more effectively in the rapidly evolving digital landscape.
Alex McLeod, CEO, Parlay Finance
In 2025, banks will need to transform their approach to data and customer relationships to stay competitive. Key improvements will focus on digitizing small business loan application processes and leveraging existing small business data for deeper customer insights and value creation. Lenders will shift from evaluating single-loan profitability to measuring total customer lifetime value and identifying cross-selling opportunities. The most successful institutions will position themselves as strategic financial advisors, helping businesses build comprehensive financial product stacks. This consultative approach will be crucial for creating lasting partnerships and maintaining market relevance in an increasingly competitive landscape.
Sarah Martin, CEO, Pulsate
In the next year, I hope to see banks using their data more effectively to better understand and meet customer needs. Many banks have barely scratched the surface when it comes to utilizing first-party customer data, let alone third-party data. Every interaction a customer has with their bank—whether logging in, making a call, swiping a card, paying a bill or clicking on a digital message—creates a datapoint that can reveal a need. The challenge is the sheer volume of these datapoints, which can be overwhelming. In 2025, every bank should pick a starting point, even if it's just one datapoint, and begin using it to benefit their customers.
Amanda Crocker, COO & Interim CEO for SWIVEL®, an SWBC Company
I think the banking industry as a whole needs to embrace more data-driven transformation. By leveraging advanced analytics and working with the right fintech partners and solutions, banks can proactively identify pain points and opportunities throughout their payment lifecycles, including reducing transaction friction and enhancing fraud prevention.
For 2025, the industry must also fully embrace an AI-first mindset within its product and engineering teams. AI is not merely about automating processes; it focuses on developing smarter systems that anticipate customer needs, drive proactive engagement and deliver real-time solutions. This approach will be essential for banks to stay competitive through innovation, grow trust and provide an exceptional digital experience for their customers.
Brad Tompkins, CIO, Vergent
Banks could improve by addressing outdated systems with modern, tech-driven solutions. Automation can reduce manual processes, while cloud-based platforms improve scalability and integration. Enhanced customer portals with multilingual support and mobile access can offer more convenience for users. A focus on seamless onboarding and end-to-end workflows would significantly elevate customer satisfaction and operational efficiency.
Preethi Janardhanan, VP, Client Solutions, Rapid Finance
One key area for improvement is the adoption of technology that empowers banks to better serve small businesses through data-driven decisions. Leveraging customer data can unlock deeper insights, enabling highly personalized services, faster onboarding or credit decisioning and tailored financial solutions, improving customer satisfaction and loyalty.
Banks could benefit from the modernization of outdated systems and fragmented data architectures, which make it difficult to implement real-time integrations and data-sharing networks. Banks should also address barriers like resource constraints and skip gaps by partnering with fintechs. These collaborations can provide turnkey solutions, enhance risk management and simplify compliance. By fostering a culture of innovation and embracing operational changes, banks can support underserved businesses, drive economic growth and strengthen their competitive edge.
Danielle Sesko, Director of Product Management and Innovation, TruStage™
2024 has been a remarkable year for expanding credit accessibility; a trend I hope continues in the new year. I also hope to see widespread adoption of embedded Digital Lending Insurance (DLI) strategies.
As the digital lending market grows, the rise in small-dollar loans and BNPL options has increased the risk of defaults, especially for underserved communities. DLI can mitigate these risks by helping borrowers repay loans during unforeseen financial hardships, such as job loss or disability while protecting lenders' portfolios. Despite challenges like evolving regulations, these can be opportunities for innovation. I feel DLI will play a key role in the future of digital lending, offering protection, stability and growth.
Jack Henry Corporate Strategy Team
From 2024 to 2025, banking could greatly improve by leveraging industry and fintech collaboration. This will allow banks and credit unions to combine new technology with their signature personal service, helping them differentiate and grow. In the year ahead, we’ll see more financial institutions leverage data, AI, and emerging technologies in impactful ways. As banking evolves, it will unlock new levels of personalized service and money management that can transform lives and strengthen communities. It’s an exciting time, as technology drives deeper connections and delivers more meaningful financial experiences.
Michael Ball, EVP Marketing, Kinective
Looking ahead to 2025, a major focus for banks will be navigating economic stabilization and overcoming the challenges of recent years. The prolonged period of interest rate volatility and economic uncertainty has placed significant pressure on financial institutions, testing their resilience. While the future remains unpredictable, the hope is for a stronger, more stable U.S. economy supported by reduced global unrest. A calmer international stage would alleviate uncertainty, enabling consumers and businesses to regain confidence in the financial system. Stability would foster growth opportunities—allowing banks to better serve customers, encourage lending, and drive innovation. From 2024 to 2025, banks have the chance to rebuild trust, deliver solutions that promote economic recovery, and position themselves as reliable partners during shifting market conditions. The key will be balancing economic recovery with agility, enabling financial institutions to navigate change while improving overall customer experience and industry health.
Matt Potere, CEO, Happy Money
The credit card debt crisis continues for consumers across the country as many have heavily relied on credit for everyday needs in the face of inflation and high interest rates. This has brought U.S. credit card debt to a staggering $1.14 trillion. This presents a significant opportunity for banks to support these consumers, providing products and tools for a happier financial future. For example, with APRs on personal loans currently about 7.5% lower than credit card rates, refinancing credit card balances into personal loans could save U.S. households over $80 billion annually while reducing financial stress.
Erin Wynn, Executive Director, Product Management, Candescent
Financial literacy remains a challenge as many grapple to understand implications around rate cuts, inflation and their overall buying power. Banks have a notable opportunity to provide personalized financial resources to help consumers and businesses navigate these hurdles, fostering loyalty and trust. However, to be effective, banks must integrate these resources into connected, digital-first journeys. Such efforts are especially critical for younger generations who typically lack sound financial guidance but stand to inherit significant wealth in the coming years. By aligning financial fitness tools with compelling digital experiences, banks can support customers’ financial fitness while solidifying themselves as trusted advisors.
Gary Singh, President, Zeta, North America
From 2024 to 2025, banking must address critical compliance and security gaps exposed in the previous year. Enhancing real-time transaction monitoring, adopting AI-driven fraud detection and streamlining automated compliance processes are key areas for improvement. Additionally, banks should prioritize strengthening data privacy and simplifying cross-border operations. Financial institutions can create a more transparent, secure and efficient ecosystem by fostering partnerships with regulators and leveraging advanced technology.
Keith Riddle, General Manager, Payfinia CUSO
Banks should identify internal use cases where traditional payment networks (i.e. ACH and wire transfers) are typically used and evaluate the operational and customer experience enhancements of instant payment workflows, including customer-assisted payment requests and supplier payments.
Meredith Keller, Product Expert, Glia’s AI Team
Next year, banks should focus on enhancing their interaction strategies by leveraging data-driven tools to assess and improve the customer experience. In today’s fast-paced, interaction-driven economy, the way banks connect with customers directly impacts loyalty and revenue. To stay ahead, more than vague benchmarks are needed – banks should seek real-time, actionable insights into their performance across every touchpoint.
More will look to trusted fintech partners to provide the innovative technology and expertise needed to spot gaps, optimize strategies and future-proof their organizations. This approach will not only strengthen customer relationships but drive growth and help solidify a competitive advantage.
Dr. Siva Narendra, CEO, Tyfone
We hope banks become the leader in personalized, community-focused digital financial services, blending the best of local trust with cutting-edge technology. In 2025, banks should aim to match or exceed the digital experience offered by big banks while retaining their distinct focus on customer relationships.
Banks can achieve this by integrating instant payments and intelligent banking capabilities within their digital platforms, giving the institution the ability to offer personalized, real-time financial services while enhancing security and user trust. We believe that banks must evolve into true digital-first institutions that offer the convenience, immediacy and intelligence expected by modern consumers, particularly as real-time payments become the norm.
Tony Nigrelli, VP of Mesh & Delivery, Core10
To remain competitive in 2025, banks must address a critical gap: meeting the digital-first expectations of Gen Z and Millennials. Data-driven insights and personalization will be key to customer engagement. Many institutions still rely on outdated infrastructures comprised of data silos, limiting their ability to create tailored offerings and bolster engagement. Middleware solutions help banks unlock the full potential of their data, enabling tailored products and services. By shifting from a product-centered to a customer-centric approach grounded in actionable data insights, banks can deliver high-impact, individualized experiences that meet rising consumer expectations, foster stronger relationships, and secure long-term loyalty.
Shelby Austin, CEO, Arteria AI
Documentation remains a tremendous pain point across the industry. The process of generating, negotiating, executing and monitoring documentation remains largely unautomated. This has created inefficiency, risk and cost in every process that involves a document, and the data remains significantly underutilized. The solution set is here and real – modern documentation technology digitizes documents to drive automation and intelligence into core processes. For the majority of organizations, this is largely an untapped opportunity where modest investments can yield outsized ROI across the value chain.
Mac Thompson, CEO & Founder, White Clay
Banks should invest in technology that builds real connections between representatives and customers/members, rather than chasing ‘shiny new objects’. With economic pressure rising and many living paycheck to paycheck, financial institutions have a unique chance to differentiate themselves by providing personalized financial support at critical moments. Tools that analyze individual needs for tailored recommendations or identify disengaged members for proactive outreach will foster trust and loyalty while driving profitability for the institution.
Beth McCoy, President, RewardOps
Financial institutions should better leverage loyalty programs to ensure their products, like credit cards, remain top of wallet. Consumers increasingly expect personalized experiences and deeper relationships with their chosen brands. Competitive, well-executed loyalty programs that go beyond standard cashback rewards and include options like earning and redeeming points at preferred retailers or exclusive perks in travel, dining, and entertainment, make customers feel valued and seen, and can drive a customer’s choice of which card to use for a purchase. They also generate valuable customer data and foster interactions, creating a cycle that boosts transaction frequency, spending, and retention.
Allan Rayson, Founder, Finov8r
The way banks go about delivering capital and banking products to small and mid-size businesses could be greatly improved. Banks for too long have been focused on delivering capital (ie, making loans), but are missing opportunities to “unify” the banking, treasury and payments capabilities small and midsize businesses need.