Regulatory uncertainty regarding emerging loan products, the looming student loan crisis, and breakthroughs in artificial intelligence will shape the lending industry’s outlook, opportunities, and operations in 2024.
What is a loan? Federal and state regulators don’t agree today. But upcoming answers to this question in 2024 will have a profound impact on five emerging financial products: early wage access; buy now, pay later; subscription lending; overdraft protection; and credit-building services. Digital banking strategists, vendors, and other players must be ready to innovate.
The student loan crisis presents a turning point for digital banking strategists. The resumption of federal student loan payments is leading to a gloomy outlook for millions of borrowers and the FIs that benefit when they spend, save, invest, and borrow. For digital banking strategists, 2024 will demand a new approach to how FIs educate customers, help them build credit, and position them for the day when they seek to borrow.
Generative AI makes innovators think…smaller. The C-suite is open to investing in artificial intelligence in lending. But because the technology is unproven for most consumer-facing applications, 2024 will be an important year to focus first on AI-powered tools that will eliminate grunt work and free up staffers for human-to-human interactions.
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