The May 2024 report outlines U.S. financial institutions’ 2024 budget priorities, balancing immediate customer needs with long-term strategy. Partnerships with fintechs are seen as beneficial despite competitive tensions. Key investments focus on payments modernization, account onboarding, and loan origination, with over 80% planning real-time payments adoption post-FedNow launch. Seventy percent will enhance data management and science to improve compliance and personalization. Fraud risk tops anticipated challenges, while further digitization, scalability, and core modernization remain priorities, though legacy processes at the core often present the greatest modernization hurdle.

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