The fintech revolution has been more successful at working with banks than at trying to replace them, points out Gene Ludwig, former Comptroller of the Currency, chair of the Ludwig Institute for Shared Economic Prosperity, and co-founder of Canapi Ventures. Those with "must have" products will fare far better in 2024 than those with "nice to have" tools, he says.

The number of businesses shifting to an employee ownership model has ballooned in recent years, and experts say that trend is likely to accelerate. That could have important implications for banks aiding that transition and for the future of small business lending.