Fintech Trends for 2024
The advance of Fintech continues to be rapid and significant. The way we interact with money and banking services continues to evolve at a fast rate, shaping our habits. In 2024, more changes and emerging innovations are on the horizon that will further redefine banking, finance and insurance. From AI-based solutions to the evolution of Open Banking, we explore the major trends that will reshape financial services.
Digital identity and virtual wallets
The integration of digital identity into virtual wallets will become increasingly critical to ensure greater security in accessing financial services. In addition to providing greater data protection, this digital synergy offers a faster and smoother experience for users. In this new year, such digitization will be strengthened and become accessible to more people, thus enhancing Fintech services.
Biometric payments in store
Biometric authentication, which is increasingly in use, will facilitate the rise of in-store payments in parallel with digital checkout innovation. This will make the money transaction more secure and seamless, making it easier for consumers.
Open Banking and AI
In 2024, Open Banking will be more widespread due to the need to enhance the market with the interconnection between traditional financial institutions, fintech and corporations. In addition, the implementation of Artificial Intelligence in banking services will provide a better understanding of consumer needs and the new modern market environment, thus stimulating innovation and competition.
Intelligent Performance Analysis
Artificial Intelligence will be a powerful new analytical tool for banking institutions to obtain detailed information, understand people’s consumption, predict market trends and formulate new targeted and effective strategies.
Cybersecurity enhanced by AI
More complex services require enhancements in security protocols. Artificial Intelligence becomes a great ally for Fintech because it enables timely and immediate responses to cyber threats.
Sustainability and ESG criteria
ESG criteria measure the environmental, social and governance compliance of companies and services. This assessment also impacts fintech that must focus on creating solutions and services in line with sustainability principles, which are increasingly demanded by the market.
The integration of Artificial Intelligence, a focus on sustainability, and the evolution of Open Banking are shaping a more efficient, accessible and secure financial future. 2024 is set to be a year of deep innovation for Fintech.
