In 2024, the fintech industry is expected to experience significant growth and transformation as new technologies emerge and consumer demands change. Below are some key trends that business leaders in the fintech sector should watch out for:
- Growth of Software-as-a-Service (SaaS) Model: The SaaS model is reshaping the fintech landscape by offering cloud-based solutions that are more customer-centric, secure, scalable, and flexible. This trend will benefit lending digital platforms in particular.
- Increased Reliance on Automation: Artificial intelligence (AI) and automation solutions will continue to drive efficiency in the fintech industry. Next year, large language models (LLMs) will help drive productivity by generating content and code.
- Unique User Experience Through Open Banking API: The integration of open banking APIs will enable fintech institutions to offer personalized financial services and elevate the customer experience.
- Greater Accessibility: Fintech companies need to address consumer demands for greater accessibility by offering alternative payment methods and streamlining their processes.
- Evolution of Existing Trends: Trends such as embedded payments and decentralized finance will continue to evolve in 2024. Fintech companies should find new ways to take full advantage of these trends and provide greater value to consumers.
Overall, monitoring these key trends will help fintech businesses stay competitive and adapt to the changing needs of global consumers.
