Fintech founders in Europe have shared their expectations for the sector in the year 2024. They anticipate that AI and automation will continue to dominate, with AI being used in areas such as banking, anti-money laundering, SME lending, accountancy, and wealth management. It is predicted that banks that do not embrace automation may struggle to meet compliance regulations and processes. B2B fintechs are also expected to thrive, with more market consolidation predicted. Fintech founders have mixed opinions on the trend of fintech becoming more focused on B2B offerings. Some believe that B2B fintechs will face harsh market conditions and consolidation, while others believe that those that prevail will benefit from a less competitive market environment. Consolidation may be a key theme in the fintech sector in 2024, as firms look to focus on sustainable growth and profitability. Fintechs and traditional financial institutions may actively seek opportunities to acquire others and expand their market presence.
Fintech 2024 Prognosis: Insights from 7 European Trendsetters for the Future
