FinTech innovation has impacted businesses in a phenomenal way. Companies are taking advantage of technologies the most, which will be trending in 2024.
The key tech developments that will continue to reshape the financial industry and make it even better are:
Virtual banks or Neobanks:
The concept of virtual banks is now popular for businesses and customers. In the coming years, it will be the preferred banking system for customers. They can now virtually open accounts, perform transactions, and have around-the-clock support with a better user experience. It will offer better financial product offerings and features to use.
Embedded finance technology will integrate more digital payment modes, such as debit cards, investments, insurance, and loans, under one roof. The tech will also be useful to make large purchases quickly and conveniently. Several add-on financial services will be now embedded into one purchase with the help of embedded finance.
2024 will witness more contactless payment offers and features from FinTech companies. Many leading companies like Samsung and Apple have associated with banks and FinTech companies to develop their payment mechanism. This will help customers easily pay through company websites without switching to their banking apps. The development of payment technology will be one of the focuses in 2024.
Blockchain has made instant and cross-border payments easier. FinTech companies use the tech to offer quicker, more secure international payment methods with lower fees. In 2024, it will be more beneficial to use Blockchain to associate with global banking to boost money transactions and payments for multiple purposes.