When you think of 2023, what do you think about? For this PR girl, I can think of a few things – Barbie slash Barbenheimer summer, the Taylor Swift and Travis Kelce love story, and the AI news takeover. Everywhere we looked, it seemed there was some new story out about these three topics.
But what about in the fintech space? If you were paying attention, as we know many of you were, you’ll remember that AI wasn’t the only hot fintech topic in the headlines – SBF trial, anyone? So, with all that excitement, how could we ever expect what 2024 might bring? Don’t worry, the KCD PR team came up with a few ideas that we believe will shape 2024 thanks to what we’ve already learned from this past year.
Buckle up, folks! Here’s what we’re predicting will be the big trends in fintech for 2024:
AI Continues its Rise
Thanks to the ease of AI taking away mundane tasks, we’re expecting consumers to expect more simplicity. More fintech companies will search for ways to use AI on a day-to-day basis to generate value and innovation. AI will likely be used for general counsel and to streamline the use of data to better tailor solutions to each customer. Things like chatbots combined with AI have become a vital source for users who expect real-time problem-solving and solutions.
AI can also be used in financial institutions to seek smarter and simpler financial solutions through AI-powered asset management and advisory. Consider financial giants Goldman Sachs and JP Morgan – they’re already developing their own LLMs! Other major financial players, such as Cambridge Investment Research, are using AI to streamline their daily processes and provide their customers with more personalized services.
As AI popularity continues to rise, we expect to see even more companies hop on board.
Super Apps Become a Major Player
What is a super app, exactly? It is a mobile or web application to combine multiple services into a single platform, such as Uber – get a ride, food, grocery delivery, and more! As these apps become more common, consumers will begin to expect the ease of getting everything they need in a single app wherever they go. Like we mentioned above, the key to 2024 appears to be “simplicity.”
According to the recent report by Future Market Insights (FMI), the super apps market is estimated to stand at US$ 887.30 billion by 2033! If your company hasn’t already started looking for a way to create its own super app, are you really trying?
Open Banking Casts a Wider Net
Propelled by regulatory measures in 2024, it only makes sense that open banking would begin to expand this year. Both new and incumbent banks will likely benefit off these measures, thus allowing them to expand to a global capacity while prioritizing customer rights and compliance. We expect to see more integrated financial solutions this year.
Cybersecurity is Vital
We’ve seen a variety of major threats this year, such as the major breach of Caesar’s Palace and MGM, and major coverage in the news to boot. However, while 2023 seemed to be a year of cyber threats and major concerns, we believe 2024 is gearing up to be a year in which stronger cybersecurity for everyone becomes vital. Perhaps, even, a collaborative global effort.
So, why the major breaches in 2023? The most likely answer is the continuing dependency on digital transactions. Think about how you spend your money or input your information – it’s all online! Apps, websites, and even Cloud information are all digital. This means as society continue our trek through the digital age, the likelihood of attacks on all of this data will become more common. That means we need more robust protection.
In conclusion, it’s clear that 2024 is gearing up to be a major year for the fintech industry. Thanks to the rise of easily accessibly AI, such as ChatGPT, and major security threats to varying industry leaders across the globe, the new year will be nothing short of surprises and innovation.
KCD PR is an innovative fintech marketing and PR agency with experience in crisis communication, building awareness through media relationships, and driving trust through its engaging campaigns.