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Fintech trends for 2024

We have identified the most exciting trends in the coming months from Fintech as a force for good to programmable money.


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Fintech 2024

Fintech, a portmanteau between ‘finance’ and ‘technology,’ represents a revolution in the financial world that has redefined how we handle money, with technology driving the evolution of services. In fact, this sector combines technological innovation with the world of finance. In addition to providing a set of digital tools or platforms, it has triggered a radical change in the financial mindset of insiders and users/clients, laying the foundations for greater inclusion and accessibility of services.


Just think of the ease with which it is now possible to open an account, send money, make a transfer, or even an investment via a ‘challenger bank’ app with a click from our mobile phone at any time. Fintech has also produced another result, pushing traditional banks (and regulations) to accelerate digitization processes and innovation in services, as they have to keep up with the changing pace and customer expectations.


New fintech solutions are the answer to the needs of an increasingly connected and dynamic society, which demands agile and customized financial solutions. However, this world of financial innovation is not immune to challenges, as evidenced by the impacts of inflation, rising living costs, and geopolitical events.


Consolidation of the Fintech sector

The fintech ecosystem has experienced exponential growth in recent years, leading to increasingly fierce competition. Qonto predicts industry consolidation in the coming months and years, with possible mergers and acquisitions between fintech companies. Despite the competition, Qonto’s report shows a growing interest of SMEs in digitization and Fintech in 2024, indicating a steadily increasing demand.


Fintech Trends for 2024: what should we expect in 2024? Let’s look at the trends we have identified globally.


Programmable money

This blockchain-based technology can be used as a solution to provide money to individuals and communities quickly, using event-triggered programming (via smart contracts, for example) that releases funding to individuals or communities in need. For example, an insurance product is designed to pay out if drought damages crops. If certain conditions are met, money is immediately disbursed to those most affected.


Artificial intelligence

Artificial intelligence is a technology that has already improved several banking processes, including payments, investments, and risk management. And it is recognized by all analysts as the one that will also have the most influence in 2024 in several respects. For example, in the form of advisory and wealth management applications, more consumers and institutions look for more innovative and more ‘hands-on’ solutions of this kind. Such solutions are based on GAI, Generative Artificial Intelligence, which harnesses large amounts of data and sophisticated algorithms to provide more astute, streamlined, and personalized monetary solutions that improve decision-making and performance. Other AI-related trends will be cybersecurity and fraud detection (such as money laundering), chatbots and virtual assistants, blockchain, and data analytics.


Embedded finance

Embedded finance is expected to grow rapidly in 2024 as more platforms leverage fintech infrastructure and APIs to integrate financial services into their offerings.

We discuss financial services ’embedded’ in non-financial platforms such as e-commerce, social networks, or healthcare. This approach aims to improve the user experience, create new revenue streams, and build customer loyalty on these platforms. We are already widely seeing it and will grow, integrating it with payment solutions such as BNPL or other financing options.


ESG criteria: sustainability at the heart of financial decisions

Sustainability will be a key element in 2024, with fintech companies considering financial returns and their activities’ environmental, social, and ethical impact. Qonto, with its Impact Strategy announced in 2023, is an example of how companies are adopting ESG criteria to create a more resilient Fintech sector for the future.

Sustainability will influence strategies and be part of the Fintech growth for the next years with new payers on the market!


New trends = new opportunities

Off the list, a forecast from Lloyds Banking Group offers an exciting insight into Fintech as a ‘force for good.’

Due to the increasing focus on ESG issues, the Fintech companies that will be focused on investment will also be those driven by mission and purpose. Companies must consider their carbon footprints, supply chains’ impact, social impact, gender balance, and increased inclusivity in foundation and leadership teams and boards. 

Vast amounts of capital will be set in motion after several new funds and initiatives focused on charitable investment and international development are announced at COP28. Among them, the United Arab Emirates will allocate USD 30 billion for a fund to invest in climate projects globally; the World Bank said it will increase its allocation of funds for climate-related projects to 45%, which means USD 9 billion more in total. All this will also affect Fintech’s growth.