Fintech Trends 2024 | Cybersecurity

4 Jan

Key Fintech Trends in 2024

2024 is off to an exciting start, and the fintech industry is expecting huge changes this year. From digital currencies to AI and biometric security verification, 2024 is expected to bring about some of the biggest changes in the sector in recent memory.

If you or your clients are part of the financial technology industry, staying ahead of the coming changes is essential.

Let’s begin the new year by taking a closer look at the developments unfolding in the industry, and how cybersecurity will play a key role over the next 12 months.

A  year of big changes for Fintech

The Financial Technology sector is one of the newest and most exciting industries out there, combining lucrative financial know-how with the latest IT expertise to develop cutting edge payment systems, financial apps, and blockchain based payment processing solutions.

As a heavily tech focused sector that processes huge amounts of financial capital on a daily basis, Fintech has to stay ahead of the curve when it comes to the latest advances in technology.

A recent report by the DeVere group lists three key areas of change that we can expect to see in Fintech this year. Let’s take a look at each of them in more detail.

1. Large scale AI adoption

Recent developments in artificial intelligence, including the universally known ChatGPT, are revolutionising the way that many sectors are doing business.

In 2024, we expect to see far reaching implementation of AI in the sector, from data processing and analysis applications including payment verification systems to the rollout of chatbots to assist with client facing tasks.

2. The rise and rise of mobile payments

As financial services clients opt to process transactions using their devices, the demand for mobile payment solutions is skyrocketing.

Cryptocurrencies have enjoyed a bumper year in 2023 with the value of Bitcoin increasing more than 150%.

The launch of reserve bank digital currencies around the world is also sending a strong message that traditional money no longer has exclusivity in the market.

Merging mobile payments with digital currencies will therefore be the next step for the Fintech industry as personal and business clients make payments on the go using both traditional and digital currencies.

3. Biometric identification and enhanced cybersecurity

The raft of changes that are set to take place in the financial tech industry next year mean that a huge amount of personal data and financial capital will be circulating digitally.

To help ensure the safety of this information and prevent a catastrophic theft of funds, enhanced biometric verification methods will be needed to facilitate Know Your Customer (KYC) procedures and transaction validations.

From a cybersecurity point of view, facial recognition and fingerprint verification will continue to play a huge role in the security of financial transactions.

Ensuring that financial data is kept safe using encrypted secure cloud storage will also be imperative for every Fintech business.

Secure your transactional data in the cloud

2024 promises to be an exciting year in both the financial and IT industries. To keep your data safe this year and focus on growing your business instead of stressing about the fallout of a cyber attack, browse our range of secure cloud storage packages for business of all sizes.

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