BANKS, FINTECHS AND DIGITAL PAYMENTS: 5 CHANGES TECHNOLOGY WILL BRING THIS YEAR

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What do I expect? Finance in 2024? Changes in consumer behavior and competition between banks, fintechs and insurers are driving adoption. Innovative technological solutions It improves customer experience and business profitability.

This was revealed in a report by N5, a multinational software company that works with the digital transformation of its clients in the financial sector across 14 countries.

“We live in a world that is constantly changing, and actors and companies in the financial sector are no exception. At N5, we provide services to some of the largest companies around the world. Big opportunities Open to those who excel in using new ones Technologies like AI. “We are moving towards an increasingly global and integrated world where virtual payment systems and open banking will increasingly be the protagonists,” said Julien Colombo, CEO and founder of N5.

According to the study, the five trends that will define the future of finance in 2024 include:

1. Customization of Products

The first trend identified is the rapid change in the way consumers and companies in the industry use payment and financial services. This is a combination of new technologies (such as generative AI) and local and international regulatory developments. Therefore, investing in services and products tailored to customer preferences and behaviors will become one of the key issues that financial institutions should have on their radar in 2024.

Additionally, generative AI is transforming analytics and decision making in the financial industry like never before. The tool enables banks, fintechs, traders and insurers to analyze large volumes of historical data in real-time, allowing them to spot patterns and trends hidden in plain sight and improve predictive ability in a volatile market.

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2. AI for fraud prevention

Using AI as a tool for fraud prevention is an increasingly widespread trend among financial institutions and 2024 will be no different. According to global research conducted by Nvidia, major applications for artificial intelligence include the financial sector detection He cheats In money and transactions (31%) followed PLD (Anti-Money Laundering) and KYC (Know your customer) (23%).

Artificial intelligence will have a strong impact on the financial sector this year.

3. The rise of generative AI

While traditional artificial intelligence has gained traction around the world, contributing greatly to innovation in the financial sector, the increasingly frequent implementation of generative AI is demonstrating enormous potential to further develop new financial services. to market needs.

Large-scale use of this tool will significantly improve service delivery Banks, Insurers Y fintechs Customize and optimize processes to deliver more efficient experiences tailored to users' unique needs.

4. Growth of digital payments

Undoubtedly, digital payment systems will continue to strengthen and increase throughout Latin America by 2024. According to a study by consulting firm McKinsey, the value of digital payments in the region will reach USD 2.5 trillion by 2025. It will gain tremendous momentum this year, mainly supported by the high penetration and growing trend of smartphones. Accepting contactless payment solutions.

5. Depth of open bank

He Open Bank Or open banking is a trend that is gaining more and more strength in Latin America and 2024 will be no different. As a result, adoption rates are increasing Digital BankCollaboration between fintechs and traditional banks and the search for inclusive financial services has become an inevitable step for the sector, with new financial products and services emerging in the country.

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“These five trends are presented as ideal partners to accelerate the digitization of the financial sector,” imagines the manager of the legendary company Microsoft.

N5 now is a business systems platform designed for the financial sector ), OCM (channels) and Alpha Now (data).

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