Top 7 Fintech Trends Predicted for 2024.
Fintech Design
February 19, 2024
4 mins read

The digital assets market is going to rise by 17.4% in 2025. McKinsey & company predicted 15% annual growth rate of fintech revenue between 2022-28. Fintech is about to reach USD 882.30 by 2030 because people are using finance based app.

Top Fintech Trends for 2024

For 2024, there are big questions to answer because of economic downfall is taking place, but AI is enhancing the current situation in fintech & banking space.

7 Amazing Fintech Trends predicted for 2024.

1. High number of AI applications.

AI capabilities are known for easier & better business operations. Better revenue generation for future strength.

In fintech & banking, there are wide range of AI-applications which includes robotic advisory, risk mitigation, evaluation, credit analysis, & algorithm trading.

This feature will enhance customer buying decisions on the app.

Gamification is the new AI feature which is in demand, chatbots, voice & facial detection, personalized experience, fraud detection.

Top Fintech Trends for 2024

2. More stability in payments process.

Fintech users are constantly searching for better options in the market. As digital payments are more co-friendly in comparison to credit cards & traditional transaction method.

As cash-less payments are in high-demand in the market.

Services like mobile wallets, peer to peer transfer of apps, & scan QR option for easy transfer of payment at store.

3. Merger & Acquisition.

You will see more merger & acquisition projects in 2024 as established fintech firms are looking to merge with financial institution.

This transition is making rise of more new startups in fintech ecosystem. Number of M & Startups are introduced in 2023 and about to increase in 2024.

Rise of Fintech Apps as consumer want a stable source of accountability. App like Yono sbi, Paytm, Gpay has transformed the fintech business in India.

4. Digital Banking App.

API ( Application Programming Interface) in banking is driven by growth & transformation. Embracing open collaboration with banks & companies to cherish data efficiency.

You’ll get personalized financial advice & extra trust on fintech apps. API calls for banking are about to grow by 645% in 2024.

As per Insider Intelligence forecast, despite pandemic hit, mobile commerce is grown by 8.7%. Because apps are simpler to use anytime.

5. More security & privacy to apps.

AI-enabled voice & facial recognition on the app will take place for more growth in fintech space. The largest market is of digital products: US$152.20 billion in 2024.

Banking & fintech app needs to be secured because people have trust on them.

6. Risk of embedded fintech.

Industries like ecommerce, retail, education, & finance is about to be successful in embedded finance solution. More features are on the way of fintech revolution & this change is making financial decision easy to implement.

Embedded payments includes:

  • One-click payments.
  • Mobile wallets.
  • Real time payments.
  • Fraud detection & prevention.
  • Open Banking API.
  • Embedded payments API.

Lending Includes:

  • AI-powered decision.
  • Credit scoring decision.
  • Open banking APIs.

Embedded Insurance:

  • Application programming interface ( API).
  • ML algorithm.
  • Real time risk assessment.

7. Gamification in Fintech.

Integrate with user experience ( UX) & monitor your gamification strategy. This feature boosts engagement, increase ROI, & give unique feature to your solution.

It attracts new clients, gives retention rate, & retain customer with feature like saving goals, budgeting, & achievement badges.

Top Fintech Trends for 2024

How to select the high-quality fintech app designers.

  1.  Do market research to take out the best in the country as per your demands, focus on whom produces high-quality UX/UI design with AI-powered features.
  1. You can also search on Google which design agency in performing in your city like Chennai, Bangalore, & Mumbai for high output at the end. Alien is performing like a hero in this Fintech app design domain.

Indian Fintech industry is about to reach $110 Billion by 2024.

Fintech Sector in 2024.

  1.  Banking as a service & embedded finance in taking up the market.
  2.  A2A payments for flexibility & convenience.
  3.  Digital wallet integration with fintech app.
  4. B2B ( Buy Now pay later ) for small and medium enterprises ( SME’s) .
  5. Mobile financial uplifting.
  6. Growth of ESG sectors ( Environment, Social, & Governance).

Fintech Digital banking gives offers convenience, uplifted security measures, supports financial inclusion, & providing personal feedback on financial decisions.

Our App design methods at the Alien design will make your next fintech startup a big success if you put your time here.

Conclusion.

Fintech will boom in coming years if applied right strategies in the market & take support of the best app creators + designers. Your features, benefits, & extra add-ons matter in your fintech startup because customer will use it if it gets benefited.

If you’re planning to launch the new fintech startup this year, then we can contribute our services of fintech UI app design in India.

Fintech startups are changing the situation, increasing revenue, & boosting sales at the global level. App like Razorpay, Paypal, stripe, wise, & ramp are showing their relevance by providing better services around the world.

Currently documenting the journey of building a Product | Co-founder at Alien. I am passionate about the creative field, which led me to initiate my journey into business with a focus on digital products. Beyond my professional pursuits, I find solace in traveling and taking breaks from city life, often indulging in trekking adventures.

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FAQ

How are AI applications shaping the fintech and banking sectors?

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AI applications in fintech and banking, such as robotic advisory, risk mitigation, credit analysis, and algorithmic trading, are enhancing business operations and revenue generation. These applications offer personalized experiences, gamification features, and fraud detection, improving customer decision-making on fintech apps.

What trends can we expect in digital payments in 2024?

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Digital payments are gaining stability and popularity due to their eco-friendliness and convenience. Trends include the rise of mobile wallets, peer-to-peer transfer apps, QR code payments, and increased adoption of cashless transactions.

How will mergers and acquisitions impact the fintech landscape in 2024?

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Fintech firms are increasingly merging with financial institutions, leading to the rise of new startups. This trend fosters more stable accountability and the introduction of innovative fintech apps, transforming the financial ecosystem.

What role do digital banking apps play in the fintech industry?

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Digital banking apps leverage APIs for growth and transformation, offering personalized financial advice and building trust among users. API calls for banking are projected to increase significantly, driven by the growth of mobile commerce and simplified app usage.

How are security and privacy being enhanced in fintech apps?

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Fintech apps are incorporating AI-enabled voice and facial recognition for improved security. With the digital products market booming, ensuring app security is crucial to maintaining trust among users.