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Home » Financial Trends 2024: Experts on the Future of Fintech
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Financial Trends 2024: Experts on the Future of Fintech

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Elsewhere, Intellias Pavlo Khropatyy expects increased focus on cybersecurity in 2024, increased adoption of mobile payments and the use of gamification to drive customer engagement.

Cybersecurity

“Fraud in the fintech sector represents a major challenge for businesses, leading to massive economic losses. Machine learning offers a promising solution to combat financial fraud.

“By analyzing huge datasets of simultaneous transactions in real time, machine learning algorithms can identify patterns that indicate fraudulent activity.

“The advantage of using machine learning is its ability to continuously learn from results and update models, minimizing the need for human intervention to detect fraudulent behavior.

“For example, Danske Bank previously had a fraud detection system based on hand-crafted rules. At times, the false positive rate was as high as 99.5% of transactions, which caused investigation costs and the underlying customer experience to skyrocket.

“After adopting machine learning for fraud detection, the bank managed to reduce the false positive rate by 50% and increase fraud detection rates by 60%.

“While fraud detection continues to pose challenges for businesses, other critical areas require attention and implementation of measures to address issues such as money laundering, cyber attacks, data privacy and infrastructure vulnerabilities.”

Mobile Payments

“Mobile payments are essential to make banking services accessible, fast, safe and reliable for everyone. This represents the direction of future development of the banking sector as a whole.

“Millennials and Gen Z are increasing their disposable income and personal wealth. Adoption of FinTech products is booming. When you combine these facts, it’s clear that to remain competitive, every bank will need to raise the bar on customer experience.”

“In addition, the changing needs of the current customer profile will require continued investments to improve it.

“Customer experience (CX) and Open Banking (seamless integration) are now a key competitive differentiator in the banking industry, and we can expect to see a significant increase in the use and adoption of digital wallets for cashless mobile payments in 2024.

“Digital wallets for cashless mobile payments are integrated payment systems based on QR codes that benefit banks, e-wallets, payment platforms, retailers and consumers by enabling fast and secure transactions via a smartphone or smartwatch.

“The user connects his bank account to the system and completes the transaction with a simple scan. No personal data or banking details enter the system, making it completely anonymous and secure.

“A solution can be easily integrated into banking applications, cash registers, vending machines and retailer loyalty programs.

Gamifying customer experiences

“Gamification is a smart technique that banks are adopting to deliver the best CX experience and stay ahead of their competitors.

“Gamification is a powerful mechanism to power smart banking services and drive customer engagement. By using gamification in banking apps, a bank can target customers based on their specific needs.

“Video games satisfy people’s desire for entertainment, simplicity, social interaction, rewards and competition. And it’s a particularly effective solution given the proliferation of smart devices, the massive popularity of video games and the leisure pursuits of tech-savvy millennials and Gen Z.”

“Millennials are highly motivated by the idea of ​​getting rewards for their purchases and interacting with brands using immersive and interactive technologies.”

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