Juniper Research has unveiled its forecast for the top 10 fintech and payments trends poised to shape 2024.
Topping the list is the anticipated surge of Account-to-Account payments, positioned to rival traditional card payments in ecommerce. This will be driven by the reduced cost, increased speed and the rise of open banking, which will help to reduce fraud.
Other top trends include specific central bank digital currency use cases to emerge in the market, generative AI in banking to transform spending insights, and digital identity adoption to be catalysed by digital wallet integration.
The whitepaper found that the fintech market is undergoing a “rapid shift”, where innovative technologies are reshaping established business models.
“The fintech and payments market is undergoing fundamental changes, with new payment methods and different business models threatening to completely uproot existing operations,” said Nick Maynard, Juniper Research’s vice president of Fintech Market Research.
“Stakeholders must fundamentally reassess the viability of their offerings, and build ambitious roadmaps for future developments, or they will be left behind by more agile competitors.”
Juniper Research, a UK-based entity that specialises in market intelligence and advisory services for the financial sector, accentuates the need for industry players to adapt swiftly to the market changes.
The list of trends, ranked in descending order of impact, also includes anti-money laundering tools to better leverage AI as alternative payments complicate compliance, sustainable fintech solutions to emerge as ESG compliance tops agenda, and FedNow to fail to match instant payments success but value-added-services to flourish.
Concluding the list are mobile financial services to speed up transition to banking tech services, biometric in-store payments to surge as checkout innovation rises, and B2B BNPL to provide critical financing for small and medium enterprises.