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Major Fintech Trends of 2024 and Their Impact

Due to the rapidly evolving technology space and the emergence of tech startups, the global financial landscape has seen a paradigm shift. The modern consumer now expects instant access to products and services via the digital medium.

While it’s important for businesses to adapt to changing times, it’s equally crucial to keep up with the trends so the competition doesn’t outpace them. In this article, we’ll discuss some of the most popular financial trends in 2022 that every finance enterprise should adopt in their business. 

Most popular trends in financial tech services 

As everything is continually digitizing, have you ever wondered which Financial technology trends businesses are following? 

To answer all your queries, Hero Vired (a company that offers top finance certification courses) has listed the best fintech trends, which top-most companies are employing to keep up with the times.

Digital-only banking and neo-banking

Digital-only banking is one of the fastest-growing trends in the fintech industry. Nowadays, customers are gradually moving towards digital-only account holding. 

Modern-day customers are demanding more from their respective banks, with an expectation of being digital-first. 

Open banking
As of 2022, the second-most widely used financial trend is open banking. It encompasses using banks’ APIs to authorize third-party financial assistance organizations to manage and access customer data, with their approval.

This financial trend of banking provides more flexibility to the user while sharing financial information with relevant companies. 

Blockchain and tokenization

Blockchain technology allows for digitally distributing the records which are publicly accessible. Records within the blockchain are unchangeable. Thus, nobody can hamper, manipulate or delete an entry once it is assigned.

Blockchain is counted as among the best technologies to keep data safe and secure. 

Robotic Process Automation

Robotic process automation, or RPA, is a financial method of transferring informal handbook tasks to decree software robots. With this latest technology trend, one can save time and resources.

As a result, it allows banking and corporate organizations to save more time and work on human-focused tasks. Thus, improving the efficiency and providing a better experience to the customers.

Artificial Intelligence and machine learning

It is no surprise that Artificial Intelligence and machine learning have taken the world to another level. AI-based tools and machine learning algorithms have increased work proficiency, allowing humans to work effectively.

With the help of AI and machine learning, one can decode and solve more complex tasks in less time. Thus, it allows instant financial transactions with improved customer satisfaction.

Payment innovation and expansion

Due to the covid-19 pandemic, there has been strong growth in numerous payment innovations. Though the pandemic has seemingly subsided, the habits stayed – and the number is expected to grow yearly.

The payment innovation and expansion have improved the online mode of transactions. 

Growth in embedded finance

Embedded finance is the financial services offered by non-banking financial companies. As of 2022, consumers look for a brand that provides a personalized experience.

As this figure grows, so does the popularity of embedded finance. For instance, the ‘Buy Now, Pay Later (BNPL)’ trend. In this case, businesses and companies go through a third party and furnish their BNPL programs to their consumers. 

Tighter fintech regulations and Reg-Tech

Fintech has been a holy grail in the world of finance. Financial services are expanding significantly now. However, we are also entering into new territory with challenges.

As a result, there will be tighter fintech regulations to meet these challenges. For instance, stock trading apps that democratize investing. 

Collaboration between traditional institutions and fintech firms

Today, the digital world is more connected to finance than any other industry. This creates more cooperation and collaboration between traditional financial institutions and fintech firms.

For instance, a fintech banking enterprise might collaborate with a retailer to offer embedded finance solutions. 

Increased financial inclusion

In a 2018 report, the World Bank stated that around 1.7 billion people had no bank account.

However, as of 2022, fintech firms are playing a major part in increasing financial inclusion, thanks to the financial services trends and technologies!

What is the impact of these fintech trends?

In the past few years, there has been rapid growth in the fintech industry as technology has seized the entire business value chain of the financial and banking sector. 

Fintech, as of now, offers a variety of financial financials to both businesses and consumers. This ranges across money transfers, online banking, online money tracking, and even investment management.

For instance, you have $50 and want to buy a stock or share of your choice. Till a few years ago, if one had to buy any stocks, shares, or bonds, they had to go to the same broker. This resulted in brokerage fees, commissions, and other charges. 

After adding all these expenses, the initial investment amount comes down due to the brokerage fees. As a result, people with lesser investment capacity could not even think of investing in stocks and shares.

However, with the help of fintech, the average retail investor does not need a brokerage service. You can buy or sell any stocks and shares with just a click. There are usually no additional brokerage and commission fees required, and even if there are any, they are very minimal.

Financial services trends have revolutionized the investment business and compelled many predominant parties to legislate their methods and fee systems.

With the rise of technology, various robo consultants advise newcomers with a low fee structure and brokerages. 

Also, investment firms are required to obey the command to persist in the competition. Thus, it is necessary to opt for the best professional courses in finance to procure the top finance certifications.

For the best certifications in financial technologies, you can go for the Hero Vired Integrated program in Finance and Financial Technology

Key skills needed for finance professionals

To cope with the latest market demands, you must have a decent grasp of current market trends. Further, you need to have completed various professional courses in finance because tracking machine graphs and data analytics is somewhat tough for old-generation financial experts.

Here are some of the best and most valuable finance skills, which you can learn by joining programs in finance online. Adding these aptitudes to your armory can heighten the likelihood of bagging a high-paying position in the finance industry.  

Data analytics

Finance is all about analytics today. Having a good hold on analytics and data is a key skill for finance professionals. However, it not only implies the analysis of the data reading but also interpreting and representing it.

Accounting skills 

Accounting skills are one of the primary skills that every financial professional should be good at. These are the methods and techniques which assist you in tracking, recording, and handling monetary transactions with proficiency and effectiveness.

Almost all recruiters hiring for financial roles look for accounting skills, which are crucial while enacting financial calculation, monetary tracking, data management, and other tasks. 

You should have a great hold on your accounting skills. A top finance certification program to upskill your abilities will definitely help with this.

Business Intelligence 

Finance professionals are one of the major pillars of enterprises. Business Intelligence refers to the use of data and technology to forecast trends, which is something finance professionals must know. There are reasons why firms choose experts skilled in resource planning software (ERP).

Some of the popular ERP tools are Oracle and SAP. These tools are impressive in managing stock, scheming forthcoming purchases, distributing labor duration, etc. Almost all the best professional courses in finance nurture the Business Intelligence ability. 

Financial modeling/mapping

The process of mapping and representing any real financial data or value in a definite way is known as Financial modeling. It is basically a representation of a mathematical model that shows an investment’s monetary performance.

Understanding the data figures is the key to learning financial modeling. These models and data representation are widely employed during a seminar or presentation. Join top finance certification courses to become an expert on financial modeling.

Cash flow management

One major financial ability that every financial expert should have is the proper understanding of cash flow mechanisms. Cash flow management analyzes, monitors, and optimizes the money used while completing an assignment.

A proper, well-organized business uses a cash flow mechanism to keep proper track of the business funds. With improvised cash flow administration, enterprises can avoid financial loss and make their work more productive and sustainable.   

Data management 

Last but not least, data management is the ability to organize the company’s data – be it inventory data, cash flow, or sales data. Generally, the data managing work is given to some senior employee of the company who has been working for a long time.

But people with generous analyzing and managing abilities get the opportunity to serve as data managers. Take up a professional certificate for finance to unlock these positions in your companies. 

Fintech trends are gradually becoming fundamental for financial services growth. Thus, it is essential for finance professionals and experts to learn and acquire these tech trends to add additional expertise to their armory. 

To make learning easier, Hero Vired, in association with the Massachusetts Institute of Technology, offers the Integrated Program in finance and Financial Technologies.

Just like technologies that facilitate mobile and cross-border payments, BNPL, and financial software development, financial experts also need to keep up the same pace. The joint program is among the top finance certifications and covers core concepts of finance such as:

  • Foundations of Modern Finance I
  • Financial Accounting
  • Behavioural Finance and Technical Analysis
  • Financial Regulations and Analytics
  • Finance, Fintech, Regulations, and Data from an Indian Perspective
  • Foundations of Modern Finance II
  • Financial Modelling (in Excel)
  • Overview of Machine Learning, Artificial Intelligence, and Python Programming for Financial Applications
  • Financial Technology

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