{"id":21571,"date":"2024-04-11T18:20:25","date_gmt":"2024-04-11T16:20:25","guid":{"rendered":"https:\/\/www.intellias.com\/?p=21571"},"modified":"2024-07-22T15:47:57","modified_gmt":"2024-07-22T13:47:57","slug":"fintech-in-the-year-of-the-connected-customer","status":"publish","type":"blog","link":"https:\/\/intellias.com\/fintech-in-the-year-of-the-connected-customer\/","title":{"rendered":"FinTech Industry Trends in 2024: The Year of the Connected Customer"},"content":{"rendered":"
In the past few years, big things have happened in the FinTech space.<\/p>\n
<\/p>\n
As an industry veteran, you\u2019ve probably heard all this before:<\/p>\n
So, will there be any really new financial services industry trends in 2024? Yes and no.<\/p>\n
We believe that 2024 trends in FinTech will be defined by the rise of the connected consumer, whose pains, needs, and demands will drive product development and shape the overall vector of the financial industry. The potential of AI will be actively explored to meet these pains and needs.<\/p>\n
This year, instead of talking about individual tech trends, let\u2019s go on a bit of a journey through the customer looking glass.<\/p>\n
Financial Services & Insurance<\/p>\n
Once upon a time, all a customer expected from a bank was to store their hard-earned cash and provide some way to spend and withdraw it. Then came challenger banks and other FinTechs, who showed that all things finance could be lightning-fast, mobile-friendly, and affordable.<\/p>\n
Meanwhile, customers grew accustomed to top-notch omnichannel experiences thanks to Amazon, Uber, and others, condensing once-daunting processes into one click. Gradually, customers have developed a digital ecosystem of products to fulfill their every need. Now, FinTech apps have the opportunity to find their place in the heart of that ecosystem.<\/p>\n
As we highlighted in our New Age in Banking<\/em> whitepaper<\/a>, Millennial and Gen Z consumers \u2014 the key target demographics for 2020\u20132030 \u2014 want to see their banking products as companions and advisors who are helping them reach their financial goals. And Gen X is not far behind Millennials in FinTech adoption.<\/p>\n Plus, in the past few years, FinTech awareness has surged globally:<\/p>\n <\/p>\n Source: DemandSage<\/a><\/em><\/p>\n In 2024, the customer experience (CX) is still a battlefield for FinTechs. Most financial companies have made huge progress in catching up with consumer FinTech trends. Collectively, FinTechs have reimagined the once-daunting tasks of opening a bank account, sending money to friends, applying for a loan, and planning for retirement.<\/p>\n Now, mature FinTechs will need to transpose that smooth CX from single-purpose to multi-purpose financial products. We\u2019ve come up with a good formula<\/a> for that:<\/p>\n Machine Learning (ML) + User Experience (UX) = Top FinTech Customer Experience (CX)<\/p>\n <\/div> \n <\/div>\n In a nutshell, connected customers want financial products that are:<\/p>\n We have already seen the efforts of both incumbent banks and FinTechs to meet these demands. In 2024, most will likely keep following consumer finance trends to build better, smarter, and more complex products.<\/p>\n\n