A Report by CYS Global Remit FinTech Development Unit
This article, published by Global Banking & Finance Review, a leading online and print magazine, provides insights into the key trends that business leaders in the fintech industry should monitor in 2024. As technologies continue to evolve to meet the changing needs of global consumers, fintech companies can anticipate significant growth opportunities alongside advancements in digital solutions.
As of 2023, the fintech market boasts a valuation of $226.76 billion with a projected compound annual growth rate (CAGR) of 16.8 percent in the forecast period from 2024 to 2032. If this trajectory continues, the industry could reach a staggering market valuation of $917.17 billion by 2032.
To leverage these advancements, companies, including CYS Global Remit, need to stay abreast of key industry trends. The article highlights several trends of particular interest to CYS Global Remit:
Growth of Software-as-a-Service (SaaS) Model
In 2024, the fintech landscape is expected to undergo a significant transformation driven by the Software-as-a-Service (SaaS) industry. The SaaS model is reshaping the space through its cloud capabilities, eliminating installation complexities and reducing expenses. This advantage allows businesses to prioritize customer experience, ultimately boosting profits and customer satisfaction. For CYS Global Remit, SaaS is instrumental in offering secure and adaptable financial services solutions.
Increased Reliance on Automation for Efficiency
Artificial intelligence (AI) has been a focal point in various industries, and in recent years, automation solutions have fuelled the growth of digital payments. CYS Global Remit is actively exploring the use of large language models (LLMs) to enhance productivity through automation.
In 2024, consumer demands remain a significant factor shaping the fintech industry. With the increasing empowerment of users through mobile devices, fintech organizations must align with consumer needs. Financial institutions are striving to provide services with minimal entry barriers, addressing the demand for greater accessibility.
CYS Global Remit is committed to delivering a secure and seamless payment experience through new channels, aligning with the expectations and trends of 2024.