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Top 10: Fintech Trends of 2024

From AI-driven personalisation to Banking-as-a-Service, discover how cutting-edge technologies and evolving consumer demands have reshaped fintech in 2024

As 2024 comes to a close, key trends continue to reshape the global financial services landscape. The focus on customer experience, security, and accessibility remains paramount, while technological innovation drives the industry forward. 

Financial institutions that can effectively leverage these trends whilst maintaining robust security measures and regulatory compliance will likely emerge as leaders in this rapidly evolving sector.

In this Top 10, we look at the leading trends in the fintech space from 2024.

10. Banking-as-a-Service Expansion

Read more at FINTECH MAGAZINE

Why Playing It Safe in Financial Services Marketing Is Riskier Than You Think

Smaller banking institutions are finding it harder and harder to differentiate themselves in a crowded and noisy financial marketplace. Here's how one marketing leader helps his credit union win customers by focusing on three C's: Community, connection and creativity.

In financial services, it’s easy to fall into the pattern of relying on the same old marketing methods. But in a highly commoditized industry, simply putting out a competitive rate and hoping for a response isn’t enough.

If you want to stand out and attract new contacts, you need to break out of the mold, push boundaries, and think outside the box. Traditional strategies can grow stale, and today’s consumers demand more… something unique, something that resonates with them personally.

Here are three key takeaways on how to break free from traditional thinking and inject innovation into your financial services marketing strategy:

Read more at The Financial Brand

Have a tax law question?

Our #IRS Interactive Tax Assistant has answers.

Watch this short video to learn more:

https://youtu.be/y6HkaBkdKdU

IRS warns of holiday scams

• Avoiding clicking on unknown links in emails or texts.
• Verifying the source of any unexpected messages.
• Using strong, unique passwords for your accounts.

IR-2024-300: IRS warns of holiday scams, encourages protecting sensitive

personal information as 9th annual National Tax Security Awareness Week starts

Jose L. Santiago

Public Affairs Specialist

Tax Outreach, Partnership and Education

Email: jose.l.santiago@irs.gov

The CFPB’s payday lender rule will begin in March 2025: Orrick, Herrington & Sutcliffe LLP

On November 25, the U.S. Court of Appeals for the Fifth Circuit granted motions for clarification from both the appellants and the appellees to specify that the court’s stay will be lifted on March 30, 2025, for the CFPB’s payday lending rule. As previously covered by InfoBytes, the CFPB announced its payday lender rule will take effect on March 30, 2025, and this order issued by the appellate court confirms such date. The court’s decision modifies the order entered October 14, 2021, and specifies that March 30, 2025, is 286 days following the U.S. Supreme Court’s judgment in the case. Most recently in this case, the 5th Circuit denied rehearing en banc (covered by InfoBytes here).

Read more at JD SUPRA

55% of women employees want to improve financial literacy: survey

More than half (55 per cent) of women employees say they want to improve their financial literacy, compared to 52 per cent of all workers, according to a new survey by Intuit Canada.

The survey, which polled 2,600 employees and roughly 500 small- and medium-sized employers, found this gap in financial knowledge has resulted in many women facing difficulty in achieving goals such as saving for retirement (51 per cent), reducing debt (41 per cent) and balancing daily expenses (41 per cent).

While more than half of all employees reported feeling financially stressed in the past month, this percentage jumped among women (61 per cent) and generation Z (71 per cent). Indeed, two-fifths (43 per cent) of women reported experiencing anxiety or depression due to money woes, while 36 per cent struggled with sleep and 21 per cent said it has strained their relationships.

Read more at BENEFITSCANADA.COM

Agencies Issue Statement on Elder Financial Exploitation: FDIC

Five federal financial regulatory agencies, the Financial Crimes Enforcement Network (FinCEN), and state financial regulators issued a statement (PDF) today to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation. 

Older adults who experience financial exploitation can lose their life savings and financial security and face other harm. A FinCEN financial trend analysis of Bank Secrecy Act reports over a one-year period ending in June 2023 found that about $27 billion in reported suspicious activity was linked to elder financial exploitation.

Banks, credit unions, and other supervised institutions play an important role in combatting elder financial exploitation and supporting their customers who experience these crimes. The statement provides examples of risk management and other practices that supervised institutions may use to help identify, prevent, and respond to elder financial exploitation, including but not limited to:

Read more at The Federal Deposit Insurance Corporation (FDIC)

Federal Payment Charters Could Surface in 2025 Banking Debates

The idea of a limited federal charter specifically for nonbank payments companies appealed to top national bank regulators in both the first Trump and Biden administrations. But state banking regulators, who control licensing for money services businesses, even digital wallets, bridle at the suggestion they don't have the situation in hand already.

A curious regulatory turf confrontation may grow hotter next year once post-inauguration reality settles into the nation’s capital. What has been just a skirmish over regulation of nonbank payment companies to date could escalate into a full-fledged battle over the perceived need for a national limited-purpose payments company charter.

Part of what makes the friction curious is that the nexus of the battle in Washington, is the Office of the Comptroller of the Currency — past, present and, potentially, future.

Specifically, the basic concept of a federal payments charter was voiced by Brian Brooks, the Acting Comptroller in the latter part of the first Trump administration. Major banking associations made it clear they didn’t favor the idea.

Read more at The FInancial Brand

Earned Wage Access Is the Safe Alternative to Workers’ Needs–Policymakers Should Respond Accordingly: DailyPay, Inc.

The election made it clear: Americans are concerned about their financial wellness and the economy. Too many families are navigating the fine line between stability and hardship. In fact, the Federal Reserve reports that 38% of Americans would struggle to cover a $400 emergency expense. A recent Harris Poll of state and local government workers sponsored by DailyPay found one-third reporting that they are having a harder time paying bills than this time last year. 

For these households, timely access to wages they’ve already earned can be the difference between stability and economic insecurity. Enter earned wage access (EWA). It's a financial technology that addresses the needs of working people struggling to make ends meet. DailyPay’s EWA, for example, integrates with employers’ payroll systems, giving workers access to their own money as soon as they earn it. It's a revolutionary but simple concept, and it is disrupting a traditional financial system that leaves many low and moderate earning — as well as unbanked and underbanked — people falling through the cracks. What’s more, users don’t have to pay a dime to access their own funds, unless they want to pay an ATM-like fee to use an instant transfer option..

Read more at JDSUPRA.COM

Watch Your Business Skyrocket.

More Visibility. More Customers. More Loans

How to Ensure Business Continuity for Banks and Financial Services

Whether facing a natural disaster, a community-wide crisis, or an unforeseen global event like a pandemic, ensuring continuity isn't just a priority — it's a responsibility. Financial services companies that prioritize preparedness today will be better equipped to withstand disruptions and recover swiftly, keeping operations running smoothly through any crisis.

Disruptions are no longer rare events, but a persistent challenge for businesses across the globe. Banks and financial service companies, in particular, play a critical role in maintaining business continuity and safeguarding the economy during these times of uncertainty. Whether facing a natural disaster, a community-wide crisis, or an unforeseen global event like a pandemic, ensuring continuity isn’t just a priority — it’s a responsibility.

At the heart of that responsibility is the need for resilient properties that are equipped to bounce back. Facilities management is essential to withstanding disruptions, as being prepared for the worst allows financial service companies to continue serving customers when they are needed the most.

Read more at The Financial Brand

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