10 trends that define the fintech industry’s future (by #Plaid)

I just found an interesting blog by Plaid:

10 fintech trends for 2024 that define the industry's future

What are the 10 fintech trends?

Trend #1: Consumers will use more fintech apps than ever

Trend #2: Fintech increasingly provides financial stability during uncertain times

Trend #3: Emerging payment technologies will become as normalized as the credit card

Trend #4: Credit score alternatives will revolutionize consumer credit

Trend #5: Bank payment usage will continue to grow.

Trend #6: Embedded finance revenues expected to triple by 2029

Trend #7: Financial identity fraud attempts will grow, but identity verification solutions are stepping up to fight it

Trend #8: Loan volumes begin to trickle back up

Trend #9: AI will revolutionize the way consumers manage money

Trend #10: Consumers lean into traditional investing as crypto interest cools

There’s obviously much more detail on their blog page, but it’s more than just a blog, it’s a whole in-depth 50 page report that you can download. What’s in the report? Well, here’s a few key results:

• 70% of consumers prefer A2A payments than debit or credit cards
• 63% of consumers say that credit scores are not good enough
• 66% of consumers want fintechs to teach them more about how to manage money
• 91% of consumers have key financial goals
• Four out of five consumers are happy to open accounts with fintechs
• The average consumer has three or more fintech apps

The report is based on a late 2023 survey of over 2,000 Americans.

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