Fintech Trends 2024 | Cybersecurity

Key Fintech Trends in 2024

2024 is off to an exciting start, and the fintech industry is expecting huge changes this year. From digital currencies to AI and biometric security verification, 2024 is expected to bring about some of the biggest changes in the sector in recent memory.

If you or your clients are part of the financial technology industry, staying ahead of the coming changes is essential.

Let’s begin the new year by taking a closer look at the developments unfolding in the industry, and how cybersecurity will play a key role over the next 12 months.

A year of big changes for Fintech

The Financial Technology sector is one of the newest and most exciting industries out there, combining lucrative financial know-how with the latest IT expertise to develop cutting edge payment systems, financial apps, and blockchain based payment processing solutions.

As a heavily tech focused sector that processes huge amounts of financial capital on a daily basis, Fintech has to stay ahead of the curve when it comes to the latest advances in technology.

A recent report by the DeVere group lists three key areas of change that we can expect to see in Fintech this year. Let’s take a look at each of them in more detail.

1. Large scale AI adoption

Recent developments in artificial intelligence, including the universally known ChatGPT, are revolutionising the way that many sectors are doing business.

In 2024, we expect to see far reaching implementation of AI in the sector, from data processing and analysis applications including payment verification systems to the rollout of chatbots to assist with client facing tasks.

2. The rise and rise of mobile payments

As financial services clients opt to process transactions using their devices, the demand for mobile payment solutions is skyrocketing.

Cryptocurrencies have enjoyed a bumper year in 2023 with the value of Bitcoin increasing more than 150%.

The launch of reserve bank digital currencies around the world is also sending a strong message that traditional money no longer has exclusivity in the market.

Merging mobile payments with digital currencies will therefore be the next step for the Fintech industry as personal and business clients make payments on the go using both traditional and digital currencies.

3. Biometric identification and enhanced cybersecurity

The raft of changes that are set to take place in the financial tech industry next year mean that a huge amount of personal data and financial capital will be circulating digitally.

To help ensure the safety of this information and prevent a catastrophic theft of funds, enhanced biometric verification methods will be needed to facilitate Know Your Customer (KYC) procedures and transaction validations.

From a cybersecurity point of view, facial recognition and fingerprint verification will continue to play a huge role in the security of financial transactions.

Ensuring that financial data is kept safe using encrypted secure cloud storage will also be imperative for every Fintech business.

Secure your transactional data in the cloud

2024 promises to be an exciting year in both the financial and IT industries. To keep your data safe this year and focus on growing your business instead of stressing about the fallout of a cyber attack, browse our range of secure cloud storage packages for business of all sizes.

10 Technology Trends to Watch in 2021

Technology and the online world have taken centre stage throughout 2020 as the Covid-19 pandemic wreaked havoc on businesses and the freedom of movement across the world. More than ever before, the importance of technology and the online community has been realised. With 2021 already in full swing, all eyes are yet again on technology and online services to see what’s on offer to improve the user experience.

the trends to look out for

With the lead up to the new year, experts and users have been talking about what’s expected and predicted for 2021. There seems to be a general consensus that the following tech trends will make an appearance this year.

1. a move to the cloud

Cloud computing was already emerging before world lockdowns came into place, but now it seems as if cloud systems for businesses, along with remote working, will become the new norm.

2. a “verify everything” approach to cyber-security

With cyber-security becoming a main focus of all organisations great and small, it seems as if the general approach will be to verify absolutely everything so as to minimise the possibility of fraud.

3. emerging african tech

African tech startups are coming to the fore and presenting great African tech products, built for Africans, by Africans. Soon we can start to look local for a lot of our own tech solutions.

4. rapid growth of artificial intelligence

Manpower shortages in the workplace will undoubtedly lead to companies considering the adoption of AI solutions to spur on productivity and growth.

5. development and further roll-out of 5g

Hopefully, 2021 will see the dust settle around the 5G conspiracy theories and more people and businesses will get on board with 5G development and implementation.

6. self-drive vehicles will be further developed

Self-drive vehicles are still something of a mystery to many, but as it turns out, even Honda is looking into creating an autonomous vehicle that in some instances, won’t require a driver. This year, more progress is sure to be seen in this particular test area.

7. online and e-learning education to flourish

It is expected with so many people being forced to stay home that more research and development will be seen in terms of creating online e-learning systems for education of all levels.

8. increase in online or telehealthcare

“Stay home and save lives” is a statement we have heard time and again, but what does someone do if they have a cold or an upset stomach and need to see a doctor? It seems that online and telephone health care is going to see an increase in popularity over the next year, where patients can get medical advice without having to leave the comfort and safety of their home.

9. increase in online orders for delivery

More and more people will feel comfortable waiting at home for their goods to be delivered to them in 2021. Because of this, many stores are creating online ordering and delivery systems that are safe, secure and highly efficient.

10. improved cyber-security systems

Businesses have become more acutely aware of the risks involved in operating remotely and online. As a result of this, businesses will be keen to upgrade their security systems to ensure that their businesses are safely secured.

what tech trends do you predict for 2021?

With these tech trends in mind, do you have any predictions of tech trends that will most likely be seen in the upcoming months? Share them with us! We would love to hear from you.

Top Trending Tech from CES 2020

The 2020 CES (Consumer Electronics Show) took place in Las Vegas from the 7^th to the 10^th of January 2020. With over 17 000 people visiting the show, spanning across exhibitors, media, and industry attendees, it was easy to overlook the highlights. There was just so much to take in!

To summarise the top trending tech at CES 2020 we collated all the reviews, feedback and published articles to find out just where the spotlight was shining.

A City of the Future with no Human Drivers

Toyota revealed a surprising exhibit of a “prototype city of the future”. The company plans to create this city in Japan, near Mount Fuji, on a 175-acre plot of land. Here you will find a real city, with real people and an experimental laboratory where future technologies will be worked on including self-driving vehicles that run on hydrogen fuel cells. Toyota also plans to have robots and smart homes as the norm in this future city. None of the residents of Toyota’s conceptualised city will drive cars. Instead, Toyota plans to provide self-driven vehicles and other forms of sustainable transport. Certainly worth following!

Plant-Based Foods

A vegan lifestyle with plant-based foods has become a way of life for many, both globally and here in South Africa. With this in mind, an innovative ‘non-tech’ exhibitor – Impossible Pork, a creation of Impossible Foods, caught the eye of attendees to the show. The company, which focuses on the reduction of global greenhouse gases and the sustainable feeding of millions, has already brought products such as the Impossible Burger to the market. Now with Impossible Pork, food lovers can enjoy the very same appearance, taste, and texture of pork with the knowledge that it is plant-based…and therefore far better for the environment and of course, one’s own health. Impossible Pork’s presence at the show for the second year running only proves that the tech world is accepting food innovation as a respected and valuable part of the industry.

Less Techy Tech

Thinking about or discussing the latest tech advancements usually brings to mind avant-garde type devices, bright screens, and flashing lights – and other weird and wonderful gadgets. Three companies exhibiting at CES were toning tech down to make it look more natural.

Mui Lab presented smart displays that blended in instead of standing out. In fact, some of the tech displays simply looked like regular everyday items.

UltraSense and Sentons showcased a range of metal, wood and plastic casings with touch interfaces, similar to a smartphone. Both companies displayed a variety of items with one showing how future phones could take photos simply by being squeezed, how volume could be controlled by a simple finger slide and so forth.

The ScanWatch

This year’s CES saw new health tracking and wearable tech make its way to the front of the queue. One particular device that caught the eye of many was the ScanWatch, which does so much more than any other health tacking watch currently on the market. The ScanWatch can pick up on sleep apnoea, and even run electro-cardiagrams and photoplethysmography tests to ensure that a user’s heart rate is optimal.

Calorie Tracking GoBe3

Another health app that had a wow-factor was the GoBe3, which has the unique ability to detect just how many calories someone has consumed as well as determine stress levels. It does this by doing skin readings much the same as a lie detector test does.

The OrCam Read device, to help people with Dyslexia

OrCam, is a company specialising in artificial intelligence. At CES 2020, the company had a gadget called the OrCam Read on show. This handheld device will help people with reading problems and dyslexia to read a word or block of text more effectively. The user simply points the device at a chunk of text and hit submit. The laser beam then highlights the selected text and starts to read it out loud. The company also plans to take reading a step further with the introduction of another device called MyEye 2. The device clips on to the side of a pair of spectacles and when the user points at text, the device senses it and reads the relevant content. The user can stop the reading by holding their hand up in a “stop gesture”.

Take Away

This year’s CES was nothing short of impressive. Those who got to witness the show first hand were privileged to get a sneak preview of what the future has to offer us. We’re certainly looking forward to it!