Fintech Trends in 2024

Discover the operational fintech trends expected in 2024 and beyond, as anticipated by industry experts. Explore insights from Thomas Dolan, president of 28Stone, and Ben Dorks, CEO of Ideagen, on nurturing workforces, investing in employee well-being, and leveraging cutting-edge technologies in the ever-evolving world of fintech.

In an era marked by rising inflation, increasing interest rates, and a growing number of cyber threats, businesses, particularly in the fintech sector, are continuously adapting and evolving to ensure their resilience. This article explores the insights of fintech experts, Thomas Dolan, the president and co-founder of 28Stone, and Ben Dorks, the CEO of Ideagen, as they anticipate operational trends in 2024 and beyond. As the world of finance and technology collides, the focus is on nurturing workforces and investing in the health, safety, and well-being of employees while harnessing the power of automation and artificial intelligence.

Nurturing Workforces in the Fintech Sector

The fintech industry is no stranger to disruption and change. In 2024 and beyond, Thomas Dolan, of 28Stone, predicts that fintech companies will face mounting cost pressures. To thrive in this challenging environment, he foresees a drive toward greater automation, in line with the broader modernization of financial markets. Automation not only promises efficiencies but also greater accuracy for complex regulatory reporting. Dolan highlights the adoption of cutting-edge technologies such as generative AI as a key trend, even if they may not immediately align with a company’s existing infrastructure.

To successfully navigate these evolving demands, Dolan emphasizes the importance of understanding the genuine needs of customers and consumers. Furthermore, companies must ensure that their workforce is adequately staffed and well-trained. While technology plays a vital role in reducing costs and motivating employees, it should be harnessed with the right mindset. According to Dolan, more critical than technology itself is having the right workforce in the right place, performing the right tasks. Staff movements will remain a constant challenge, requiring organizations to implement robust processes and continuously nurture their workforce. This, Dolan argues, will be pivotal in maintaining operational resilience and flexibility in the face of future challenges.

Investing in the Health, Safety, and Wellbeing of Employees

Ben Dorks, CEO of Ideagen, points out that the financial sector has recently experienced significant turbulence and doesn’t expect this to abate. In response to these challenges, Dorks emphasizes the importance of investing in artificial intelligence (AI). AI has the potential to drive innovation, enhance efficiency, and bolster operational resilience within the fintech industry.

However, Dorks goes beyond technological investment and highlights the need for businesses to prioritize the health, safety, and wellbeing of their employees. The fintech sector is known for its fast-paced, high-stress environment. Ensuring that employees are physically and mentally healthy is crucial for maintaining a productive and resilient workforce.

The COVID-19 pandemic has underscored the importance of employee well-being, as remote work and isolation have presented unique challenges. Companies must now take proactive steps to address the physical and mental health needs of their workforce. Providing resources and support for employees, such as mental health services, flexible work arrangements, and employee assistance programs, can be seen as an investment in the long-term sustainability of the organization

In an ever-evolving landscape marked by inflation, rising interest rates, and cybersecurity threats, fintech companies are taking proactive measures to ensure operational resilience. According to experts like Thomas Dolan of 28Stone and Ben Dorks of Ideagen, two key trends will shape the fintech industry in 2024 and beyond: a focus on nurturing workforces and investing in the health, safety, and wellbeing of employees, coupled with the integration of cutting-edge technologies like automation and AI.

In the fintech sector, the ability to adapt to new challenges and opportunities is paramount. By understanding the real needs of customers, investing in the right workforce, and embracing technology with the right mindset, companies can stay agile and resilient in the face of a rapidly changing financial landscape. Additionally, prioritizing the health and well-being of employees ensures that they are equipped to meet the demands of their roles and sustain the fintech industry’s growth and innovation in the years to come.