2024 year's major financial service trends

This year, people have raised many questions about their expectations for the coming year, especially in the financial services industry where technological advancements have made rapid progress, adding complexity to an already turbulent situation. Although concerns about high interest rates and inflation will continue into the new year, the trend in financial services indicates the need to be prepared for major changes in real time by keeping abreast of all matters related to financial services, including banking and capital markets.

Firstly, how financial technology is changing the financial planning landscape, as it simplifies the financial consulting and planning process, making these services easier to provide to a wider audience and more affordable. Robot advisors provide low-cost, automated investment advice, eliminating traditional barriers associated with financial planning services such as high fees and the need for direct interpersonal interaction. Personal finance applications provide users with real-time insights into their expenses, savings, and overall financial situation, enabling them to make informed decisions.

Secondly, financial technology is also driving innovation in many aspects. For example, financial technology applications that promote users to develop better financial habits are innovative supplements to behavioral finance. Fintech plays a crucial role in financial inclusion by expanding financial service channels for underserved communities. Fintech is cultivating a hybrid model that combines automated tools with human advisors, providing a more comprehensive approach to financial planning that leverages both technical and human expertise.

It is expected that emerging technologies such as automation and efficiency will be the focus of this year. Although the COVID-19 epidemic has basically passed, the working environment of the financial services industry is still in a mixed environment. It is expected that generative artificial intelligence will become the most influential trend in the entire financial services industry by 2024, from reshaping customer experience to launching wealth management tools, the financial services industry will control the lasting impact of artificial intelligence on organizations and individuals.

On the other hand, new technologies are exciting but also bring new challenges, especially in terms of regulations and compliance. As time goes by, more and more organizations see the benefits of accessing infrastructure, applications, servers and more on-demand services through the Internet, and tools such as cloud computing may become more and more popular. The development of new technologies and artificial intelligence has raised questions about personal data and privacy issues, which will ultimately change regulatory requirements for financial services. More and more organizations may turn to hybrid cloud models to handle workloads and further manage and execute compliance tasks. It is important to recognize that default hybrid clouds are different from designed hybrid clouds, and adopting hybrid cloud infrastructure does not necessarily mean that organizations gain maximum benefits in terms of efficiency, functionality, or scalability. Therefore, financial institutions need to closely monitor digital transformation and the integration required to support growth and competitiveness in carefully planned hybrid cloud environments.

In addition, generative artificial intelligence and its surrounding hype have caused cryptocurrency to lose people's attention, but cryptocurrency is expected to return this year. The financial services industry has undergone significant changes, shifting towards online banking and managing assets such as credit cards, all of which are conducted online.

Overall, fintech has changed the landscape of financial planning, and it is exciting to consider other ways in which technology may impact financial planning in the future. A major trend this year may be that financial institutions are paying more attention to sustainable development work. Organizations within the financial services industry will be more supportive of investing in green initiatives than ever before, with renewable resources, recycling, and reducing carbon footprints being among the initiatives that organizations expect to prioritize.