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Top 8 FinTech Innovations of 2024 You Must Explore and Consider for Your Product

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This blog is for FinTech product owners, enthusiasts, and leaders who crave more than just trends.

We’ll cut through the noise and equip you with the insights to build products that make a genuine impact.

So, let’s explore the latest FinTech innovations beyond the hype, focusing on how they are solving real problems for the users.

Top 8 FinTech Innovations Shaping the Financial Landscape in 2024

This year has seen the emergence of several exciting FinTech innovations. Here are some of the standout developments to inspire your next big idea.

1. Tradiac – Technology-led Funded Trader Programme

Tradiac offers a unique solution for traders to access capital through funded trader programs.

This approach allows traders to obtain more money without the stress and difficulty of using their personal or family funds.

Michael Buchbinder, one of Tradiac’s founders, has a personal story where a brokerage he was trading family funds with went bankrupt, losing all the money.

The funded trader model protects traders from such devastating losses and redefines the path to a trading career by providing more access to trading capital for the average person.

When you look into the Tradiac program, you’ll find a lot of unique selling points.

Unlike rivals with two or three assessment stages, Tradiac only has one assessment stage, which speeds up getting funded.

“The most difficult part for individual traders is securing the capital needed to trade full-time. At Tradiac, we aim to remove this hurdle, giving our traders the opportunity to maximize their potential.” -Michael Buchbinder, Co-Founder of Tradiac.

2. Democratizing Data-driven Decision-making in Banking with GenAI

Banco Bradesco, the third-largest bank in Latin America, struggled with productivity due to long code and debugging times.

Their data analytics team wanted to make operations smoother and data access easier for everyone.

By implementing Databricks Assistant, a GenAI-based tool, they transformed their workflow.

This FinTech innovation made writing, troubleshooting, and documenting code simpler.

With its natural language features, even non-technical users could contribute effectively, cutting coding time by 50% and saving costs.

Now, everyone in the organization can easily gain valuable insights from data without heavily relying on engineering support, promoting collaboration and better decision-making on a large scale.

Explore our Tailor-made Services for > > > Gen AI in FinTech

3. AI-Based Fund Monitoring

Eurasian Bank is a leader in applying AI technology to financial services and their specific innovation is AI-based fund monitoring.

This system helps Eurasian Bank track their funds and ensure they are being used as intended.

It’s also helping them in situations like shared-equity construction projects, where traditionally tracking funds can be complex.

This FinTech innovation holds promise for improving transparency, efficiency, and overall risk management in the financial sector.

4. New Cash Management Program by Intesa Sanpaolo

The New Cash Management Program introduces two innovative FinTech solutions: the Multi-Currency Optimizer and Virtual Account Management.

Virtual accounts

Source: J.P.Morgan

Among these, the Multi-Currency Optimizer stands out notably as it pioneers the concept of Notional Cash Pooling within the Italian market, marking a significant milestone for Italian banking.

This service addresses a critical need for corporate treasuries, especially those overseeing groups with diverse international operations involving multiple currencies.

By leveraging Notional Cash Pooling, businesses can effectively manage their finances across different currencies without the need for physical pooling, thus enhancing efficiency in foreign exchange and liquidity management.

This innovation underscores the bank’s commitment to providing cutting-edge solutions tailored to the specific requirements of its clientele.

Moreover, by offering this service for the first time in Italy, the bank positions itself as a leader in driving financial innovation within the region, potentially setting a precedent for other financial institutions to follow suit.

“Innovation continues to help banks and other financial institutions gain a strategic competitive advantage over their peers,” said Joseph Giarraputo, founder and editorial director of Global Finance.

Read our insightful blog on > > > FinTech Software Development in Europe

5. Pulsoo by Banco BPI

Portuguese bank Banco BPI and Personetics have launched Pulsoo, a FinTech innovation designed to help small and medium business (SMB) owners manage their businesses.

Pulsoo offers a single, easy-to-use interface that provides updates, personalized insights, and recommendations tailored to the financial knowledge of SMB owners.

Leveraging Open Banking and Personetics’ AI platform, Pulsoo delivers comprehensive business insights on various topics, including current accounts, loans, taxes, fiscal planning, employee management, and more.

6. Moody’s Unveils Sanctioned Securities Screening Tool for Asset Managers

The company is well-known for its data and analytics solutions that aid financial decision-making in many sectors.

This new product helps asset managers efficiently monitor portfolios for sanctions risk, meeting a growing need.

It’s crucial because sanctions can have significant financial implications for businesses. Violating them may lead to the freezing of assets, loss of access to financial markets, and damage to reputation, which can result in financial losses and diminished business opportunities

Talking about benefits, well, it also helps prevent regulatory breaches and penalties, giving managers the confidence to make informed decisions in a complex and changing geopolitical landscape.

Read our insightful blog on > > > Payment Orchestration

7. PayPal Introduced Passkeys for a Smoother Checkout Process

PayPal is incorporating a fresh FinTech innovation – passkeys, a more secure and standardized way to verify your identity during checkout.

This could replace passwords and make the process faster and less prone to fraud.

It’s a major improvement for those who prefer not to create accounts on every shopping site.

This can significantly reduce checkout times and friction for both shoppers and businesses. Studies suggest guest checkout abandonment rates are high, and this could be a big win for conversion rates.

Read our insightful blog on > > > FinTech Product Development

8. Leveraging AI and Geospatial Imagery for Insurance Risk Prediction

Location is crucial in insurance because it affects the chances of natural disasters, crime rates, and other factors that influence policy costs and claims.

This new method not only improves risk prediction but also makes the underwriting process more efficient.

A key part of this technological change is geocoding, which turns addresses into geographic coordinates. This helps insurers accurately locate insured properties for more precise risk assessments.

Geospatial imagery, like pictures from satellites or planes, helps with this.

It shows details about the area, like what the land looks like and what’s around, so insurers can figure out even more about the risks.

Have a Game-changing Idea? Know How Azilen Can Fuel it

We’re a product engineering company with 15 years of experience in the FinTech world.

We believe that building a rock-solid FinTech product requires more than just tech. It takes a dedicated team of experts who understand the ins and outs of regulation, security, and what makes users tick.

That’s exactly what you get at Azilen.

We’re passionate about FinTech (and its futuristic potential) and that’s why we’ve a dedicated team of engineers, consultants, and experts.

Let Azilen be the lighter fluid that ignites your innovation. Contact us today and let’s chat about how we can turn your game-changing idea into a reality.

Remember, sometimes the most brilliant ideas need a little help taking flight.

Don't let your idea become another "what if?"

Let Azilen be the lighter fluid that ignites your innovation!

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