Top 5 financial trends in 2024

There is not a single trend in our world that will last

 forever. That’s great, because we need changes, and

 that’s the only way to improve things and move forward.

When we talk about finance, we have to keep in mind that change is much faster in this area than in any other.

 In order to grow and develop, a company simply has to

 look to the future and work on developing its technology.

 Many financial company executives agree that digital

 transformation is inevitable in our world.

 And, of course, at the moment when some payment

 methods will cease to be relevant, others, on the contrary, will gain a new wave of popularity.

We offer a glimpse into the near future right now and analyze a few interesting trends for 2024. 

Financial automation and inevitable decentralization

In order to manage the finances of the company,

 specialists responsible for this area are required to be in

 the office at their desks. This has been the order of the

 day for years, but when the coronavirus swept the world

 in 2020, it became apparent that this model of financial management was no longer relevant.

In 2021, more and more companies are expected to start

 automating their financial management process and

 other areas of business, accessing resources at any

 time, day or night. The process of controlling financial

 activities will become incredibly simple. In addition to

 maximum convenience, it will also provide a high level of financial management security.

Increased popularity of fintech companies

If earlier people and companies trusted only banks with

 many payment functions and financial operations, today

 fintech companies are trusted at least as much. It is

 expected that in 2024, these companies will increasingly

 be trusted with payment automation, as well as payment processing.

Telecommuting will become a new long-term trend

While back in 2019 many employees were working in the

 office, in 2020 it appeared that they would have to adapt

 to the new format of working from home. It’s worth

 noting that remote work has come to many people’s

 liking. Its benefits were appreciated by both ordinary

 employees and managers of large companies that plan

 to follow a policy of working remotely for at least 1 week a month, even after the pandemic ended.

Of course, the remote format of work has its advantages,

 but the most important thing for the company is that

 such work is as effective as possible, even without total

 control of the management. For this to be the case, it is

 important to introduce modern tools and technology, ensuring that all employees have access to them.

No paper checks

It’s hard to believe such a thing, because many firms still

 use them, and some are not going to give them up in

 the future. The main advantage of paper checks is

 convenience and simplicity, because you only need to

 know the e-mail address and the name of the recipient in order to successfully send it.

Yet, despite the convenience, successful companies are

 thinking in terms of rationality, because if you compare 

he cost of completing a transaction using paper checks

 and electronic payments, it appears that the latter will cost companies $ 8 less.

The introduction of electronic payments on a large scale

 will enable companies to save $100 billion. At the same

 time, modern electronic payments are much safer and

 save users time while reducing costs. In this case,

 security also comes to the forefront, because if you look

 at the major banks, you will find that check transactions

 account for, little or no, about 47% of all fraudulent

 transactions. This situation definitely requires urgent changes.

Virtual cards are becoming more popular

If we look at the B2B sector, we find that it is virtual cards

 that have become increasingly popular. We expect this

 trend to continue in 2024. With virtual cards, not only will

 users be able to pay for purchases securely, but they

 will also benefit from each spend in the form of

 cashback, as well as enjoy interesting discounts and

 other benefits.Of course, new trends and interesting

 opportunities await us in 2022. But one thing will remain

 unchanged – the importance of providing our clients with the most convenient ways of payment

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