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