How Technology is Shaping the Future of Currency and Payments in 2024
The year 2024 is set to witness significant advancements in the realm of currency and finance, largely driven by technological innovation. Sources such as TechInformed, BizTech Magazine, and The Financial Brand offer a glimpse into how technology is reshaping currency trends.
Central Bank Digital Currencies (CBDCs) are at the forefront of this transformation. 2024 is expected to see significant development in the implementation of CBDCs as governments globally view digital currencies as opportunities rather than threats. This shift is anticipated to introduce new use cases across retail, wholesale, and cross-border transactions, with a focus on interoperability with other regulated money forms.
Artificial Intelligence (AI) is poised to aid digital transformation in the financial services sector. In 2024, AI is expected to play a crucial role in customer service and risk management for financial institutions. Its capabilities in enhancing customer communication, personalization, and generating actionable data insights are set to redefine customer service in the banking industry.
Digital wallets and digital identities are another key trend, with an expected significant growth rate globally. The integration of digital identities into wallet apps and the adoption of digital identity solutions will transform how we interact with financial services.
Furthermore, advancements in AI will also transform Anti-Money Laundering (AML) tools, making compliance processes faster, cheaper, and more effective. The focus will be on developing AI-powered systems that can keep pace with the rapid changes in payment and regulatory environments.