The Top FinTech Reports Of 2024: The Best of the Best
The FinTech revolution is taking aim on credit card's payment monopoly.
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The Top Fintech Articles of 2024
Seven FinTech articles you shouldn’t miss.
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Today’s newsletter will be brief and focus on FinTech following last week’s AI focus.
I divided the two disciplines into two because, while related, the subject material was different enough that each warranted its own “best of” category.
I’m calling these “the best of the best” because these articles received the top number of views from my readers.
The Top fintech article of the year showed how digital wallets are credit cards’ worst nightmare as they take over an ever-growing share of e-commerce payments.
It resonated with my readers’ interest in CBDC and instant payments because it proved how vulnerable cards are to attacks from low-cost digital wallet competitors.
This is all happening despite card companies’ contentions that their lead is unassailable. I think it’s clear that there is a chink in the cards’ armor.
The new year will only see more attacks on cards’ dominance. While card companies are undoubtedly making huge profits today, “past performance is no guarantee of future returns!”
If you missed last week’s best of the best for AI check it out here.
Next week, will bring new material for 2025!
Enjoy!
The Top AI Reads of 2024
THE No 1. TOP FINTECH READ FOR 2024:
Digital Wallets Are Cards' Worst Nightmare Come True in E-Commerce
If I worked for Visa or Mastercard, I’d be worried! Global card use for e-commerce will drop 11% from 41% of all payments in 2023 to a predicted 30% in 2028!
This report was so popular because it shows cracks forming in credit cards’ armor. Cards’ sense of invulnerability is being challenged, which is a shocker to most, particularly readers in the West!
My article shows how credit card technology will be replaced. It’s not if but when: HERE
2. China's Innovation Economy
This FREE BOOK examines China's Innovation Economy and shows where it is today and where it will be in a decade.
While not strictly fintech, this was one of my top-viewed posts last year and fits the spirit of innovation and the high-profile US-China tech war.
Read on to find out if China’s innovation economy is out of gas or just starting to rev its engines: HERE (scroll to bottom of the page)
3. Payments Top Trends for 2024: Real-time Rules
Capgemini does a great job of presenting ten payment trends for 2024, but the only one that really matters is real-time payments.
Now, with a new report just out, I’ll write about it this week, it will be interesting to see what changes between 2024 and 2025!
Read why I think payments are going real-time and the transition will happen faster than most people think, and after 11 months, this seems increasingly true: HERE
4. Bank Digitization is Too Little Too Late as they Fall Behind and Miss Out on $7 tn in value
Boston Consulting Group (BCG) released one of the BEST and hardest-hitting reports yet on why banks are in trouble and how to fix it.
This report is truer today, as banks face the AI era, than when it was written 11 months ago!
Read why if banks don’t make bold moves now, they may never recover from losses to non-banks! HERE
5. GenAI and Payments: No New Plumbing But Lots of Personalization
This is a great report from Visa that shows how GenAI is going to impact the payment business by making payments easier and more personal than ever before.
That is all well and good, but what is not in Visa’s report is GenAI's impact on the financial plumbing behind the payment system. Without a change in plumbing we’ll be paying Visa’s high fees forever.
Read why TGenAI is not going to make significant changes to payments, it’s all about the plumbing: HERE
6. Banks Give Fintech Acquisitions the Cold Shoulder and Won't Buy Your Failing Fintech
Banks made less than 1% of all fintech acquisitions from 2013 to 2023, which casts doubt on the fintech-bank courtships.
Banks are showing that they’re not truly interested in buying a fintech to better their tech, which isn’t necessarily bad for banks but is bad for fintechs.
It’s very common to hear pundits talk about banks buying fintechs, read why that is so unlikely: HERE
7. Asset Tokenization: Asia Will Crack this Trillion Dollar Market First
Real-world assets, like stocks, bonds, and even real estate, will be tokenized. It’s not a question of if but when.
Tokenization has gone far beyond crypto and is increasingly entering traditional financial services, where most agree that an overhaul of existing systems is necessary.
Read how Asia will be first because Singapore and Hong Kong are embracing tokenization and looking to get a jump on the rest of the market: HERE
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