Web Summit 2024 in Lisbon brought together some of the biggest names (Visa, Mastercard, Revolut, Bizum, Stripe, Wise, PayPal or Coinbase) and new emerging stars in Finance Technology. This year’s discussions highlighted major trends that are likely to shape the future of financial technology, with particular emphasis on AI, decentralised finance, and embedded finance solutions.
Here’s my snapshot of the fintech developments that stole the spotlight.
1. AI-Driven Finance: Revolutionising Customer Experience
Artificial Intelligence continues to transform the financial industry, but at Web Summit 2024, the conversation shifted toward how AI is now being used to better predict customer needs with unprecedented accuracy, support customer service interactions with more personalised conversations and how AI is becoming the new UI for customers. New solutions leverage generative AI not only for chatbots and customer support but also for hyper-personalized visual dashboards, financial planning, investment advice, and even fraud detection. Several fintech firms demonstrated AI that could analyse a customer’s financial behaviour in real time, anticipating risks and providing customised insights that help users manage their finances more effectively.
2. Embedded Finance is Everywhere
Embedded finance, the integration of financial services into non-financial platforms, was another hot topic at Web Summit. From e-commerce platforms offering in-app financing to payroll systems with built-in crypto wallets, embedded finance is creating more seamless, intuitive financial experiences for consumers. Experts discussed how companies are moving beyond traditional banking partnerships, creating ecosystems where financial products are readily available in the apps consumers already use daily. This trend is expected to redefine convenience and accessibility in financial services, making everyday transactions smoother than ever.
3. DeFi and Blockchain Innovations
Despite market volatility, decentralized finance (DeFi) remains a strong focus, with Web Summit speakers and exhibitors highlighting its potential to disrupt traditional banking. This year, there was a shift toward regulated DeFi solutions, with fintech innovators exploring ways to balance decentralization with regulatory compliance.
Blockchain-based digital identity solutions and smart contract automation were showcased as ways to streamline compliance, improve security, and enhance trust in DeFi ecosystems. The idea is to make decentralised finance more accessible and trustworthy for mainstream users while satisfying regulatory demands.
4. Focus on Financial Inclusion and Green Finance
Web Summit 2024 also underscored the importance of financial inclusion and sustainable finance. Startups showcased tech designed to serve underbanked populations, leveraging mobile-first financial solutions to broaden access to credit, payments, and savings tools. On the sustainability side, green finance and carbon-credit marketplaces are gaining traction. Many fintech solutions now offer users insights into the carbon footprint of their transactions, empowering consumers to make more eco-friendly choices with their finances.
Final Thoughts
The innovations at Web Summit 2024 make it clear: fintech is not just about digital transformation but about creating a more inclusive, sustainable, and customer-centric financial ecosystem and delivering new disruptive innovations that compete with well established players in the financial services. With advancements in AI, embedded finance, and DeFi, the future of fintech looks set to be more integrated into our daily lives, more predictive in meeting our needs, and more responsible toward our global challenges. A striking example is Revolut´s journey to becoming leading financial platform around the world, as highlighted by Antone Le Nel (Chief Growth and Marketing Officer and Partner at Revolut).
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