Navigating 2024: Insights and Predictions from Sikoia's CEO

As we embrace the challenges and opportunities of 2024, our CEO, Alexis, shares his predictions for the financial sector over the year ahead.

By Team Sikoia • 3 min read

As we close the chapter on an exciting 2023, it’s the perfect time to reflect and take an informed look ahead: in the ever-evolving landscape of the financial sector, staying abreast of the latest trends and shifts is no longer just an aspiration, but an imperative for success. Drawing on his extensive fintech experience, both as an entrepreneur and an investor at SoftBank’s Vision Fund, our CEO, Alexis, shares his predictions, offering a preview into the future of financial technology and its impact on businesses and investors alike.

1. Compliance will become a strategic imperative for the entire Fintech sector, with core infrastructure players continuing to face regulatory scrutiny. In 2023, regulatory actions have focused on partnerships between regulated and non-regulated entities, significantly impacting key players, including Modulr, SolarisBank, the now-bankrupt Railz, and even Goldman Sachs. The strategic opportunity lies in using technology to turn compliance into a competitive advantage—enhancing customer onboarding and reducing costs with new Regtech solutions, and adopting a flexible backend that adapts seamlessly to changes in regulations.  

By implementing advanced KYB measures, businesses can ensure thorough vetting of corporate customers and partners, aligning with regulatory demands and mitigating risks effectively.The opportunity lies in leveraging technology to transform compliance from a burden into a competitive edge. Enhanced Regtech solutions can streamline customer onboarding and reduce operational costs, while a flexible backend adapts smoothly to regulatory changes. This approach not only aligns with compliance mandates but also improves the overall customer experience, a crucial factor in the competitive Fintech space.

2. In 2024, expect a shift in AI applications within Fintech towards prioritising productivity over revenue generating activities. The AI evolution will go beyond AI-driven virtual assistants, fraud prevention and organising financial data. More focus will be on streamlining manual processes, particularly involving document-centric tasks such as underwriting or customer onboarding. This shift not only holds the potential to deliver substantial time and cost savings but also to enhance the scalability of financial services.

3. Generative AI will drive incumbents to innovate at an unprecedented pace, intensifying pressure on VC-backed startups. Although not fully realised in 2023, the ubiquitous mention of AI in board meetings and the availability of talent coming from tech layoffs herald a transformative shift. Reacting faster than ever, many companies, including Notion, HubSpot, Adobe, Zapier, and Intuit, have already started to bake Generative AI capabilities into their products, highlighting the critical impact on startups, where one of the key competitive advantage lies in the speed of execution.  


As we look towards 2024, it's clear that the financial sector is on the brink of further transformative changes. Alexis's predictions underscore the importance of adaptability and forward-thinking in navigating these upcoming shifts. Companies and investors alike must be ready to embrace new technologies, rethink traditional processes, and identify creative ways to differentiate themselves in an increasingly complex regulatory environment.  

The challenges and opportunities captured above not only outline the potential trajectory of the Fintech industry; they also serve as a guiding framework for stakeholders to plan, innovate, and grow in the upcoming year.


Team Sikoia

Team Sikoia , UK

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