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The fintech sector has grown consistently over the past few years, and these trends are likely to continue in 2023 as uncharted waters are yet to be explored.
As competition intensifies, fintechs must find their own space in the digital world. This means differentiating with a unique user-centric value proposition.
With the incredibly fast pace of change in the financial landscape, both the new banking and payments sectors will most likely face new concepts in the near future.
Financial inclusion will continue to be a hot topic in 2023 as fintech companies move beyond their role as mere financial institutions.
Here are some trends that are often overlooked.
Digital-only banking is making waves with the rise of new virtual banking services.
Whether it’s free contactless payments, peer-to-peer transfers, or diversifying options such as cryptocurrencies, it’s true that many of these services are impacting the banking industry.
At the other end of the spectrum, we see digital-only banks blossoming as physical visitation rates to banks appear to be declining.
Digital-only banking centers around speed and cost-effective processes, but it offers incredible advantages on at least two levels: big data analytics and tribal-based banking.
A digital tribe is, simply put, an online community that shares at least one common interest.
Social networks like Reddit make it clear that communities flock to even the most niche topics.
Where traditional banks are unable to meet the needs of specific groups of individuals, the added flexibility of digital banks will ensure that operations are shifted to the interests of the people and better served. .
Next, it looks like a new acquisition model is on the horizon. For example, solutions can be created around the available data about merchant transactions, which means that real possibilities are taken into account.
But as convenient as these new models look, we shouldn’t let disillusionment with traditional banking lead to another trend that fintech companies may pick up in 2023.
Fintech apps inherently embody the spirit of autonomous finance, while blockchain is said to improve transaction transparency by becoming a better conductor of clear, traceable data. .
Flexibility and simplicity of process are key to providing effective and reliable service to individual investors.
The possibilities are endless as AI can effectively manage your funds while creating custom financial plans based on user data.
Who knows what happens when you combine it with crypto? It’s only a matter of time before these new technological instruments meet, as cryptocurrencies seem to become the standard payment method.
This leads to major factors that are prone to waves in the future.
As users spread across the many possibilities offered by the financial environment, it becomes imperative that an effective security solution can consistently protect them from cybercrime.
The financial industry does not take user security lightly.
And since blockchain inherently makes transaction data traceable, user identities are inseparable from the digital financial services themselves, so biometrics seems to be winning the race.
In fact, biometrics are not only used for security purposes. Being able to access payments and customer service via voice commands opens up a whole new world of possibilities.
If you’re unfamiliar with the acronym ESG, it will probably be in 2023.
It stands for Environmental, Social, and Governance and will be the focus of many regulations in the future.
Both new and existing digital products will need to adjust their approach as regulatory compliance is required.
Ultimately, the ESG shift captures the essence of change within the financial industry: people, processes and products.
The future of fintech is certainly bright. Capturing user data and trends and translating them into actionable products is key.
Companies that shift their model to a user-centric view appear to be well positioned to take the lead in this highly competitive industry.
The fintech sector has grown consistently over the past few years, and these trends are likely to continue in 2023 as uncharted waters are yet to be explored.
As competition intensifies, fintechs must find their own space in the digital world. This means differentiating with a unique user-centric value proposition.
With the incredibly fast pace of change in the financial landscape, both the new banking and payments sectors will most likely face new concepts in the near future.
Financial inclusion will continue to be a hot topic in 2023 as fintech companies move beyond their role as mere financial institutions.
Here are some trends that are often overlooked.
Digital-only banking is making waves with the rise of new virtual banking services.
Whether it’s free contactless payments, peer-to-peer transfers, or diversifying options such as cryptocurrencies, it’s true that many of these services are impacting the banking industry.
At the other end of the spectrum, we see digital-only banks blossoming as physical visitation rates to banks appear to be declining.
Digital-only banking centers around speed and cost-effective processes, but it offers incredible advantages on at least two levels: big data analytics and tribal-based banking.
A digital tribe is, simply put, an online community that shares at least one common interest.
Social networks like Reddit make it clear that communities flock to even the most niche topics.
Where traditional banks are unable to meet the needs of specific groups of individuals, the added flexibility of digital banks will ensure that operations are shifted to the interests of the people and better served. .
Next, it looks like a new acquisition model is on the horizon. For example, solutions can be created around the available data about merchant transactions, which means that real possibilities are taken into account.
But as convenient as these new models look, we shouldn’t let disillusionment with traditional banking lead to another trend that fintech companies may pick up in 2023.
Fintech apps inherently embody the spirit of autonomous finance, while blockchain is said to improve transaction transparency by becoming a better conductor of clear, traceable data. .
Flexibility and simplicity of process are key to providing effective and reliable service to individual investors.
The possibilities are endless as AI can effectively manage your funds while creating custom financial plans based on user data.
Who knows what happens when you combine it with crypto? It’s only a matter of time before these new technological instruments meet, as cryptocurrencies seem to become the standard payment method.
This leads to major factors that are prone to waves in the future.
As users spread across the many possibilities offered by the financial environment, it becomes imperative that an effective security solution can consistently protect them from cybercrime.
The financial industry does not take user security lightly.
And since blockchain inherently makes transaction data traceable, user identities are inseparable from the digital financial services themselves, so biometrics seems to be winning the race.
In fact, biometrics are not only used for security purposes. Being able to access payments and customer service via voice commands opens up a whole new world of possibilities.
If you’re unfamiliar with the acronym ESG, it will probably be in 2023.
It stands for Environmental, Social, and Governance and will be the focus of many regulations in the future.
Both new and existing digital products will need to adjust their approach as regulatory compliance is required.
Ultimately, the ESG shift captures the essence of change within the financial industry: people, processes and products.
The future of fintech is certainly bright. Capturing user data and trends and translating them into actionable products is key.
Companies that shift their model to a user-centric view appear to be well positioned to take the lead in this highly competitive industry.
