As the financial technology landscape continues to evolve rapidly, there are several emerging trends that are likely to shape the future of this industry in 2023. From financial wellbeing and digital banking, to blockchain technology, there are many exciting opportunities that have the potential to revolutionise the fintech sector.
Key FinTech Trends to Watch in 2023
Here are some of the financial technology trends that I believe might be key in shaping the sector in this new year:
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Open-banking: open banking has been at the forefront of fintech trends for the past few years, and we can expect to see even more improvements in 2023. Allowing customers to share their financial data with third-party providers will result in more control and better access to financial services.
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Digital-only Banking: it is no secret that online & mobile banking is becoming increasingly popular, especially with younger generations. The service offers convenience at the touch of a button, allowing customers to manage their finances from anywhere in the world with ease.
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AI & Machine Learning: Artificial intelligence is a crucial part of innovation in the fintech sector. It can improve customer experience, automate processes and analyse data for better business decisions.
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Cryptocurrency & Blockchain Technologies: crypto and blockchain have been growing trends in the past years, and we can expect even more growth as they become more mainstream. Blockchain has the potential to revolutionise the fintech industry by providing secure and transparent transactions.
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Financial Wellbeing: Last but not least, companies in the fintech sector are starting to develop more personal finance tools, financial education platforms and programmes to help support the financial wellbeing of society. As businesses and individuals become aware of the importance of financial wellbeing, these tools will provide convenience and information for better financial decisions.
Financial wellbeing as a growing trend
The cost-of-living crisis has had a significant impact on the financial technology industry, as many individuals struggle to make ends meet. This has resulted in an increased demand for financial education, budgeting tools, and other resources that can help people manage their finances more effectively. Furthermore, rising costs have made it more difficult for people to save and invest money, and plan for the future. As a result, people are looking for more comprehensive and personalised financial guidance that can assist them in navigating the challenges of the current economic environment.
Financial wellbeing is likely to be a growing sector in 2023 for several reasons:
Ongoing economic uncertainty
The ongoing economic uncertainty caused by factors such as the global pandemic and political instability has led to increased financial stress for many people. This has increased the demand for financial education, budgeting tools and other resources to help people manage their financial situation.
Technological improvement
The growth of technology has made it easier for people to access financial guidance and tools, which in turn has increased the demand for digital financial education. With the increasing use of technology on the internet, there has been a growing trend of using digital platforms to provide financial education. This includes online courses, webinars, and more. This approach allows individuals to access financial education from anywhere and at their own pace.
Financial wellbeing programmes as a benefit
Employers are becoming increasingly aware of the importance of financial wellbeing for their employees and are offering financial wellbeing programmes as part of their existing employee benefits packages. These programmes can include financial education sessions, one-to-one financial coaching and access to financial tools and resources. The ultimate goal is to improve employee financial health, increase productivity, job satisfaction and attract top talent.
Conclusion
In conclusion, the fintech sector is expected to continue evolving throughout 2023, with many exciting trends surfacing that have the potential to revolutionise the way people manage their money. Additionally, financial wellbeing is becoming an increasingly important trend in the fintech sector as more businesses realise the potential of technology when aiming to support employees.
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- Source: https://www.finextra.com/blogposting/23631/the-emerging-fintech-trends-that-will-shape-2023?utm_medium=rssfinextra&utm_source=finextrablogs
