Fintech Connect launches ‘Fintech In Flux’ industry benchmark report reveals that adapting to consumer demand and investing in technology is key to winning
FinTech Connect 2022, Europe’s only dedicated fintech event for the entire ecosystem, today released its 2022 Industry Benchmark Report, Fintech in Flux: Thriving in the Age of Uncertainty, which shows that customers remain the biggest focus, with 86 percent of respondents that invest in AI to stay competitive.
As the fintech arms race continues, the report shows that institutions of all sizes continue to embrace technologies in an effort to meet the demands of modern consumers and drive greater efficiency and insight – with 86.6% of respondents believing that investment in technology is necessary for winning edge.
AI is the technology of choice for most, with countless applications, such as fraud detection, credit risk analysis and customer support automation, continuing to drive the industry forward.
Harnessing technology to improve consumer experience and driving efficiency has long been the hallmark of this most disruptive of sectors, but as we emerge from the tail end of the global pandemic and into the fresh tumult of cost-of-living crises and looming recessions, a whopping 76% of institutions say that understanding of the changing nature of consumers is also a major concern.
Driven by the same pressure to keep up with the pace of change, identifying new trends and technologies is a major concern for 60 percent of FS players, with a similar proportion (62.6 percent of respondents) planning to delve into decentralized systems , suggesting that understanding the impact of DeFi and blockchain may be key to their future.
Other key findings include:
· Automation is on the move, with over 50 percent of respondents already automating recurring tasks
· Over 70 percent of FS players cite market volatility and monetary policy as the key factors keeping them up at night
· Central Bank Digital Currencies (CBDCs) are approaching, with more than 50 percent of respondents believing they have the potential to completely change consumer payments
· 30 percent of respondents see Scandinavia and Benelux as the trailblazers, as payments innovation continues across Europe
· Only 28.6 percent of respondents are clear about how Metaverse will affect their organization
· Cyber security risk continues to grow, with 60 percent of respondents citing it as a key focus
· The crypto winter has not hurt adoption, with over 40 percent of respondents saying they would return if regulated, and 20 percent confident they would return regardless.
Laurence Coldicott, Senior Content Director for Fintech Connect 2022, says:
“It is clear that 2022 has provided an unexpected crossroads. Incumbent financial institutions have had to put their digital transformations into warp drive, with new technologies – previously only looked at – now being adopted and rapidly implemented.
“Many FIs are focused on building frameworks that will allow them to better embrace FinTech and thrive in a time of increasing uncertainty, while partnering with FinTechs for a seamless banking system, or managing a hybrid or remote workforce, are other key drivers for 2023.
“FinTech avoids the bottom of disillusionment and in a place of real excitement; and this inquiry seeks to address where we go next’.
FinTech Connect has surveyed 150 CXOs, CEOs, founders and FinTech Leads from across the UK and Ireland, Benelux, the Nordics and the rest of Europe. .
Now in its ninth year, FinTech Connect 2022 takes place between 30th November and 1St December 2022, at the ExCel Center in London’s bustling docklands, is set to welcome more than 3,000 attendees, who over two days will hear from and meet the global fintech industry’s C-suite leaders and start-up innovators defining the industry’s courses – all under one roof.
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