The new fintech trends that will shape 2023
As the financial technology landscape continues to rapidly evolve, there are several emerging trends that are likely to shape the future of this industry in 2023. From financial wellness and digital banking, to blockchain technology, there are many exciting opportunities that have the potential to revolutionize the fintech sector .
Key FinTech trends to watch in 2023
Here are some of the financial technology trends that I believe could be key to shaping the sector in this new year:
Open banking: open banking has been at the forefront of fintech trends in recent 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.
Banking only digitally: it’s no secret that online and mobile banking is becoming increasingly popular, especially among younger generations. The service offers convenience at the touch of a button, allowing customers to easily manage their finances from anywhere in the world.
AI and machine learning: Artificial intelligence is a crucial part of innovation in the fintech sector. It can improve the customer experience, automate processes and analyze data for better business decisions.
Cryptocurrency and blockchain technologies: crypto and blockchain have been growing trends in recent years, and we can expect even more growth as they become more mainstream. Blockchain has the potential to revolutionize the fintech industry by providing secure and transparent transactions.
Financial Wellness: Last but not least, companies in the fintech sector are beginning to develop more personal finance tools, financial education platforms, and programs to support financial wellness in society. As businesses and individuals become aware of the importance of financial well-being, these tools will provide convenience and information for better financial decisions.
Financial well-being as a growing trend
The cost of living crisis has had a significant impact on the fintech industry, as many individuals struggle to make ends meet. This has resulted in 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 harder for people to save and invest money, and plan for the future. As a result, people are looking for more comprehensive and personalized financial guidance to help them navigate the challenges of the current economic environment.
Financial wellness is likely to be a growing sector in 2023 for several reasons:
Ongoing financial uncertainty
The ongoing financial 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.
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 wellness programs as a benefit
Employers are becoming increasingly aware of the importance of financial wellness for their employees and are offering financial wellness programs as part of their existing employee benefits packages. These programs may include financial education sessions, one-on-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.
In conclusion, the fintech sector is expected to continue to evolve through 2023, with many exciting trends emerging that have the potential to revolutionize the way people manage their money. Additionally, financial wellness is becoming an increasingly important trend in the fintech sector as more businesses realize the potential of technology when looking to support employees.