What to expect from Fintech and Black Banx for the rest of 2023
With the continued evolution of digital processes, the financial services industry has become more competitive over the last third of a decade.
As a result of a pandemic-induced push for digital adoption, 5G-enabled handheld devices, faster internet connectivity and a general move towards a more digitized economy, consumers and businesses almost everywhere have adopted digital banking and fintech platforms.
With that, the fintech space is now expected to be valued at nearly $700 billion by 2030, growing by as much as sevenfold from 2020.
As traditional banks and newer fintech companies jockey for positions in the growing industry, London-based leader Black Banx aims to keep its mission of unlocking a borderless financial system for everyone where money can flow freely while being mindful on and adapts to the customers’ development. needs and preferences along the way.
Traditional to digital (to global) continues
In the first half of 2023, physical and traditional financial institutions have moved on from legacy systems to digital-first operations, as it has become clear that digital-first banking will be the primary way people prefer to transact.
New technologies continue to make way for virtual banking experiences that do not require users to go to a physical branch, although these locations also remain to serve the 28% of customers who, according to McKinsey and Company, still prefer to visit banks in person. .
As more consumers continue to lean towards digital, Black Banx expects the global economy to grow with it.
Whether it’s professionals with a preference for working remotely, businesses from other countries that employ them and/or have international markets, or travelers eager to get back on track, just about anyone would benefit from being able to transact across national borders across 180 countries in real time and with minimal fees.
In addition to expanding its operations to reach more markets, Black Banx aims to add more to its existing 28 FIAT (government-issued) currencies and two cryptocurrencies for further transaction flexibility.
Industry leaders will appear
Despite the growing preference for digital banking, the fintech industry has borne the brunt of the global economy’s current slowdown, evident in global fintech funding falling by as much as 46% to $75.2 billion in 2022 from 2021.
However, the upside is that funding was still up 52% compared to 2020 and accounted for 18% of all funding globally, making it clear that the fintech industry still has a healthy future.
While the pace of investment is expected to return to what is considered “normal”, the challenging market conditions that currently continue to persist can also be relied upon to bring industry leaders to the fore.
Black Banx is solely funded by its CEO and founder, German billionaire Michael Gastauer, and does not rely on external investment from venture capitalists and as such can continue its growth goals despite the aforementioned current market conditions.
This level of independence allows the company not only to maintain its business, but also to be present in a market with rapidly evolving transactional needs. With this freedom to adapt in near real-time, Black Banx aims to continue to meet the changing demands and preferences of customers from a variety of geographic markets, ultimately growing the over 20 million customers it already serves.
The needs for cyber security and fraud prevention will increase
As financial institutions and consumers become more dependent on technology, cybersecurity and fraud prevention are expected to become more critical than ever. This year, digital banks and fintech companies are expected to invest heavily in cyber security measures to better protect their customers’ finances and data, as well as their overall reputation.
By continuously developing and maintaining strong relationships with the leading banks in the world, Black Banx is able to better ensure the safety of its customers’ funds by never keeping the funds in a single bank or country.
By segregating accounts across multiple locations, the highest level of protection is provided as Black Banx’s clients’ funds are globally diversified and enjoy the safety of multiple jurisdictions.
As of 2023, Black Banx continues to maintain a full PCI DSS 3.2 certification. Complying with the highest data security standards, it employs a team of security experts exclusively for comprehensive protection of customer data, and the payment software uses fully encrypted and secured ISO 20022 certified messaging systems for payment execution and data transfers.
Indeed, change is a constant, especially in the fintech space. As consumer needs evolve with the digital economy, Black Banx remains poised to meet the changing demands with user-friendly, borderless banking solutions.