Fintech Trends that Are Worth Your Attention in 2023
From traditional finance, the world is gradually moving to fintech. Nevertheless, let’s be honest, it is senseless to suppose that in the nearest future fintech solutions will fully replace traditional banking and financial services. However, they greatly complement traditional approaches and help to make these services more accessible to a wider audience.
In this article, we’d offer you to have a look at the most important fintech trends that are expected to shape the market in 2023. We believe that the trends mentioned below will help you to better understand what solutions you can offer to users for satisfying their needs and what expectations the market has today.
Further Digitalization
Already today we can observe the results of the ongoing digital transformation. But there are still a lot of things to be done in this sphere. And the new stage of digitalization is expected to cover a wide range of banking needs. The market now expects to get new fintech solutions that will offer either completely new services that were previously not presented or those that were inaccessible to the majority of people.
If we are talking about the future of banking, it is impossible not to mention the integration of banking services into social media apps, for example. In general, embedded banking that presupposes making such services available across various channels, including but not limited to mobile platforms, is of special importance for major banks that want to ensure consistent experiences for their customers.
Cryptocurrencies
A wide audience got familiarized with crypto assets some years ago, in 2018-2019. But at that time, there were not so many people who clearly understood what digital assets could offer to them. Now more and more people who want to diversify their investment portfolios or are interested in finding new payment methods choose cryptocurrencies.
Despite some difficulties, like regulation uncertainty and alarming news from the crypto industry that observed collapses and bankruptcies of several big crypto businesses in 2022, it is obvious that digital assets are here to stay (there is already no doubt).
While some years ago, countries were talking about banning crypto, now there are discussing ways to regulate the industry. Moreover, digital assets attract attention even on the governmental level as a row of countries are actively working on the development of their CBDCs (central bank digital currencies). And such initiatives should be definitely viewed as a good sign for the entire industry.
Of course, it is expected that this market will have its ups and downs in the future but people want to have reliable tools for interacting with crypto. And if you have an idea for such a solution, it will be quite sensible to start building it. But please, do not forget to check the regulation and rules approved in the countries where you want to introduce your software product.
Cross-Border Transactions
Thanks to the internet you do not need to leave your home if you want to go shopping, for example. You can do it virtually without any problems. It will be enough just to make an order online and wait for some hours or days. But what is more, there are practically no restrictions regarding the geography of our purchases. You can easily order something from another continent. Moreover, many people actively travel these days and may need to pay for tickets and hotels located in other countries in advance.
These are just a couple of examples that demonstrate that even in our everyday life (not to mention business purposes) we quite often face the necessity to conduct cross-border payments. And the task of the fintech industry is to provide users with the possibility to conduct such transactions quickly and easily and to be sure that it will be an absolutely secure transaction with no risks to lose money or reveal private data to third parties.
Our world today is interconnected as never before and fintech solutions can help to support these ties and to make them even stronger.
Increased Attention to the Safety of Payments and Data
Though on one hand, digitalization of payments is an absolutely positive tendency, let’s not forget that it also leads to the growth of online fraud cases. Fintech solutions are becoming more and more complex, but fraudsters are also looking for more and more sophisticated methods to organize their attacks.
That’s why developers need to think carefully about the security of each solution and introduce strong anti-fraud tools and protection methods.
Final Word
As you see, already today the financial industry is greatly digitalized but it still has a long path toward full digitalization. As the demands of users and their expectations are growing, developers of fintech solutions need to find new approaches to building apps that will be both feature-rich and easy to use. It will be one of the most important principles for fintech product development in the nearest future.
