While 2021 was a year of unprecedented disruption, 2022 is set to be a year of remarkable adaptation and transformation in FinTech. As opportunities open up in the fintech industry, some trends are continuing into 2022 and may drive the financial services industry forward.
The growth of FinTech (Financial Technology) has taken center stage in the global financial services industry in the last decade.
In the coming year, there is a huge expectation to see institutions providing and perfecting currently existing technology in order to keep up with fast-moving technology.
Here are the latest fintech trends to watch out for in 2022 and beyond.
Digital-Only Banks
The lockdowns and quarantines during the COVID-19 pandemic also caused more people to adopt online services for their everyday needs, accelerating the growth of digital banks in general.
A digital-only bank is one that operates entirely online. Everything from opening an account to making transactions is done through a mobile app or website. Moreover, it’s in sharp contrast to traditional banks going digital, as they have physical branches alongside online options.
Artificial Intelligence (AI) and Robotics
The new trend right now is automation and, so far, it’s been mostly used in customer service applications. Now it’s going to be used even more to include investments, compliance, risk management, analytics, etc.
Customers can now expect faster and more accurate services tailored to their needs.
Voice-Enabled Payments
Voice-enabled technology allows people to use their smartphone’s voice recognition software and a digital assistant like Siri, Google Assistant, or Amazon Alexa to hear their balance and make payments or money transfers.
Moreover, fintech startups looking to implement proof of concept (POC) projects on tight budgets can look to voice-enabled payments as an option. There is an opportunity for the technology to be used for payments in retail stores with no contactless payment terminals.
Customer-Centric Applications
The financial industry will have to focus on delivering a high-quality customer experience to be at par with the competition. Therefore, with customers interacting more and more across different channels, the fintech industry has to develop powerful solutions.
Manual processes can be eliminated and all processes digitized and automated. Therefore, customers won’t have to repeatedly fill up lengthy forms or go through the flowing process:
- Scanning
- Downloading
- Printing
- Signing
- Scanning documents
Crypto as Hot Focus for Investors
2021 saw an explosion of activity in the blockchain and crypto space. We’ll likely see this trend continue. The focus will stretch across the crypto ecosystem — from cryptocurrencies and trading platforms to NFTs, alternative asset trading, and support structures.
The space will also see a more diverse range of investors considering investments in the space.
Conclusion
Fintech is a rapidly evolving industry with new trends popping up each year. Uncovering these top fintech trends could give you new insights. Further, it will help you stay ahead of your competition by making educated business decisions for future growth.