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7 FinTech trends of 2022

2021 has come and gone and we’re beginning a new year! To start it with the right foot, we want to share with you the FinTech trends to watch out for in this 2022.

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7 FinTech trends of 2022:

Last year, the COVID-19 pandemic rapidly accelerated the FinTech ecosystem, unlocking its true potential and value to the actors of the financial sector. Due to this, the processes of the sector have been greatly digitalized, making it necessary for corporations to offer digital solutions to their consumers, who have grown accustomed to the speed and ease of them. Let’s face it, business now have to adapt or die. So, to make it easier for you, we have decided to post some of the trends we believe that are going to rule this 2022. So take a look at them, study them and apply them to your business wisely!

Digital banking:

As we previously mentioned, the pandemic affected consumer habits, and the banking sector didn’t escaped unscathed. Because of restrictions, banks closures have risen and clients have opted for digital banking due to its great customer service, quicker deliveries and more efficient services. In 2021, about 64% of US citizens have used digital banking services, and it is expected that this number will grow during 2022.

White label FinTech:

For those who haven’t heard this term, white label FinTech means services a FinTech company purchases from a service provider and that they will rebrand it as its own. They allow companies to outsource financial applications to get into the market faster, reducing costs, saving time and resources while at the same time maintaining their relevance in the ecosystem.

Data aggregation:

Data aggregation is the process of gathering data and presenting it in a summarized format. Data aggregators will be an important part of the exchange of data between financial institutions and costumers, and the collection of important consumer data such as statistics on customer demographic and behavior metrics.

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Blockchain technology:

The size of the global blockchain market is forecasted to increase from $3 billion in 2020 to $39.7 billion by 2025. Blockchain is without a doubt the main monetary advancement for computerized exchanges since its the board is appropriated, which implies it can’t be constrained by a particular individual, organization, government, or bank. In spite of the fact that organizations stress over the security issues of this state of the art FinTech, Blockchain’s developing acknowledgment as a method for making a solid computerized record can’t be overlooked.

Robotic process automation (RPA):

Robotic process automation allow organizations to get better work productivity with little investment. RPA utilizes programming robots (bots) to give HR space to breath and further develop the manner in which normal, dull business exercises are completed.

Voice-enabled payments:

When online banking began, nobody could even envision how rapidly it could advance. Expect voice to become the trusted way for people and organizations to lead routine financial tasks faster. The comfort of talking as opposed to composing will assist customers with rapidly getting the data they need. Enhancements in normal language handling, regular language understanding and normal language age will permit clients to involve voice for banking exchanges in so strong a way that will feel as though they are cooperating with a human teller.

Big data:

In 2020, people created 1.7 MB of data every second. FinTech providers and their customers generate vast amounts of data that can be aggregated to provide a more comprehensive view of a customer’s financial status. Expect financial institutions to partner with data aggregators so they can use big data to improve customer retention and improve services.

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