2023 is the year of fintech for all categories, sectors, and verticals. Why? The past year has seen significant investment in this area. The digital transformation of the financial sector was predicted, but the post-pandemic years have taken it to new heights.
2021 was the ‘Year of Need’, but the fintech industry has been striving to attract huge investments and has achieved excellent results. The investments done over the past couple of years have brought forth some amazing new fintech products. All of it is going to reflect this year – 2023. Let’s have a look at some of them.
What Will Work in Technology?
We’ve seen whom all gained how much in 2021. The domains these company work under includes, but are not limited to
- AI and Advanced analytics solutions
- Payroll and HR Management
2023 will see new technology trends emerging in all finance-related sectors. What will be appearing will not be necessarily new, but advanced versions.
Four Top Fintech Trends in 2023
With the speed-up of the digital shift in the world, banks will go to digital-only versions of themselves. Banking services like international remittance, Peer-To-Peer transfers, Wi-Fi cards, and cryptocurrency sales will flourish in this digital setup. The increase in mobile accessibility, elimination of paperwork, and lack of interest in physically going to the bank are some of the factors that push digital-only banking.
Robotic process automation or RPA has developed from the infant stages and is handling multiple tedious tasks at present. The financial sector has already replaced a part of its services with RPA already. From various back-end processes like security checks and account maintenance to front-end processes like customer onboarding and mortgage processing, the presence of RPA can be felt everywhere. 2023 will see more processes being built under RPA, except human monitoring perhaps.
The development of blockchain in financial services has gone further over the past years with the debugging of many technical issues. Business Insider reports a 48 percent rise in blockchain usage in banking.
The cutting-edge technology of blockchain will decentralize finance procedures, increasing security and transparency. P2P financial platforms are increasingly using blockchain for smooth transactions and are looking to invest more in the field.
Biometric Security Systems
Advanced smartphone features and technology have brought FinTech and banking to our fingertips. Securing transactions with face recognition, an eye scanner, and a fingerprint scanner has already been adopted by multiple banking applications.
From the touch-based biometric solutions, security measures are moving towards contactless biometric domains owing to the recent pandemic. We will see more advancements in 2022.
A new 2023
As 2023 progresses, we will be able to see the above-mentioned trends and many more advanced methods appearing in the FinTech industry. All the investments of 2021-22 will produce good results now.