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5 FinTech insights for 2022

5 FinTech insights for 2022

As Open Banking and other FinTech-related ventures begin to take off even faster, here are some key areas of this market area that are expected to make significant strides by 2022. We will focus on everything that has to do with the world of FinTech, regardless of location. So, without any further ado – let’s begin!

1. Open banking will continue to be and grow as a multi-billion dollar business

Making the whole concept work is one of the most important tasks on the plate of every Open Banking platform launched so far. To be honest, it seems that open banking as a whole will continue to be a multi-billion dollar market and grow exponentially within just 5 years from now. What makes this idea so beloved by those all over the world is the fact that it finally puts customers in charge of their personal data, allowing them to own and control where this data moves and who can access it – so what’s not to love?

2. Open banking and Open API ecosystems will gain massive momentum

Open Banking APIs make it possible for third parties to build applications (and other services) that can tap into the vast pool of data available through Open Banking systems. And this is very, very exciting – because both Big Data and Smart Data can finally get all of the exposure that they need. This growth of open banking meaning and new business models will become even more important than ever before in just a few years!

The API technology has almost limitless upside potential, offering room for growth in every direction. Hence, you can expect even further and deeper integration into the wide variety of sectors and services that customers can access.

3. Blockchain will become an integral part of new and existing financial services

Blockchain technology has already become integrated into many different sectors, including healthcare, but so far it hasn’t really made a massive difference in the financial services industry. That’s because there are so many sceptics and lobbyists with conservative views that are really cautious when it comes to implementing it. With a lot of sectors embracing the innovation which blockchain brings, FinTech (the sector for which, blockchain was designed in the first place) is heavily polarized towards its value and benefits.

However, that will change pretty soon – because this technology is set to become an integral part of any transaction that has anything to do with money, stock trading, investments and other types of transactions.

4. Chatbots are here to stay

By 2022, chatbots will rule the world – or at least that’s what we’re betting on… These chatbots will be able to handle pretty much anything, from making payments to providing customer service and everything in between or beyond. So, if you thought that only humans can be professional and provide excellent service – think again because today’s chatbots already prove otherwise!

Most banks are already heavily invested into making their chatbots ready to solve all kinds of problems, hence, we see no reason that stops being the trend.

5. Customers will become even more tech-savvy

Thanks to the rising number of tech-savvy customers, banks and other financial institutions will have to come up with even more innovative solutions. This is good news because it only means that Fintech sector is in for yet another period of exponential growth in just a few years time. Hence, the best advice that we can give you is to follow the trends and get in on the game before it’s too late.

Concepts like open banking are changing the way people see the world of finance and it is the job of the businesses to adapt right away.

Business

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