4 Trends of FinTech in 2023

June 1, 2023

Innovations instead of “classics”

The growing demand for services in digital channels is a key incentive for many banks to introduce technological innovations and financial software solutions to develop their products. The trend to switch to remote service was set at the beginning of the pandemic and has not weakened since then.

Embedded financial services

This is a modern model of seamless integration of payment and credit services, insurance, bank cards, and investments into traditional non-financial products or platforms. An example of such a model can be payment services embedded in social networks, or loyalty card programs on online store sites.

Artificial Intelligence

According to various forecasts, by the beginning of the next decade, Artificial Intelligence can reduce banks’ operating expenses by 22%, which in material terms will amount to almost $1 trillion.
It is expected that by 2026, the market for AI applications in the financial technology sector will reach $26.67 billion.

Blockchain innovation

Blockchain and its intriguing potential continue to pique the interest of businesses all over the world. Because of the numerous benefits of blockchain technology, the financial sector continues to be a pioneer in its application. From storing and trading cryptocurrencies to online payments, blockchain has played a critical role in transforming financial services.

If you’re interested in developing services for the financial industry, contact us: contact@usetech.com

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