Talking about the fintech field — one of the most interesting, and arguably always relevant, is hard. It is also difficult to make any far-reaching predictions within the framework of the constantly evolving economy and changes, but we asked several experts to share their opinions on future trends in this field.

Joe Warnimont, WordPress and Technical Expert at HostingAdvice, shares the following thoughts:

“Perhaps the most disruptive of FinTech trends involves what’s called embedded finance. It’s where non-financial institutions integrate with the Open Banking API to provide banking or insurance services alongside their base products that often have nothing to do with banking. Google Pay and Apple are examples, but now we’re seeing less obvious combinations like how Lyft offers a debit card just for drivers, or how Tesla provides insurance with its car sales.

Digital wallets and virtual bank cards — from traditional banks like Capital One and neo-banks like Wise and Revolut — have already increased in popularity, but I expect to see even more demand this coming year. There are also two specific market gaps that need filling: more advanced personal finance management apps (after Mint shut down) and digital mortgage lending. Younger generations have shown the willingness to embrace alternative lending options like P2P lending and crowdfunding, so the long bureaucratized mortgage space is due for an upheaval. You might consider Rocket Mortgage a version of this trend, but some startups promise a less traditional approach with AI models for fraud prevention and risk mitigation, self-service dashboards for speedy closings, and deep integrations for near-instant identity, credit report, and financial standing analysis. 

Assessing the impact of AI on the financial sector depends entirely on how the customer embraces the specific features provided by AI. Do consumers trust it to protect data? What about automatically buying stocks? Or to make creditworthiness decisions? AI in FinTech must deliver consistent, reliable results, otherwise customers won’t trust the tech. That’s especially true for data privacy and security features. Equifax’s AI-powered threat detection system, for instance, failed to stop a data breach that eventually affected over 140 million people; failures like this slow progress because of reluctance to adopt by other brands and consumer fears.” 

Eyal Moldovan, CEO and Co-founder of 40Seas, adds:

“One trend in particular that I’m intrigued by is the embedded finance movement, which is forcing many legacy payment processors to adapt and expand their suite of services to offer embedded finance solutions themselves, as a means of maintaining competitiveness. By integrating financial services directly into the checkout process, traditional processors can enhance their value proposition, provide additional benefits to merchants and consumers, and absorb greater market share in an increasingly competitive landscape. 

In the coming year, the integration of financial services into existing operational frameworks will continue to create lucrative opportunities for both non-financial and financial entities to diversify their service offerings. We’re already seeing more platforms offering alternative payment methods that cater to individuals without traditional bank accounts or credit cards, such as digital wallets or Buy Now, Pay Later options. 

Looking ahead, I expect the embedded finance trend to continue to gain pace as different industry verticals jump on board. Incorporating embedded financial services into business models has the potential to lower customer acquisition costs, enabling companies to meet customers where they already are, without requiring them to migrate off-platform to access financial services. Many e-commerce platforms and marketplaces are already presenting more like fintech companies, offering financial services in a host of different environments. Companies across the industry spectrum can embrace the fintech ethos in the embedded finance era, and this transformation is already underway across multiple sectors, with non-financial entities increasingly seeking payment, issuing, and lending solutions. Future innovations may include personalized financial products tailored to individual needs, real-time financial advice powered by AI, and the integration of finance into IoT devices, enabling automated transactions and smart financial management.”

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