As one of the most disruptive industries, fintech has significantly changed the way we interact with financial companies over the past decade and hasn’t stopped there. Each year brings us new innovations designed to meet growing customer expectations. MobiDev analysts listed TOP 3 Global FinTech Market Trends in 2022.
1. WEB 3.0 AND BLOCKCHAIN PROVIDE SECURITY AND DECENTRALIZATION
Following lofty promises and ambitious visions of the future of the Internet, Web 3.0 technologies and blockchain exploded worldwide. Сonsumers are increasingly favoring the ownership of digital goods, made possible by non-fungible tokens (NFTs) and cryptocurrencies. Blockchain is exactly the technology that can support the economy of this virtual space by maintaining exceptional security and providing the necessary financial infrastructure. While cryptocurrencies are a means of payment there, NFTs are reliable proof of ownership of a particular digital asset. According to Markets and Markets, the fintech blockchain market size is expected to grow from $230.0 million in 2017 to $6,228.2 million by 2023.
2. ARTIFICIAL INTELLIGENCE MAKES FINANCIAL OPERATIONS SMARTER
Fintech solutions involve a great deal of data, and there’s no better technology to handle all that data than artificial intelligence. Specifically, machine learning. AI helps with a number of areas of fintech, like risk management, fraud prevention, decreasing operating costs through optimization, personalizing the banking experience, and automating workflows for team members and customers. “AI allows financial companies to track the financial health of customers by collecting and processing information about their cash accounts, credit accounts and investments to provide customers with relevant and more personalized services,” explains Maksim Bieliai, BA Team Leader and Fintech Market Analyst at MobiDev.
According to Mordor Intelligence, AI in the fintech market is expected to grow from $7.91 billion in 2020 to $26.67 billion by 2026.
3. EMBEDDED FINANCE EXPANDS SERVICES RANGE
Embedded finance allows financial technologies to be integrated into non-financial products. For example, at checkout on a website, a user could select an option to buy an item in multiple installments. According to Future Market Insights, the embedded finance market was valued at $43 billion in 2021, and it has all chances to reach $248.4 billion in the next 10 years.
Read more about lending, banking, payment FinTech Trends in 2022 here:
MobiDev is an international software engineering company with offices in Poland and Ukraine.The company is focused on helping visionaries create their products. MobiDev invests into technology research and has years of experience building AI-powered solutions, implementing machine learning, augmented reality, and IoT.