Main trends in the fintech sector in 2023
The growth of Fintech (financial technologies) has become an increasingly popular trend, contaminating the sector with dynamism and competitiveness. Since their inception, these technologies have revolutionized how financial transactions are handled, from mobile banking to online lending, Fintech startups are changing the financial landscape and offering innovative solutions. But these advances demand a constant impetus to transform products and services to stay ahead of the curve as they serve the needs of end users.
In this sense, explains Daniel Suero Alonso, entrepreneur, expert in the business field and financial markets that, in 2023, Fintechs will continue to expand and transform the financial sector worldwide. Here are some of the main Fintech trends to expect in the coming years.
Artificial intelligence (AI) and machine learning: As in other sectors, artificial intelligence and machine learning are two technologies that will revolutionize the financial world. The applications of AI and machine learning are varied, for example, financial organizations can use these technologies to investigate their customers’ data and predict their needs in real time. In addition, AI and machine learning will also improve the security of financial transactions by detecting fraudulent patterns.
2. Payment technologies: In 2023, Fintech companies will continue to drive the payments industry with the incorporation of unprecedented technologies, as Daniel Suero Alonso, Fintech entrepreneur and expert in the business field and financial markets, explains that these technologies include contactless payments (contactless), facial recognition, the rise of cryptocurrencies in payment options and real-time payment solutions.
3. Digital banking: Digital banking is becoming increasingly popular around the world, especially in Latin America, so this trend may continue in 2023, with virtual banks looking to enhance their digital service offerings and include more complex products such as digital wallets and tailored savings products.
4. Automated financial advisory services: Robo-advisors or automated financial advisory services are another trend that will continue to grow. These services are based on robots that provide personalized financial recommendations to clients based on their investment objectives and risk profile. In the future, these services may expand to include wealth management recommendations.
5. Blockchain Infrastructure (blockchain): It is anticipated that blockchain will have an even greater growth in Fintech in the coming years, blockchain-based solutions can improve efficiency and reduce the costs of financial transactions, in addition to improving security through cryptography, digital identity management services and cryptocurrency wallets are two financial services in line with blockchain.
Finally, we are told by Daniel Suero Alonso, insurtech, young financial expert and entrepreneur, author of the book “How to invest your own money” that Fintechs will continue to grow and transform the financial industry in 2023. Artificial intelligence, cryptocurrencies, machine learning, digital banking services and wireless payments are just some of the trends that will continue to evolve over the next few years. Fintech technologies present many opportunities and challenges for the financial sector, and those that can embrace these trends and enhance their digital service offerings will be better prepared to face competition and capture new growth opportunities in an increasingly digital world.
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