{"id":13575,"date":"2023-02-25T11:03:10","date_gmt":"2023-02-25T08:03:10","guid":{"rendered":"https:\/\/starlanguageblog.com\/?p=13575"},"modified":"2023-02-25T11:03:10","modified_gmt":"2023-02-25T08:03:10","slug":"watch-out-for-these-fintech-trends-in-2023","status":"publish","type":"post","link":"https:\/\/www.starlanguageblog.com\/watch-out-for-these-fintech-trends-in-2023\/","title":{"rendered":"Watch out for these fintech trends in 2023"},"content":{"rendered":"
The fintech industry or financial technology has recently emerged in the market but has contributed to improving financial services for both businesses and consumers. Integrating technological advancements into the finance sector includes using robo advisors, payments apps and even crypto applications. Such cryptocurrencies, like Bitcoin and Ethereum, are known to drive the modern fintech industry. The <\/span>Ethereum price USD<\/span><\/a> was highly influenced by the blockchain\u2019s latest update, the Merge, which changed its previous PoW consensus mechanism to PoS, one of the best improvements for fintech.<\/span><\/p>\n 2022 has brought many upgrades in the fintech industry, from new financial regulations to the rise of digital-only banking that allows users to use banking facilities only through digital platforms. Overall, the increased digitization in the financial sector benefits customers since they only need a good internet connection for any transaction or to solve a problem. At the same time, businesses can provide more and better services and fast improvement.<\/span><\/p>\n Let\u2019s see what 2023 will bring us regarding fintech technology.<\/strong><\/p>\n Embedded finance uses a platform or a customer journey experience to place a financial product to reach end customers more efficiently. Anything from customer loyalty apps, digital wallets, or accounting software can be embedded in finance, which has been recently improved due to the digitization of commerce and business management strategies.<\/span><\/p>\n There are two leading distributors of embedded finance:<\/strong><\/p>\n Embedded finance is set to change the fintech industry by:<\/strong><\/p>\n Alt financing is a new alternative to traditional banking. Although alternative finance has been on the market for a while, the sector has boomed in the past years due to economic and social changes. It is one of the best finance advancements since it addresses the gaps in the usual financial markets. Some of these include the inability to access formal banking systems in some regions or not qualifying for a bank loan as a business. Alternative financing consists of the following examples:<\/span><\/p>\n Alternative finance is expected to grow in terms of CAGR (compound annual growth rate) this year, and some of its features will become more popular in the future, such as the following:<\/span><\/p>\n Software as a Service (SaaS) delivers software solutions, offering value-added services and increasing automated security. Since both markets have developed in recent years, fintech companies demanded SaaS solutions to provide better customer support and accelerate digital transformation. SaaS helps the fintech industry through the following:<\/span><\/p>\n As cloud computing services, SaaS provides users with plenty of benefits, such as the flexibility of capacity planning based on the company\u2019s needs. At the same time, such software programs are easy to use and perform proof-of-concept to test the software functionality and be able to release features in advance of the product. POC is highly beneficial for businesses because it can help turn ideas and concepts into authentic products with fewer investments and time consumed on trials.<\/span><\/p>\n Artificial intelligence has helped many industries to develop and seek better practices. In fintech, AI enables chatbot interactions and personalized customer service while driving infrastructure decisions such as combating cybercrimes and money laundering. Some of the best use cases in fintech provided by AI include the following examples:<\/span><\/p>\n The only issue regarding AI is the ethical impact it might have in such critical decision-making processes. Although AI has yet to be included ideally in fintech, some changes may occur, and the procedures will be adequately improved.<\/span><\/p>\n RegTech, or regulatory technology, will become a better way for companies to comply. It\u2019s one of the newest upgrades regarding fintech, and it\u2019s one of the most necessary due to alternative finance, blockchain, and AI technologies that need to be better regulated. Companies need to be updated regularly to keep up with compliance, and RegTech has the following benefits:<\/span><\/p>\n As technology develops, fintech will change the financial sector by providing better solutions and resources to the market. At the same time, since cloud technology and machine learning are emerging, the financial industry is expected to adapt to the consumer\u2019s demands and create superior products and services.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Watch out for these fintech trends in 2023 The fintech industry or financial technology has recently emerged in the market but has contributed to improving financial services for both businesses and consumers. Integrating technological advancements into the finance sector includes using robo advisors, payments apps and even crypto applications. Such cryptocurrencies, like Bitcoin and Ethereum, […]<\/p>\n","protected":false},"author":1,"featured_media":13576,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53],"tags":[2329,2557],"yoast_head":"\nEmbedded finance<\/span><\/h2>\n
\n
\n
Alternative finance\u00a0<\/span><\/h2>\n
\n
\n
SaaS platforms\u00a0<\/span><\/h2>\n
\n
AI technology\u00a0<\/span><\/h2>\n
\n
RegTech<\/span><\/h2>\n
\n
Wrapping up<\/span><\/h2>\n