Thinkers360 2022 Predictions are member-sourced from our opt-in B2B thought leader and influencer community with 100M+ followers on social media combined. The 2022 Predictions are part of a series to provide actionable insights for business and technology executives.
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We asked a selection of our Thinkers360 global thought leaders and influencers about their predictions for FinTech in 2022. Here’s what they told us…
What are your predictions for FinTech in 2022?
Many fintech companies in the BTC space live by their strong brand that drives their valuation and attracts new customers. But as we know in the fashion industry that perfected how to enhance a company brand, we also know that consumers are not as tied to a brand if it falls out of favour or something ‘cooler’ comes along. That will be the biggest challenge in the future for many fintech companies, especially for the ones that will not evolve fast enough. Live by the brand and die by it.
Fintech goes green. Customers want it, our Planet needs it and a new generation of ‘green’ financial players (startups, funds or B Corp Incumbents) are planning to offer sustainability-friendly fintech services. Starting from impact investing solution to dedicated credit risk scoring or insurance risk models, 2022 will be the turning point for fintechs to avoid the ‘greenwashing’ risk and starting to create a real impact on society leveraging on technologies.
– Alberto Garuccio, Head of Ecosystem and Open Innovation at Reale Mutua Assicurazioni
I expect the current excitement around embedded finance to continue — from payments and lending to insurance and investing — where consumers can obtain financial services whenever, and wherever they need them. I also expect the use of artificial intelligence to continue to expand in financial services — for both incumbents and startups — beyond driving operational efficiency improvements. As a society, we are confronted with the dual crisis of COVID-19 and climate change. With challenges come opportunities; as an industry, we have the power and the ability to leverage technology and data to help create a more inclusive and sustainable future for everyone. And that is perhaps the most exciting trend in the coming year(s): A focus on community and purpose, and using technology for good.
– Theodora Lau, Founder at Unconventional Ventures
While 2020 and 2021 were dominated by the impact of the pandemic, 2022 will see a slightly more reasoned approach to digital transformation throughout financial services. There will continue to be a larger focus on building fintech and legacy partnerships throughout the industry. Investments on fintech firms dedicated to infrastructure will dominate. We will start seeing actual marketplaces offered by banks and CUs through partnerships with their banktech providers or fintech consortiums. DeFi will start to make real impact on the industry prompting escalating calls for regulation of crypto and DeFi. More forward thinking companies will start looking to define their roles in a DeFi world. In the meantime, AI will start fulfilling the promise many have been waiting for a decade, particularly in automating routine decisions and simple customer service.
– Alex Jimenez, Chief Strategy Officer at Finalytics.ai and Extractable
FinTech has become a disruptive new market force, attacking some of the most profitable elements of the BFSI value chain. The coming year should witness – No-nonsense tech driven digital banking services offering competitive interest rates and plethora of free services like bill payment, transfers or endless ATM withdrawals – Innovative financial products like higher interest rates based on physical activity or based on likes on social media through All-in-one SuperApp – Widespread offering of BNPL across sectors – Personalized service to help customer control their finances using AI & ML services – Micro-niche trend to provide hyper-focussed banking products to serve community like Islamic banking, Gig banking, LGBTQ, disabled customers, “betterers,” etc. – Accelerated Adoption of Blockchain in Paytech, Creditech, InsurTech, Investech – Race to embrace Open banking, platform banking, BaaS using microservices and cloud technology – Firm commitment to invest profit earned in “Clean energy” or invest in a halal or efficient way – Increased Employee engagement and customer centricity in all offerings – Heavy investment towards cyber security, data governance and privacy to meet regulatory compliance.
– Biren Parekh, VP at Intellect Design Arena Ltd
2022 will be the year of the institutionalization of crypto assets. Crypto is as much about culture as it is about finance or technology. And large financial organizations are finally realizing that crypto is here to stay in some form or the other and are building dedicated digital asset teams. Decentralized Finance (DeFi) or blockchain-based finance is a hot bed of innovation. DeFi is attracting top-notch talent and capital. Of course, it’s also attracting hustlers looking to make quick bucks in this digital gold rush. With the number #2 blockchain Ethereum moving to proof of stake consensus mechanism in 2022, its environmental impact will be mitigated. With hundreds of billion dollars of total value locked, DeFi (and stable coins) are fast approaching the “too big to fail” status. Regulatory oversight is soon coming in different jurisdictions and will help clarify the rules of the game.
– Kashyap Kompella, CEO and Chief Analyst at RPA2AI Research
Outside of the number of unicorns and unlimited funds flowing to anything remotely sounding like a FinTech, I see the growth of this class of startups as a unique opportunity to further the cause of financial inclusion profitably. Financial tech and innovation will make this a more inclusive and empowered world by enabling the flow of money to and from the remotest corners of the planet. And I see that happening more vigorously in 2022 and beyond as the world tentatively steps out of the shadow of the pandemic.
– Samiran Ghosh, Board Member at Intelligent Automation Advisory
We’ll see current trends accelerate, notably around embedded finance. Covid-19 has accelerated the digitalisation of financial services and accentuated the gap between top performers and laggards. This will continue to be the case. We are likely to see some market consolidation as some fintechs fail to deliver on their promises. Last but not least, have you heard of Bitcoin? It is likely to continue to be front and centre for better or worse…
– Tristan Pelloux, Chief Pencil Officer at Fintech Review
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