Fintech 2022: A year in review and what to expect in 2023

The fintech industry continues to experience rapid growth and innovation, with an estimated global market size of $500 billion in 2020. As we enter the new year, it is important to review the past year’s progress in fintech and look ahead to what we can expect in the coming year. 

In this article, we will review the most influential trends and developments in the industry and look at how they might affect the 2023 fintech scene.

Mia Lysikova

Project Manager

Managing Web3 projects and strategizing marketing for blockchain companies. Delivered 120+ creative solutions for tech businesses in the past 2 years. 

Digital-only banking

Digital-only banking has been one of the most disruptive forces in the fintech space over the past year. These services allow users to open and manage accounts without ever visiting a physical branch. Through digital-only banks, users can access features such as budgeting, financial planning, and investment tracking, as well as a range of digital payment and lending options. 

Digital-only banking has enabled more people to access banking services and provided more flexibility and convenience to those who are already using them. In the coming year, we can expect to see even more digital-only banks and services launching, as well as more features being added to existing services.

Collaboration, not competition

It may not be something we’re used to hearing in finance, but collaboration will be one of the key fintech trends to look out for in 2023. The fintech industry has seen an emerging direction towards collaboration between traditional financial institutions and fintech companies. This unusual development is driven by a mutual need for innovation and customer-focused solutions, as well as an understanding of the benefits of open-source collaboration. 

The coming year will bring more collaboration between fintech companies and traditional financial institutions, as well as more cross-industry partnerships, leading to more innovative solutions and better customer experiences.

Digital exchange and trading platforms

Digital exchanges and trading platforms have been one of the most transformative forces in the fintech industry over the past year. These platforms allow users to buy and sell a variety of financial instruments, such as stocks, NTFs, and cryptocurrencies. 

In the coming year, we can expect to see even more digital exchanges and trading platforms launching, as well as more features being added to existing platforms. This will make it easier for users to access a wide range of financial instruments and services.

In 2023 we will see wider adoption of digital exchange technology across traditional finance institutions, increasing the efficiency and security of transacting worldwide.

Blockchain technology

Blockchain technology has been a key driver of innovation in the fintech space over the past year. This technology has enabled a range of new applications, from digital payments to smart contracts. The banking industry holds the highest distribution of blockchain market value – with a 29.7% share that is set to grow further as investors rush to increase the reach of blockchain services and consumers increasingly adopt blockchain wallets. 

Blockchain application and mass adoption is supposed to take place during the coming year. However, as an emerging technology, blockchain has much room for further growth. PwC analysis suggests that 2023 will be the tipping point when blockchain is adopted at scale across world economies.

AI-based payments and solutions

AI-based solutions have been a major force in the fintech space over the past year. These solutions have enabled more efficient and secure payments, as well as a range of other applications. 

As financial institutions adopt AI and machine learning for analytics, there is the potential to cut global operating costs by up to 22% by 2030, making projected savings of around $1 trillion. That’s why we can confidently say that 2023 will be the year AI-based solutions, applications, and more wide-scale adoption.

Wrapping up

Fintech has experienced rapid growth and innovation over the past year and we can expect to see even more progress in 2023. From digital-only banking and collaboration between traditional financial institutions and fintech companies, to digital exchanges and trading platforms, blockchain technology, and AI-based payments and solutions, there is a lot to look forward to in the fintech space in 2023.

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