Have you ever stopped to think about how fintech affects your day-to-day life? – asks Rebecca O’Keeffe, Content Manager at Jobbio.
How about when you pay for your morning coffee using your Apple watch? Or when you use Revolut to settle your restaurant bill? Or maybe when you decide to purchase your mum’s birthday present using Paypal?
The truth is, fintech has become an intrinsic part of our lives. Of course, there was a time when cash payments were the only option. Many of us will remember getting wage packets in dog-eared brown envelopes or paying for a round at the pub using a crisp £20 note. Those days are definitely behind us.
The world of fintech is an exciting place to be right now. We’ve seen monumental change in the last ten years, and the rate of acceleration shows no sign of waning. According to research by Jobbio, pageviews for Fintech jobs trebled over the last few years.
Here’s a look at the top trends that will emerge in 2022.
A battle for the best talent
‘The Great Resignation’ has seen millions of talented professionals leave their jobs since the start of the Covid-19 pandemic. As a result, top fintech companies are constantly on the hunt for the best talent and searching for new ways to retain the staff they already have.
The key to this battle will be providing employees with greater flexibility in terms of scheduling and remote work. The companies that listen to their staff and trust them to work independently will come out on top in 2022.
Virtual or nothing
When was the last time you physically stepped inside your bank? A year ago? Maybe two? The truth is, online banking is simply becoming the norm. The rise of fintech means that we can send money, pay bills, upload receipts and even apply for mortgages while lying on the sofa in our pyjamas.
As a result, branch closures have reached an all time high over the last few years. According to Global Market Insight in 2019, digital banking decreased physical visits to branches by 36%. This number has likely skyrocketed since then thanks to key players in the market such as Monzo.
Embedded finance
Embedded finance has taken the financial world by storm and its growth is likely to continue well into 2022. But what exactly does this new buzz word mean? Well, the term is used to describe the seamless integration of financial services into a traditionally non-financial platform.
A good example of this is Klarna, a buy-now-pay-later platform that you can use to break up large bills into smaller financial chunks. Klarna sits seamlessly within lots of different websites including ASOS, Nike and H&M. We predict embedded finance will skyrocket in the next 12 months.
Cross Border e-commerce
Since the beginning of the pandemic, we have seen a sharp rise in ecommerce transactions. People are buying everything from groceries to second hand cars online. This has led to a huge rise in cross border transactions too as customers embrace a truly global marketplace.
Based on a study published by Accenture, the total global cross border payment flow is growing around 5% (CAGR) a year and tipped to top US$156 trillion by 2022. This offers huge growth potential for small businesses and the fintech industry must have the solutions ready to help them.
Blockchain boom
Blockchain has changed the world of fintech forever. According to research by CB Insights, over 48% of banking executives state that Blockchain will impact the banking sector with maximum intensity in 2022.
In fact, 13 of the biggest banks in the world have invested a combined $3 billion in cryptocurrency development, whether directly or as funding for cryptocurrency companies. The common consensus is that blockchain will continue to boom over the next 12 months and well into the future.
Biometric security
Once upon a time, biometric security was something that we only saw in sci-fi films. But, it is now playing an increasingly important role in fintech innovation.
Authentication methods like facial recognition software, voice analysis, or fingerprint scanners are being used to simplify account access, authenticate online transactions and even replace passwords. It’s only a matter of time before they become mainstream.
What fintech trends do you think will explode in 2022? Let us know.
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