We will see a reduction in single-use fintech offerings
As interest rates rise so does the cost of capital. As such, I predict we will see fewer of the many new credit/corporate card startups. Only fintech solutions with multiple products and diversified value will succeed, versus those that just offer high rebates. Companies now seek a solution that can be with them throughout the duration of growth — uprooting a product each time a business has outgrown it is taxing and time-consuming. Businesses are increasingly turning to scalable solutions with a diversified customer portfolio.
We will continue to see increased use of embedded finance solutions
One payment trend that has revolutionised payments in 2022 and will continue in 2023 is the increased use of embedded fintech to make the user experience seamless. Customers now expect a consumer-grade experience when it comes to most —if not all — solutions within a business. And embedded finance does just that by meeting users where they are with a native UI and low-friction experiences. A great example is the automation of expenses; with TripActions Liquid, all users need to do is tap their liquid card and TripActions takes care of the rest.
Go deeper with GlobalData
Collaboration opportunities between fintech and the government will substantially increase
While fintech giants have been streamlining the movement of money for years, unleashing new services like Buy Now, Pay Later (BNPL) and instant reimbursements, the government institutions overseeing fintech regulation are taking note. In the US, we’re seeing technology from these government instantiations emerge to give smaller banks and credit unions a fighting chance in the payments arena.
In the UK, I expect the government to follow suit. Government involvement in the growing fintech space is a massive industry growth and collaboration opportunity. The market is still super-ripe for companies and institutions to compete or partner with each other and the government.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
