What have been the major fintech trends you’ve seen in 2022?

In the years to come, 2022 will likely be remembered as a perfect storm where social, political, and economic issues emerged and collided globally. As a result, businesses and consumers are looking for ways to gain better access, control, and visibility when it comes to their finances.

Fintech has stepped up to the task: our recent financial wellbeing research revealed that nearly nine in 10 consumers and three in four businesses in the UK have turned to financial products and services in the last 12 months to help tackle the cost of living crisis. Many of these tools are powered by open banking, enabling businesses to build more innovative and personalised products for their customers. Going into 2023, we can expect to see even more demand for these types of solutions, driving open banking adoption even further.

What lessons have you learnt from 2022?

The huge injection of fintech investment we saw in 2021 – almost a ‘steroid boost’ – followed by an economic downturn less than 12 months later has created a unique set of challenges. But history tells us that down markets are some of the best times to refocus. Those fintechs that see this change as an opportunity are the ones that will weather the storm successfully. Whilst funding squeezes spell uncertainty for our sector, we must use this period to regroup and spin gold from straw as fintechs have always done.

Another lesson to be taken from 2022 is that the collective mission always comes first. This year, fintech players across the open banking industry – including Yapily – joined forces to successfully launch the Open Finance Association with one goal in mind: furthering open finance in the UK and EU, empowering consumers and businesses to make better use of their financial data and payments. Recognising that the voice of the many is much stronger than the few is key when it comes to effecting real change, a movement we can expect to see not just in fintech but other industries next year too.

What are your fintech predictions for 2023?

Interest rates, mortgages, and savings will be the financial services buzzwords going into 2023 as consumers and businesses look for ways to make their money go further. The winners here will be the banks, which means they’re likely to invest more in innovation and technology through fintech partnerships. Ultimately, banks and financial institutions will want to make sure their customers can continue to access more personalised and digital-first products they have now come to expect from agile players.

Whilst industry attention shifts towards banking, we can also expect open banking to disrupt new verticals. Since its conception, open banking has naturally been embedded in the worlds of banking and payments. But this year, a wider range of verticals including property, insurance and wealth management have started to reap the benefits it has to offer. As we head into 2023, we can expect to see even more innovative and new open banking use cases realised across the ecosystem.

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.

Company Profile – free sample

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
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

How can we move fintech forward in 2023?

In 2023, we’re going to see consumers and businesses rely more and more on fintech solutions to tackle the impact of today’s economic problems. Whilst there’s no crystal ball for the future of fintech, we can expect to see strong undercurrents around financial wellbeing, industry collaboration, and agility in the face of adversity shape the fintech industry next year.