Top 5 Tech Trends For Payment Fintechs In 2023

By U Cast Studios
November 1, 2022

Top 5 Tech Trends For Payment Fintechs In 2023
Image Courtesy Of Finance Magnates

Gaining competitive advantage is synonymous to staying ahead of the curve.

Payment Fintechs are known for their groundbreaking products, incredible flexibility, and user empowerment. They’re lean, they’re mean, and they mean business.

This article was originally published by Finance Magnates.

In the fast-paced world of finance, gaining competitive advantage is a synonym to staying ahead of the curve.

With banks still struggling in their push for innovation, fintech startups are sprouting everywhere, deploying groundbreaking technology, and questioning traditional banking.

Top Payment Fintechs for 2023

With that in mind, let’s take a look at 5 trends that will undoubtedly shape the future of Finance.

1. Fintechs and AI

AI was once lauded as a future trend and already made its way pretty much everywhere in the cyberspace. Nonetheless, as apps grow with AI embedded code, 2023 might be the year where it will finally become mainstream.

Consequently, Fintechs and Artificial intelligence are bound to go hand-in-hand in the future as AI will can be of use whether in terms of data storage capabilities, fraud prevention, predictive models, user empowerment & user experience, and so forth.

The possibilities are endless with AI and while it may be impacting other industries on a much harder level, it will certainly take no time for it to empower the financial world too.

2. Fintechs and the Metaverse

Whether metaverse technologies have had their breakthrough moment is debatable, but there is one thing many seem to agree upon: they are here to stay.

Virtual and augmented reality have begun to slowly reshape our lives. And, as the lines between the digital and the physical world ever so slightly begin to blur, more and more immersive experiences begin to sprout.

Fast food companies are pondering over opening their own digital restaurants while other top brands are working on creating virtual rooms with augmented reality for meetings and business purposes.

The metaverse’s implications for financial technology’s future are massive as it could make a digital economy possible while support millions of creators and businesses worldwide.

3. Fintechs, DeFi, the Blockchain, and Web3

DeFi and Web3 will supercharge innovation and opportunities other than decentralizing the monetary flow will sprout. In fact, we’re not even close to seeing the inflection point in what concerns blockchain tech.

Its potential on fintech is still vastly untapped and the DeFi ecosystem is still in an expansion phase. And, while many are still wondering how an NFT will help their business in anyway, they seem to forget a crucial element of the blockchain: the ledger.

The fact of the matter is that as the blockchain evolves, its immutable ledger technology is bound to empower Fintechs as it opens the possibility of having a bird’s eye view of how entire industries move and how supply chains are organized.

In fact, one could argue that Fintechs will go forward into 2023 proving themselves to be an existential thread to traditional banking, bank accounts, and insurers.

Added to that, smart contracts are an amazing piece of tech on their own and within the near future you are likely bound to sign one as they really do seem unavoidable at this stage.

Web3 is set to shift the balance of power back in the consumers’ favor and Fintech companies have excelled in being key drivers in what concerns the development of banking alternatives.

As such, it is not unreasonable to expect it to keep pushing the envelope in 2023.

4. Fintechs, Smart Apps, and Intelligent Devices

Our devices are becoming smarter and further interconnected. An intelligent and connected world is slowly being created around us as data is being created and stored in multiple devices.

The dust around 5G technology’s impact hasn’t even settled and 6G tech is already being researched and developed by companies such as Samsung, Huawei, LG, and Nokia.

With banks still struggling to find the best course of action and to deploy the best mobile technology, flexible and innovative Fintechs will certainly be able to fill the gap.

Given the massive reform that most banks will have to undertake to keep up the pace, the fastest-growing Fintechs are leaner and more likely to focus on delivering value faster.

Moreover, 5G technology is incredibly fast which means both latency, money transfer, and other transaction times will be greatly reduced while network scaling capabilities will increase.

With Web3 promoting a highly democratic ownership economy and intelligent devices with interoperability at their cores, it comes as no surprise that innovation and value creation will be fueled.

5. Fintechs and Sustainability

Sustainability is a theme which is transversal to all other trends mentioned above. Crafting a strategy with sustainability and other corporate social responsibility measures at its core is paramount to Fintechs in this day and age.

As such, carbon negative data centers which use sustainable energy and/or even generate their own energy are sprouting. Demand for sustainable measures is relentless, and Fintechs unwilling to embrace their corporate social responsibility role will certainly be left behind.

Greener processes are much needed in every single industry out there, and Fintechs and other financial services won’t be the exception.

Fintech’s Disruptive Innovation

Fintechs are known for their disruptive innovation, and 2023 won’t be any different. And, while some banks struggle to compete against it others fully embrace it. Fintech banking partnerships will most likely supercharge these trends in the years to come, and we honestly can’t wait to see what the future brings.

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