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Industry News

Upcoming Fintech Trends to Watch in 2023

Ehsan Ul Haq
January 12, 2023
3.5 Minutes
In recent years, the number of companies handling customer payments has risen. In other words, the fintech industry is evolving with market trends to meet customers' requirements, business objectives, and regulatory needs worldwide. In 2023, we expect robust technologies to shake the finance industry and strengthen business propositions, enriching customer experiences and boosting revenues.

The pain point of many companies is working with outdated financial workflows, and this space requires desperate innovation. Manual operations are time-consuming and susceptible to error. Nobody in the organization has full visibility, and each team operates using data sets that do not match.

Let's discuss the upcoming fintech trends that will overwhelm the industry this year and how they'll shape businesses and government regulations.

Embedded Finance

According to research, the embedded payment industry will grow 40.4% annually. With embedded finance, companies now offer a complete platform for the customer's journey to enhance customer satisfaction and business remuneration. 

Embedded finance covers financial issues like credit cards, payment processes, lending, insurance, BNPL, etc. Buy now pay later is a notably growing sector of embedded finance where customers can purchase products and pay later in multiple installments. QisstPay is also navigating the fintech trends with revolutionized embedded financial solutions.

Alternative Finance

Alt finance has been working for many decades, and its popularity has recently increased. Rapid alt finance growth created an expectation of a 20 percent rise in 2023. Currently, it's valued at 6.62 billion dollars. It is becoming a compelling option for borrowers and giving a new direction to business borrowing. However, there is no doubt that traditional banks still dominate the business loans market.

SaaS Platforms

SaaS solutions revolutionized traditional software product licensing models. The international SaaS market is valued at over 100 billion dollars and growing significantly due to its popularity and the need of users.

In 2023, we expect to see low-code or no-code white-labeled SaaS solutions. SaaS applications using the internet are freeing businesses from complex software and hardware management and installations. SaaS provides a seamless customer experience and faster product delivery.

Ehsan Ul Haq

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