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People need to deal with stuff like saving money, multiplying funds, and keeping business going with profit.
Last year, the COVID-19 pandemic rapidly accelerated the fintech ecosystem, unlocking its true potential and value to the actors of the financial sector. Due to this, the processes of the sector have been greatly digitalized, making it necessary for corporations to offer digital solutions to their consumers, who have grown accustomed to the speed and ease them.
In this article, OctoStrategy specialists collected some fintech trends that we believe are going to rule this year.
- DIGITAL BANKING:
Like we told you already, the pandemic affected consumer habits, and the banking sector didn’t escape unscathed. Because of restrictions, bank closures have risen and clients have opted for digital banking due to its great customer service, quicker deliveries, and more efficient services. In 2021, about 64% of US citizens used digital banking services, and it is expected that this number will grow during 2022.
- WHITE LABEL FINTECH:
If you didn’t hear about this term, let us explain to you: white-label FinTech means services a FinTech company purchases from a service provider and that they will rebrand it as its own. They allow companies to outsource financial applications to get into the market faster, reducing costs, saving time and resources while at the same time maintaining their relevance in the ecosystem.
In OctoStrategy we already have a bunch of successful white label projects. Will tell you more about them in the next article.
- BIG DATA:
In 2020, people created 1.7 MB of data every second. FinTech providers and their customers generate vast amounts of data that can be aggregated to provide a more comprehensive view of a customer’s financial status. Expect financial institutions to partner with data aggregators, so they can use big data to improve customer retention and improve services.
Stay with OctoStrategy and be ready for everything that 2022 will bring to us;)