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26th Jan 2022

Top 5 Fintech Trends in 2022


Technology in any form is one of the main forces to drive change. And in current uncertain times, this is especially true. The global pandemic has spurred the development of many areas of business, including the financial services sector and its attendant technologies, fintech.  

Literally, "fintech" is a compound of the words “finance” and “technology”. Fintech is applied to financial services. Modern financial technologies introduce algorithms that are essentially altering traditional financial services, including mobile payments, money transfers, credit, fundraising, and asset management. They are designed to make banking services productive, time-efficient, and secure; in particular, to optimize interactions with customers, employees, and business partners.  

"Future is purchased by the present," as a well-known English critic Samuel Johnson aptly put it. Thus, to be prepared for the future and be well-versed in the relevant fintech trends of the upcoming year of 2022, arm yourself with the material below, it will try to outline and characterize them.  

Internet Banking 

Once a gimmick and now quite commonplace, Internet banks are relentlessly claiming the right to have "their place in the sun." Financial institutions of this type carry out their activities exclusively on the Internet, i.e., remotely. They have no physical branches and, so, there are no long queues of clients and paperwork, which everyone hates so much. To get one or another financial service, their customers only need a computer or smartphone, most often with the appropriate application. Internet banking puts the control in the hands of the consumer.  

Speaking about mobile applications from banks, this sphere is not new either and most of the famous and reputable banks all over the world already successfully use it. Clevver offers assistance in opening a remote corporate banking account in the United States. Learn more here.  

Artificial Intelligence (AI) and Machine Learning (ML) 

Already, Artificial Intelligence and Machine Learning are actively used by financial institutions to track the behavior of customers, partners, competitors, and the financial market as a whole. They are also successfully employed for the automation of manual processes, customer support (chatbots), reducing human error, and the pervasive digitalization of operational processes.   

These technologies will only strengthen their position in 2022; moreover, according to a report from Autonomous, for financial institutions, the widespread adoption of AI in the next decade will reduce operating costs by 22%. As a whole, experts predict that leveraging AI and ML by the banks will help them to expand banking offers, make their operations more efficient and cost-effective, and offer greater value to their wider customer base. 

Blockchain  

Blockchain technology is a data system owned by everyone and no one at the same time. Blockchain consists of "blocks" that are continuously added to the chain. Once information is added (a block is attached), no changes can be made to it without the knowledge of the other participants.  

This technology is currently experiencing rapid development and application for various tasks. One such blockchain utilization way is its use for building up smart contracts. These contracts are agreements that are signed using cryptographic codes as a digital signature. They are secure from unlawful access and fraudsters. 

Tokenization of real-world assets is another trend that uses blockchain technology. The benefits it brings are overall decentralization, no controls over assets from authorities, the increased level of confidentiality, transparency, and protection against fraud. Real-world asset blockchain tokenization is the "transfer" of assets from the real world into a digital format, preserving all of their significant indicators (value, class, and profitability). The combination of blockchain and tokenization technologies — the tokenization of assets on the blockchain will continue its "triumphal march" in the coming 2022 and is predicted to be increasingly used in the financial services sector.  

ClevverCrypto — a service from us that combines major fintech trends of a future year: blockchain, tokenization, and smart contracts. It provides comprehensive assistance in token projects. It is done through the creation and issuance of smart tokens (digital units) on a blockchain (Ethereum, Cardano, and others) by dint of an STO (security token offering) launch. You can find detailed info on the service functionality and pricing on our website. Also, you’re welcome to read about tokenization and ClevverCrypto, their peculiarities, and benefits in a blog

Metaverse & Cryptocurrencies 

The term "metaverse" previously found in science fiction books has great chances to become a reality in the fairly near future. A wave of excitement around this concept rose after Mark Zuckerberg, the founder and CEO of Facebook, announced that the global network Facebook would be moving towards dramatic changes. Namely, it is changing its name to "Meta" and promotes in every way the appearance of digital space —metaverse where you can work, collaborate, learn, play, shop, and communicate, using virtual reality glasses, headsets, etc. This virtual space is planned to be created using new technologies (augmented reality, artificial intelligence, machine learning, blockchain, cryptocurrency, and more).  

A meta-world is designed to gradually merge the physical and virtual worlds, it will allow to earn or build items in one world and share them in the other. In this generated virtual+real universe, there is no getting around without financing, and it will be possible to get it through digital currencies — cryptocurrencies. The latter are also successfully developing and will only strengthen their position with the emergence of the metaverse. They will be used to make the aforementioned purchases of anything and to pay employees working in the vastness of the meta-universe. 

Everything-as-a-Service (XaaS) 

The global pandemic, its attendant pervasive lockdowns, and the need for successful remote working models have greatly accelerated the development and application of Everything-as-a-Service (XaaS) technology by businesses around the world. This is a composite concept that includes such technologies as Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), Infrastructure-as-a-Service (IaaS), and Storage-as-a-Service (STaaS). XaaS offerings can help IT businesses increase their productivity and obtain new growth opportunities. In 2022, this trend will reach fintech sphere too. It is expected to be on the rise and get even more development and widespread utilization.  

Bonus  

In July of this year, the European Central Bank approved a multi-year project to create a digital version of the Euro, the D-Euro. The technology behind the D-Euro is conservative and is similar to a digital bank account. The D-euro is likely to be akin to a digital wallet in which Eurozone citizens will be able to store funds with the ECB. It is assumed that the amount available for storage and use through the D-euro will not exceed 3,000 Euros. With the launch of the digital Euro project, the Central Bank intends to compete for customers with the private sector and influence the boom in digital currencies. The digital Euro is not expected to be launched before 2026.  

Conclusion  

To be on the crest of success, it is necessary to wisely follow new trends in business, not the least of which is financial technology. Fintech trends are an area that is constantly "in motion"; it is changing and improving without a break. The financial technology tendencies discussed above show that in 2022, the financial services sector will become more open, secure, and accessible to users.   

One of the trends that will "blossom" next year is the tokenization of assets on a blockchain. If you are interested in this topic, the ClevverCrypto service is ready to help you create your token campaign. Contact our team, we will answer your questions!  

DISCLAIMER: Any legal, tax, or investment advice in this communication (including any attachments) is for information purposes only and is not intended to be used, and cannot be used against Clevver or its Sender. The sender is neither an Accountant nor a Lawyer and cannot be made liable. Please, contact your tax accountant for individual consultation. Clevver does not provide any legal/ investment/ tax advice itself. Clevver works together with a network of lawyers and tax advisors that provide all necessary individual legal advice. 

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