Financial Industry Trends in 2022

Finance; Industry Trends 2022

All
Industries: Finance
Industries: Telecommunications
Trends In 2022

As the global economy continues its recovery, the financial industry has already started to embrace a technology-based future to stay competitive particularly after the recent pandemic. So what are the upcoming financial industry trends for 2022?

Hyper-Personalization
Hyper-personalization will provide financial industry stakeholders with the convenience and customization they now demand. This can include financial options like:

• Auto-pay services for online services
• Auto-save services that automatically apply discounts or coupons where appropriate
• Tailored suggestions for investments
• AI enabled customer experiences

 
By maximizing knowledge of clients beyond regular demographic data will help financial institutions cultivate long-lasting relationships with customers in a world where switching from one financial service to another is easier than ever.

Better IDV
Identity protection and verification is more important than ever, especially as people continue their shift toward virtualization and online financial services.
 
Identity verification:

• Eases applications for online banking services
• Helps data-sharing initiatives remain safe and secure
• Will help financial industries remain on the right side of financial regulators

 
These solutions can verify official documents in a matter of seconds, analyze user records within financial databases, and offer a much shorter time frame between applications being submitted and approvals being provided for financial services.

Multi-Platform Services
Transactions today are taking place across multiple Industries including utilities, healthcare, retail services, groceries, and more. The multitude of third-party payment providers have contributed to the success of cross-platform financial transactions.
 
Customers are now utilizing third-party providers who are already effective at cross platform financial services. Moving forward, the financial industry will find that developing hybrid wallets or Mobile Pay applications will allow businesses to capitalize on this growth of cross-platform transactions.

Investments in Fintech
​Tangentially, projection stipulates that financial companies will heavily invest again in financial technology. Banks are facing stiff competition and will invest in their tech workforce, in sustainable finance products that are innovative and fill digital gaps just like the multi-platform services.