1. Fintech will continue to benefit from the radical digital transformation of the banking industry and e-commerce growth around the world, particularly in developing countries.
2. Fintech are expected to grow at three times the banking industry's rate between 2022 and 2028, driven primarily by emerging markets in Africa, Asia-Pacific, Latin America, and the Middle East.
3. Fintech in growth stages show the highest sensitivity to 2022's downturn, while early and pre-seed stages show greater resilience.

Which technologies are shaping the future of fintech?

Over the next few years, we anticipate that the following seven technologies will significantly advance fintech development while shaping the competitive landscape of finance:

 Artificial Intelligence (AI):

Banks and financial institutions are adopting an AI-first mindset for value creation and to compete with expanding technology firms.

Blockchain:

Technologies like smart contracts, zero-knowledge proof, and distributed data storage are crucial for fintech innovations like digital wallets, decentralized finance, and non-fungible tokens.

Cloud Computing:

Cloud computing enhances efficiency and reduces costs for financial services companies.

Internet of Things (IoT):

IoT applications in finance include perception systems, smart sensors, wireless communication networks, and support for applications and operations.

Open-Source Software, Serverless Architecture:

Essential for both technology companies and traditional financial institutions launching new fintech businesses.

No- and Low-Code Development Platforms:

Allows for application development through graphical user interfaces and configurations instead of traditional programming.

Hyper-Automation:

Utilizes AI, deep learning, event-based software, and other technologies to enhance decision-making efficiency and automate work processes.

In conclusion, open banking represents a transformative shift in finance, empowering consumers to share data for enhanced services. Despite the necessity of consumer consent, its potential benefits are vast, fostering innovation, competition, and efficiency. As fintech transforms banking, embracing open banking is essential for incumbents and newcomers to stay competitive and meet evolving consumer needs in the digital era.