Industry leaders from across fintech and financial services including AWS, Backbase, Deloitte, Google Cloud, and many more have predicted the trends set to shape the industry in the coming year. They examine the changes the industry must expect and explore how financial players should respond, to ensure they don’t get left behind.
In response to the economic downturn in the wake of the pandemic, Mambu’s global network of partners predicts seven trends that will shape the financial landscape in 2023.
Fernando Zandona, Chief Technology and Product Officer of Mambu said: “The financial landscape has been extremely turbulent for some time. Economic uncertainty, big tech companies redefining the financial services space, fintechs looking to be more nimble and efficient, banks looking to reinvent themselves, there is a lot going on. But no matter what, it is going to be the end customers who decide which players win and continue in the market, and these customers will favour those who move fast and innovate."
The full list of the predicted trends for 2023 has been released on Mambu’s website. Here are a few highlights:
- Big tech in banking: Big tech moving into banking will force banks to drive digital transformation. Customers now have higher expectations for their digital experiences, so traditional banks need to partner with technology providers to offer more competitive banking services
- ESG and ethical impact finance: This shift will not only drive traditional banks towards more inclusive composable financial products and services, but also delivering with sustainability in mind for the benefit of their customers
- The future of payments: Rather than integrating their products into external platforms, banks should focus on creating their own interfaces and making them more engaging, more relevant, and more interesting in order to increase brand loyalty