Top Tech Trends That Will Define Fintech In 2023

Top Tech Trends That Will Define Fintech In 2023

Financial technology, or fintech, is a driving force in the new millennium. For those of you new to the concept, it refers to any type of software, mobile app, or other technology created to improve and automate traditional forms of finance for businesses and consumers alike.

The basic concept of fintech existed for some time, with early credit cards appearing in the 1950s being one of the first fintech products available to the public. However, the technology matured a lot, and below we are showing you some of the top fintech trends of 2023.

AI & Machine Learning

The first trend worth mentioning, and one that is likely going to shape the future of fintech, is artificial intelligence (AI). We are currently seeing a lot of AI and ML (machine learning) models that are revolutionizing banking, payments, investments, risk management, and more. Fintech companies can leverage both technologies to reduce costs, automate tasks, and increase overal performance accuracy and efficiency.

Embedded Finance

The term “embedded finance” relates to a category of financial services and products that may be used within a certain framework or platform. The “Buy Now Pay Later” is a great example, and a finance model that is rising in popularity, with customers making their purchases first and splitting out their payments over time.

Software-as-a-Service (SaaS)

SaaS is a hot trend that has been maturing over the past decade, with an annual growth rate of 18% in 2023. SaaS services allow companies to access and pay for software apps hosted in the cloud without actually installing them on their servers or computers. Using SaaS provides access to a plethora of tools with enhanced security protocols for data storage and management.

Open Banking

Open banking allows customers to share their financial information with third parties, thus giving them more control and flexibility over their personal finances. The technology opens up to tons of possibilities for banks, payment providers, and other fintech firms looking to make the most out of customer data. On top of that, open banking can revolutionize how people manage their money and interact with financial institutions.


Internet of Things, or IoT, enables physical devices to collect data and connect with each other without human intervention. This technology is present in banking – for instance, some banks use sensors embedded into their products to monitor customer activities and automate responses based on pre-set preferences or behaviors.

Fintech is a driving force of the future – by 2023 and 2024, we can expect greater use of all these technologies. As a result, customers will have access to more tailored services to suit their needs.


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