The most turbulent times of the previous decade provided the fintech industry with a number of lessons. These lessons can help businesses adopt new best practices and make most of remote working, decentralization, and digitization trends.
In the full Forbes article, Dmitry Dolgorukov explains why brand and reputation management becomes more important than ever: 73% of Gen Zers and 68% of millennials are willing to spend more on sustainable services. Just as well they require more transparency: about a quarter of respondents stated they would share their data with their bank, while almost a third said their trust levels were decreasing.
Future of Finance: What Fintech Evolvers Can Teach Us Other key learnings to consider are the democratization of AI and ML technologies and their steadily increasing use in the banking industry. The developments are not solely on-paper – the point of view is supported by the McKinsey survey of 2,400 industry professionals. According to the paper, half of the respondents already adopted artificial intelligence for risk management, POS lending, personalized services, and more.
One more lesson to learn is embedded finance: a lot of businesses are becoming fintechs by integrating lending and other financial technologies into web and mobile applications. In 2020, open banking tech gained over 24 mllion users, and the number is growing, thus the future is becoming more connected than ever before.
You can get more facts and details about the most notable learnings of the recent years that financial brands can use in 2022 by reading the full article.
Check out the full version on Forbes Finance Council: