Refinitiv, in collaboration with global consultancy, FINTRAIL, interviewed a range of fintech to better understand what’s on the horizon for this dynamic sector. Our latest white paper unpacks the opportunities and trends the fintech industry expects to unfold in 2023.
- A recent paper from Refinitiv, in collaboration with FINTRAIL, unpacks some on-the-ground insights into what fintech predict in the year ahead.
- The fintech industry must remain mindful of potential vulnerabilities and ensure that robust AML controls are in place.
- Discover what the three key expectations are for 2023.
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Where are we headed?
The fintech industry is awash with opportunity. The inherent agility and adaptability that define the sector have created a formidable industry that is expected to continue on its exponential growth trajectory, but what can this innovative space expect in 2023?
A recent paper from Refinitiv, in collaboration with FINTRAIL, unpacks some on-the-ground insights into what fintech predict in the year ahead.
Our findings, based on interviews with experts from different fintech across a range of geographies, scan the horizon and highlight three key trends to watch out for.
Unpacking three key expectations for 2023
Regulations will continue to evolve
Our paper highlights an “abundance of crypto regulatory developments in 2022” and stresses that more regulatory change should be anticipated in the year ahead.
Interviewees also call out opportunities for greater collaboration across the regulatory space, highlighting the importance of increased engagement between the fintech community and regulators.
Fintech will learn from one another
The fintech we spoke to also stress the importance of learning from one another in 2023.
AML teams especially should look to tap into the expertise within their wider communities and harness the lessons learned by others in the sector.
Allied with this line of thought, there are enormous opportunities for fruitful collaboration – public-private and private-private – going forward.
Reaping benefits by pooling experience, resources and ideas should be on the fintech radar for 2023.
Customer expectations will create opportunities
Interviewees stress growing customer appetites for ever-faster outcomes. While this spur continued improvements within the sector, it also creates a perpetual challenge for fintech: ensuring AML compliance, which demands data collection and rigorous processes, without damaging the customer experience.
By focusing on meeting customer experience expectations in 2023, fintech can create competitive advantages in the AML space and differentiate their offerings.
More opportunities ahead for the fintech industry
Overall, the fintech we spoke to see opportunities on the 2023 horizon. This extends to the opportunity to engage more fully with regulators, to collaborate more as a fintech community, and to meet customer expectations for speed and agility while remaining compliant with all regulatory obligations.
The other side of the coin is that financial crime threats will continue to grow. Fintech must remain mindful of potential vulnerabilities and ensure that robust AML controls are in place.
Our paper concludes that a powerful combination of trusted data, leading technology and skilled human expertise will ultimately deliver the tools fintech need to balance growth, customer satisfaction and regulatory compliance while continuing on an upward trajectory into 2023 and beyond.