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Fintech Sales Us – The way consumers log into their bank accounts, pay for products and borrow money is changing dramatically.
Financial institutions are constantly adapting to anticipate consumer needs, serve existing customers and prevent fraud.
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If you want to know what’s next in this growing industry, check out our list of the 10 most important developments in the fintech industry for 2024 and 2025.
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Consumers do not need to go to the bank or spend hours processing documents to apply for a loan, and they can access credit without leaving the platform they use.
Another example is embedded payments. Consumers no longer have to enter their credit card information every time they make a purchase. The information is already available.
The embedded finance market is currently worth $63.2 billion and is expected to grow to $248 billion by 2032.
According to a recent survey, 49% of Americans use a digital wallet. Notably, the study also revealed that 80% of Gen Z use digital wallets regularly.
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According to a report by Bond, a fintech software infrastructure company, one-third of consumers who use a brand’s embedded financial services spend more money with that brand, and 30% of them say they now choose that brand more often than others.
Maast (short for Money-as-a-Service) is one of the fintech companies that make it easy for brands to offer banking services under their own brands. Their approach allows brands to pay, deposit and lend on the platform.
Maast is a subsidiary of Synovus Bank, which recently acquired a 60% stake in Qualpay to accelerate its payment technology.
Financial institutions receive large amounts of data every day. The information is too complex and tedious to verify manually.
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In addition, companies must be fully aware of the unprecedented number of laws and regulations they must comply with.
Regtech solutions use cloud technology, machine learning and big data analytics to identify and prevent risks and comply with regulations.
Financial institutions that invest in regtech solutions expect cost savings to be reflected in their bottom line.
A Thomson Reuters survey found that 67% of G-SIFI institutions expect to have to increase the number of senior staff in order to cope with increased regulatory requirements.
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Previously, these banks had organized their regulatory responsibilities manually through a process that required approximately 1,800 man-hours.
But when the bank partnered with Ascent, an AI recognition platform, that process was reduced to 2.5 minutes.
Many financial institutions are turning to mechanical process automation (RPA) to reduce costs and increase team efficiency.
RPA technology is also called “software robotics”. This helps to automate repetitive, periodic and time-consuming tasks that do not require the human brain.
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Gartner reports that 80% of finance leaders have already implemented or plan to implement RPA solutions in their organizations.
They use this technology to gain insight into customer behavior, analyze accounts, resolve customer complaints, fight financial crime, and more.
Gartner predicts that CFOs who embrace hyper-automation technologies and re-engineer business processes will save their organizations 30% in operational costs by 2024.
As an example of their work, one of the brand’s financial and accounting clients automated 22 processes, resulting in savings of 80,000 manual hours.
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Patelco, a San Francisco-based credit union, recently used cloud-based solutions to automate parts of its consumer lending, fraud prevention and contact center operations.
As Patelco is experiencing 11% annual growth in its membership base, the RPA system has helped improve efficiency.
By automating fraud alerts, Patelco reduced processing time by 88%, increased efficiency by 62% and saved $39,000 annually.
As consumers and businesses begin to focus more on environmentally sustainable practices, the high tech industry is seizing the opportunity.
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Green fintech startups and initiatives are spread around the world, but the greatest concentration of these companies is in Switzerland, Spain, Singapore and Sweden.
Trine is a Swedish company that lends capital to solar energy companies while providing renewable energy to people in poor countries. This process is done through a peer-to-peer process, just like GoFundMe.
Trine has facilitated nearly $72 million in financing for solar projects and powered more than 2 million people.
The app works on an algorithm that uses emissions data and personal purchase data to automatically estimate a consumer’s personal carbon footprint in real time.
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Stripe Climate aims to make it easier for companies to donate a portion of their profits to carbon reduction projects.
The company itself has pumped $1 billion into the carbon capture market, working with other big companies like Alphabet and Meta.
They also launched Frontier, an advanced marketing agreement to accelerate permanent carbon removal of $925 million by 2040.
Industry research shows continued growth. Research and Market Reports predicts a 32.5% CAGR through 2028.
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More than half of Americans have used BNPL services, and nearly 40% of those who have never used BNPL said they were likely to use BNPL services in the next six months. That’s according to research from Ascent, the Motley Fool’s personal finance tool.
However, the same survey found that 17% of consumers said it was very likely that their BNPL payments would be delayed in the next year and 18% said it was possible.
According to research from Accrue Savings, 28% of Gen Z and 22% of Millennials say they often overspend.
This could be because consumers are overdrawing their bank accounts or simply don’t understand their situation.
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According to a survey by J.D. Power, 38% of people aged 18 to 44 years said they only partially understand payment methods like BNPL and credit cards and 5% said they don’t understand me at all.
Research has shown that people older than 45 have more knowledge about loans than younger consumers.
These statistics give an insight into why some view BNPL as a type of predatory lender.
The Consumer Financial Protection Bureau (CFPB) has reportedly launched an investigation focusing on BNPL’s debt growth, data collection and regulation.
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In March 2022, 21 Attorney Generals began pressing the CFPB for “stronger consumer protection” in the BNPL industry.
The buying office now pays after working with service provider BNPL to collect all POS loan information. This includes outstanding BNPL loan amount, total loan amount and balance.
But the threat of tougher regulations doesn’t seem to have deterred BNPL’s biggest players from expanding their services.
Affirm, one of the leading BNPL service providers, went public in January 2021. The current market cap is $10.3 billion.
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The company also launched Affirm Debit+. The card is linked to a bank account like a regular debit card, but consumers have the option to pay in installments on purchases of $100 or more.
The market for AI in banking is growing, from chatbots for customer support to combating fraud.
OpenText, a digital transformation platform, reports that 80% of financial institutions recognize the benefits that AI can bring to their organizations.
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Research firm Autonomous NEXT predicts that AI will reduce operating costs in the financial services industry by 22% by 2030. This equates to $1 trillion.
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According to Insider Intelligence, there are three main areas where AI can benefit the banking industry. This includes bank negotiations and direct communication with customers, fraud detection and other risk management and underwriting.
Socure is a Nevada-based company that uses artificial intelligence to verify digital identities and prevent identity fraud in the banking system.
The company’s AI system has reduced false positives in fraud detection by 13x and reduced manual ID numbers by 90%.
When it comes to processing, Accenture reports that banks can increase the number of transactions and transactions by two to five times with AI.
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For example, banks can use artificial intelligence to better understand customer needs and expectations, predict the transaction process, and predict the likelihood that customers will accept additional offers from institutions.
The company provides a platform where company representatives can interact with customers via chat, voice, video chat, SMS, phone and social media.
In fact, they have created a library of more than 800 user chat components that can be quickly integrated into the bank’s service offerings.
Gila’s AI solution features CoBrowsing, which allows bots to browse, scroll and point when interacting with real customers.
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Many consumers use fintech solutions to pay for products, but what about the companies that pay them?
Businesses of all sizes now have access to a cloud solution that allows employees to log into the app, check their balance and withdraw money at any time.
In one survey of working individuals in the US and UK, 35% experienced financial stress in the past year because they could not pay their expenses on time.
The same study reported that about 20% of people are more likely to use an on-demand payment option if:
