Know the digital trends in the fintech world for 2022

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Know the digital trends in the fintech world for 2022

Know the digital trends in the fintech world for 2022

Have you ever imagined a day without new forecasts of technology-induced solutions hitting the front pages? Of course not! In the process of transforming any organization into an Enterprise of the Future, it’s easy to get caught in technology’s glamour. And Financial services are no exception in this case! Plenty of digital ink has been spilled over the last few decades on the accelerating digital trends of tech-driven companies moving into financial services.

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Digital Trends for 2022

Open Banking Models

Mobile-only Bank
API's
Frictionless Transactions

SWIFT Platform Evolution

FIN message processing
In-flow translation
Build-up of ISO 20022

Future-proof Models

Buy Now Pay Later
Consumers & ecosystem
Fastest-growing Segments

Cognitive Intelligence

Sensible Automation
Analytic Engagement
Consequent Insights

Digital Trends 2022

Open banking models: A New Paradigm of Digital Trends

Where some people have begun saying that approximately 58% Of consumers with mobile banking applications would be willing to switch to a mobile-only bank, that’s a strong statement! Another accelerator setting a new paradigm in the fintech industry is Open banking.  

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Latin America, which is not so commonly known for embracing digital payments, is also opening up its gates to embrace open banking- a perfect amalgamation of financial markets through technology, data, and new digital products. er accelerator setting a new paradigm in the fintech industry is Open banking.

What’s more? Specifically in Mexico, in March 2020, the Comisión Nacional Bancaria y de Valores (CNBV) published the first rules of Open Banking, contemplated in the ‘Ley Fintech.’ That’s what enabled agile and flexible non-bank players to enter the payment service market without fear of maintaining heavy banking infrastructure or complying with the complex regulated protocols.

Through API (application program interfaces), they will now access the bank’s infrastructure and data. Now, positioning in the attractive finance market has given excellent customer experience and lower cost bases than banks. 

That was about open Banking! Swift is also ruling the finance world and inviting banks, corporates, and other financial institutions to enable frictionless and instant transactions from one account to another, anywhere in the world.

Digital Trends 2022

The SWIFT platform Evolution: Connectivity Update

SWIFT has recently released a new connectivity guidance info paper that sets a new vision for customer connectivity with the SWIFT platform. This new evolution will present diverse options for the customers to plan their implementations and leverage faster, better, and smarter transaction facilities.

A new version is now available with important updates, including: 

SWIFT has recently released a new connectivity guidance info paper that sets a new vision for customer connectivity with the SWIFT platform. This new evolution will present diverse options for the customers to plan their implementations and leverage faster, better, and smarter transaction facilities.

A new version is now available with important updates, including: 

Updated criteria for ISO 20022 and FIN message processing

In-flow translation service to ease interoperability

Build-up of ISO 20022 traffic

Digital Trends 2022

Creating a future-proof model around Digital Trends

Buy Now Pay Later is setting new trends in the payment and credit system, disrupting both the lending and payment industry. Everyone is just talking about it, such as Customers, Merchants Investors, and BNPL companies for sure. In fact, Regulators across the globe are also keeping a close eye on the development and its impact on the consumers and ecosystem as a whole. 

 

Though the concept of post-purchase, pre-purchase, or even during the purchase isn’t new, the ease of flexibility, usage, and mutual advantages at various value chain phases is making this trend one of the fastest-growing segments in payments. Within the next decade, it is expected that $306.8 bn of e-commerce purchases will be made via BNPL, increasing from $97.2bn in 2020. Merchants have seen a lift in their sales, and GenY & GenZ generations are generally driving this new trend.  

Digital Trends 2022

Cognitive Intelligence to boost Digital Transformations

Sensible Automation:

Enable machines to replicate human actions and judgments with robotics and cognitive technologies.

Analytic Engagement:

Make intelligent agents and avatars to offer consumer customization solutions at a smarter sale with more relevancy to the insights with the excellent end-user experience.

Consequent Insights:

Using machine learning and data science to detect fraudulent activities, make high-quality predictions and support business performance.

Digital transformations are also driven by AI and ML, reinventing the entire ecosystem of the financial service industry with the new business models designed to be more effective, supportive, and self-adaptive.

Thanks to cognitive intelligence, AI-powered systems are just performing some aspects of the human intellect with more efficiency than ever expected. 

All these technological advancements are happening just to meet customers’ needs, constantly with increasing levels of expectations. 

ECS Fin- Saving the Sailors

Navigating the digital trends of 2022

However, one can’t ignore the fact that innovative technologies simultaneously lead to new problems such as privacy and new risks such as fraud and cybercrime. There are many new issues on the horizon, and some don’t have a clear answer in the short term. ECS Fin is making an effort to adopt technological advancements and gain a lot later on regarding financial security and integration into the market. We always have a feeling of deja vu.

 

Whether it’s about SWIFT connectivity, pen banking, and AI-driven solutions, ECS Fin has been well-prepared with every trend. Our solutions present many benefits such as increased transparency, improved risk management, alleviation of transactions, and opportunities for innovation through analytics on consolidated information. 

Credit international beneficiaries in seconds and, at most, minutes.

Track payments end-to-end in real-time.

Benefit from reduced inquiry costs due to ability to track payments.

We believe in defying the norm!