Insights 20. December 2022

What will 2023 bring for the FinTech industry?

2022 is almost over and whenever another year has gone by, I always like to look back and reflect on what happened, what went well and what could have been done differently but most importantly, I like to look forward and imagine what might happen in the future. 

2022 has, for many corporations, been a year where inflation, savings, and lay-offs have been an inevitable part of everyday life. The private equity and VC markets have changed from being overly optimistic to being very conservative. This has obviously hit the FinTech industry and its businesses significantly. I see both things as natural and a needed correlation. 

Even though it would be incredibly convenient to be able to state exactly what will happen in 2023, unfortunately no one will be able to do so. However, here is what I believe will be at the forefront of 2023 within the fintech industry. 

Increased focus on digitalisation and cost optimisation 

After a year with international external factors such as the war in Ukraine, and the energy crisis, I believe we will continue to see FinTechs focus their attention on cost optimization and digitalization as they continue to manage their business during these times.   

Partnerships to scale and digitize product positioning with a fast go-to-market plan

The FinTech industry will see an industry-wide push for a speedy go-to-market plan with the competition at a high. As well as this, companies hoping to get ahead will realize there is strength in numbers, and seek partnerships with complimentary financial services companies to offer a robust package. In 2022 we partnered with SAP Concur to offer a payment cloud solution that integrates issuers, processors and technology providers to enable end-to-end virtual card creation and reconciliation. I think we will see more partnerships taking place in 2023. 

Virtual cards will be used in all forms of payments 

There is no doubt that contactless payments and virtual cards will continue to rise in 2023. The ease of use for consumers and simplicity to set-up for businesses has led to a huge rise in the use of digital wallets. According to IT service management company Marqeta, 75% of consumers are now embracing digital wallets to pay for their purchases, with 60% of people saying that they’d now feel comfortable leaving the house with just their phone and not their wallet. Virtual card payments are set to become the norm in 2023.

Consolidation of the FinTech market 

Research conducted by Fintech Capital has revealed that FinTech investment had slowed over 2022. According to the report, business formation in the FinTech sector peaked in 2018, and over the last year, has declined by 80%. This could result in consolidation in the industry, which will ultimately strengthen the offering of larger FinTech operations.

Increased focus on banks who are in demand for partnerships to service increasingly demanding portfolios 

As the financial sector has evolved, traditional banks no longer have the resources to keep up with modern banking demands. An influx of banks seeking FinTech partnerships is set for the forthcoming years. If traditional banks fail to keep up with the innovation of FinTech’s they are bound to fall behind.

Personally, I can’t wait to see what 2023 will bring for the FinTech industry and Cardlay looks forward to continuing our goal of becoming the most preferred spending platform partner.

Happy Holidays, 

Jørgen Christian Juul

CEO and Founder

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