{"id":152,"date":"2023-08-08T13:04:28","date_gmt":"2023-08-08T13:04:28","guid":{"rendered":"https:\/\/fintech.exrtechsolutions.com\/?p=152"},"modified":"2023-08-10T09:08:17","modified_gmt":"2023-08-10T09:08:17","slug":"fintech-5-expert-predictions-for-2023","status":"publish","type":"post","link":"https:\/\/fintech.exrtechsolutions.com\/index.php\/2023\/08\/08\/fintech-5-expert-predictions-for-2023\/","title":{"rendered":"Fintech: 5 Expert Predictions For 2023\u200b"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"152\" class=\"elementor elementor-152\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-57c5c516 elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"57c5c516\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-7a289ae9\" data-id=\"7a289ae9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-490c30c5 elementor-widget elementor-widget-heading\" data-id=\"490c30c5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 02-08-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">FIN TECH <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-47bfef65 elementor-widget elementor-widget-text-editor\" data-id=\"47bfef65\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 02-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>UPDATES<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-72d54cc2\" data-id=\"72d54cc2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-6d5f0f9\" data-id=\"6d5f0f9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2cce38cc elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"2cce38cc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3d4ae834\" data-id=\"3d4ae834\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7723183e elementor-widget elementor-widget-heading\" data-id=\"7723183e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Fintech: 5 Expert Predictions For 2023<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1c4fb497 elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"1c4fb497\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-2db59460\" data-id=\"2db59460\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-10764092 elementor-widget elementor-widget-text-editor\" data-id=\"10764092\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">There are a few forecasts for 2023 that are important.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-7373abb1\" data-id=\"7373abb1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5413d62e elementor-widget elementor-widget-image\" data-id=\"5413d62e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 02-08-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"450\" src=\"https:\/\/fintech.exrtechsolutions.com\/wp-content\/uploads\/2023\/08\/Fintech-5-Expert-Predictions-For-2023-1024x576.png\" class=\"attachment-large size-large wp-image-154\" alt=\"Fintech: 5 Expert Predictions For 2023\u200b\" loading=\"lazy\" srcset=\"https:\/\/fintech.exrtechsolutions.com\/wp-content\/uploads\/2023\/08\/Fintech-5-Expert-Predictions-For-2023-1024x576.png 1024w, https:\/\/fintech.exrtechsolutions.com\/wp-content\/uploads\/2023\/08\/Fintech-5-Expert-Predictions-For-2023-300x169.png 300w, https:\/\/fintech.exrtechsolutions.com\/wp-content\/uploads\/2023\/08\/Fintech-5-Expert-Predictions-For-2023-768x432.png 768w, https:\/\/fintech.exrtechsolutions.com\/wp-content\/uploads\/2023\/08\/Fintech-5-Expert-Predictions-For-2023-1536x864.png 1536w, https:\/\/fintech.exrtechsolutions.com\/wp-content\/uploads\/2023\/08\/Fintech-5-Expert-Predictions-For-2023.png 1920w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2771188e elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"2771188e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4ac13dab\" data-id=\"4ac13dab\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-73c33056 elementor-widget elementor-widget-text-editor\" data-id=\"73c33056\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h2><span style=\"font-weight: 400;\">1.Layoffs in big tech and fintech may benefit banks and credit unions.<\/span><\/h2><p><span style=\"font-weight: 400;\">Recently, a number of highly skilled computer personnel were let go. They come from a variety of sources, including fintech companies and Big Tech. In November 2022, Stripe let go 1,120 employees, or 14% of its workforce; Robinhood had two layoffs and let go about 1,000 workers.<\/span><\/p><h2><span style=\"font-weight: 400;\">2.Big Tech and fintech layoffs could be good for banks and credit unions<\/span><\/h2><p><span style=\"font-weight: 400;\">A pool of very talented tech workers has recently been laid off. Many of them came from Big Tech, but plenty also came from fintech startups. <\/span><a href=\"https:\/\/stripe.com\/\"><span style=\"font-weight: 400;\">Stripe<\/span><\/a><span style=\"font-weight: 400;\"> laid off 1,120 people (14% of its workforce) in November 2022; <\/span><a href=\"https:\/\/robinhood.com\/us\/en\/\"><span style=\"font-weight: 400;\">Robinhood<\/span><\/a><span style=\"font-weight: 400;\"> has had two layoffs, pink-slipping roughly 1,000 employees. Meanwhile, nearly every crypto firm has shrunk like the price of Bitcoin.<\/span><\/p><p><span style=\"font-weight: 400;\">As Bitcoin&#8217;s price has decreased, practically every cryptocurrency company has also decreased.<\/span><\/p><p><span style=\"font-weight: 400;\">These actions have flooded the labour market with a large number of talented workers with specialised knowledge in fields like wealth management, alternative assets, blockchain, and other areas. These workers are knowledgeable about both the technology and specialised industries and highly regulated sectors in addition to the technology itself. At the same time, as they seek to digitally modernise to keep up with fintechs and challenger banks, banks\u2014particularly smaller community banks and credit unions\u2014can benefit from talent with this experience.<\/span><\/p><p><span style=\"font-weight: 400;\">Financial organisations might also find great value in the broader pool of non-fintech professionals who have lately lost their jobs in other industries.Smart financial institution leaders\u2014from your neighbourhood credit union to industry behemoths \u2014understand that recent layoffs have made the market for technical talent prime pickings, and they are undoubtedly utilising the opportunity to acquire excellent personnel.<\/span><\/p><h2><span style=\"font-weight: 400;\">3. Consumers will be given more opportunities than ever to save money and invest it.<\/span><\/h2><p><span style=\"font-weight: 400;\">This prediction was issued by Envestnet&#8217;s group head of product innovation, Dani Fava. Fava is entrusted with identifying and prioritising opportunities for financial advisors to provide revolutionary advice in a market that is always changing. She describes this as &#8220;impulse investing&#8221; or &#8220;impulse saving.&#8221; Consumers would encounter a deluge of means to save and invest without much planning, simulating impulse [purchasing] behaviour, whether through a consumer banking app, mobile wallet, gig labour, or credit card, according to her explanation.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">Like so many of our interactions with products and services we already use, there is opportunity when businesses have the attention of customers and can offer them something truly worthwhile. Because there is a chance to save money and accumulate wealth for future purchases, investments, or financial services, brands can consider this transaction as more than just a purchase.<\/span><\/p><h2><span style=\"font-weight: 400;\">4.Open banking will become a reality<\/span><\/h2><p><span style=\"font-weight: 400;\">Open banking is a practice that allows banks and other financial institutions to give third-party financial service providers access to consumer banking, transaction, and other financial data. Open banking, which is made possible by the use of APIs, makes it easier for clients, financial institutions, and outside service providers to network accounts and data across different institutions. Consumer financial data is in the custody of banks, and unlike in the United Kingdom and the rest of Europe, open banking is not yet subject to any regulatory restrictions in the United States. Consumer demand, though, exists for personal data control and for regulatory action to impose open banking norms. While open banking doesn&#8217;t yet have a formalised regulatory framework in the US, it will become widely used there in 2023 if fintech companies, banks, and regulators can agree on how it should be managed. The open banking experience will change significantly once it occurs.<\/span><\/p><h2><span style=\"font-weight: 400;\">5. Social Features Will Aid Younger Retail Investors<\/span><\/h2><p><span style=\"font-weight: 400;\">&#8220;Over the last year, we&#8217;ve seen several banking and investment apps look to social media for inspiration\u2014many have made a conscious effort to incorporate social-first features to their platforms in order to attract a younger audience. We are convinced that this trend will not only continue to advance in 2023 but also play a critical role in any tech firm operating in the financial sector.<\/span><\/p><p><span style=\"font-weight: 400;\">Public, which provides social features and investments with a theme, has also done this. My kids, who are in their twenties, like the app&#8217;s social elements that let them interact with other conservationists and environmentalists to make investments. With StockTwits, Reddit essentially accomplishes the same goal for all age groups.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Aside from the meme stock mania, retail investors now make up close to 25% of all equity trading volume. Although many of these investors are knowledgeable, they lack the technology and trading ability that institutional investors have. Retail investors who share information can use more complex tactics and acquire data outside of their own research. People power, indeed!<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-28a30387 elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"28a30387\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6dbfe13\" data-id=\"6dbfe13\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>FIN TECH UPDATES Fintech: 5 Expert Predictions For 2023 There are a few forecasts for 2023 that are important. 1.Layoffs in big tech and fintech may benefit banks and credit unions. Recently, a number of highly skilled computer personnel were let go. They come from a variety of sources, including fintech companies and Big Tech. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":154,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_canvas","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/posts\/152"}],"collection":[{"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/comments?post=152"}],"version-history":[{"count":8,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/posts\/152\/revisions"}],"predecessor-version":[{"id":497,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/posts\/152\/revisions\/497"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/media\/154"}],"wp:attachment":[{"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/media?parent=152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/categories?post=152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/tags?post=152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}