2021 saw an explosion of activity across FinTech and FI partnerships, increased sophistication of customer-facing tools and resources, a reinvigorated focus on using technology to support the customer journey, and adapting to a new Covid reality.
In 2022, those same tools will become more sophisticated and truly impactful in customers’ lives, mobile-first technology will dominate banking and the internet as a whole, financing and payment options will see a breadth of activity and open banking will become the focal point of innovation for financial institutions
If 2021 saw an explosion of new tools available to customers, 2022 will see the sophisticated refinement of those tools. Budgeting tools will work to provide a templated experience with customizable features that are easy to access, such as purchasing categories to track spending and user-specific tweas. Similarly, long-term savings goals will be coupled with features to keep users engaged, such as improved interest rates and partnerships for discounts for achieving savings goals, and taking gamification to a different level by providing tangible, real-world rewards.
Data visualizations will also improve to give users concise, useful feedback about their progress toward goals. The value customers derive from data visualization and other tools will be central to their innovation and evolution this year.
Financial institutions and other organizations will begin the design of their digital platforms with mobile as the central offering. In particular, this will lead to a bare-bones, streamlined interface that prioritizes important features and ruthlessly cuts those that aren’t immediately useful. In additional, location-specific features will come front-and-center, such as point of purchase features and financing options.
Similarly, notifications will serve to keep users engaged, and retail partnerships and the separation of financial institutions, FinTech partners, and financing options will become blurred.
Widespread Open APIs
Open APIs will be the major focus of most financial institutions not already on board. FinTech partnerships are heating up, and banks are simultaneously seeing the innovation FinTech partnerships can bring to their institutions while also appreciating their own value they bring to the table in the form of a reliable, established client base for FinTech partners.
Additionally, the trust and rapport financial institutions have with their customers makes them prime, captive audiences for FinTech organizations looking to grow their footprint.
Enhanced Financing and Payment Options
2022 will see the broad growth of payment and financing options, from real-time payments to new, expeditious financing options that don’t require approval and can be offered on the spot.
Both retailers and financial institutions alike will work to incorporate these into their systems to improve the customer experience by providing flexibility of payment and quick, customers-pleasing experiences.