DAVID EROMOSELE OGBIDI. BSC ACCOUNTANCY (UNN) MSC ACCOUNTING (UNILAG), (ACA, CFA)’s Post

Fintech trends that keep shaping our future in 2024. 1.) Embedded Finance Takes Center Stage: Consumers crave seamless financial experiences within their existing apps. Embedded finance integrates financial services like payments, lending, and budgeting directly into non-financial apps. This trend is expected to see explosive growth, especially in retail and e-commerce. 2.) AI Revolutionizes Personal Finance:  AI is poised to transform personal finance. From analyzing spending patterns and negotiating bills to providing personalized budgeting advice, AI assistants will empower users to manage their money more effectively. Fintech companies are actively integrating AI to enhance their offerings. 3.) Evolving Payment Technologies Gain Traction: New payment technologies like real-time payments and contactless solutions are becoming increasingly normalized. We may see the rise of innovative payment methods that rival traditional credit cards in convenience and security 4.) Alternative Credit Scoring Gains Momentum: Traditional credit scoring can be limiting. Alternative data points, like rental payments or utility bills, are gaining traction as a way to assess creditworthiness. This trend has the potential to expand access to financial services for underserved populations. 5.) Fintech Focuses on Enterprise Solutions:  Fintech companies are not just serving consumers directly. Many are shifting focus to providing solutions for established financial institutions. This includes tools and services that can optimize internal processes, enhance security, and improve customer experiences. 6.) Fintech Supports Environmental, Social, and Governance Goals: Sustainability is a growing concern. Fintech companies are developing solutions to support ESG initiatives. This could involve financing for green energy projects, carbon footprint tracking tools, or sustainable investment platforms. 7.) Regulations Evolve for the Fintech Landscape: With the rapid growth of fintech, regulatory frameworks are likely to adapt. We may see new regulations addressing data privacy, cybersecurity, and responsible use of AI in financial services. 8.) Continued Growth of the Fintech Market: Industry experts predict continued significant growth in the global fintech market throughout 2024. This growth will likely fuel innovation and the emergence of new fintech sectors within the financial services ecosystem. Any hot takes on upcoming trends?

"Technology, automation, open banking, and AI, including digital algorithmic credit checks and financial eligibility checks... have made it quicker and easier than ever for small businesses to obtain the finances they need to grow." All this technology makes it easier for viable SMEs to get funding to grow. However, it also makes it more difficult for those struggling to get vital support. This article focuses on reducing the decision time for lenders to know if our company is eligible for funding. Still, it doesn't explain how technology can help us solve the root problems that make us need financing in the first place. Could technology and algorithms help us make wiser financial decisions considering the uncertainty our businesses face? What is your experience using fintech in your financial decision-making? #business #smebusiness #systemsthinking #fintech https://lnkd.in/evY6U_hW

Fintech, short for financial technology, plays a crucial role in today's digital economy and financial landscape. Here are some key reasons highlighting the importance of Fintech today: Increased access to financial services: Fintech companies are leveraging technology to offer innovative financial services and products, making them more accessible to a broader range of individuals and businesses. This has helped in financial inclusion by providing services to underserved populations who may not have had access to traditional banking services. Convenience and efficiency: Fintech solutions have streamlined financial processes, making transactions faster, more convenient, and cost-effective. Users can now perform various financial activities, such as payments, transfers, investments, and lending, with just a few clicks on their mobile devices. Enhanced customer experience: Fintech companies prioritize user experience and design seamless, user-friendly interfaces that make managing finances easier and more intuitive for customers. This focus on customer-centric technology has raised the bar for service delivery in the financial sector. Innovation and disruption: Fintech startups and companies are driving innovation in the financial industry, challenging traditional institutions to evolve and adopt new technologies. This disruption has led to the development of advanced solutions like blockchain, AI, machine learning, and biometric authentication in finance, transforming the way financial services are delivered and consumed. Cost-effectiveness: Fintech solutions are often more cost-effective for both consumers and businesses compared to traditional financial services. They eliminate unnecessary overhead costs associated with physical branches and manual processes, leading to lower fees and better value for customers. Data-driven decision-making: Fintech companies leverage big data analytics and artificial intelligence to gather and analyze vast amounts of data, enabling them to make data-driven decisions and provide personalized financial solutions and recommendations to users. Regulatory compliance and security: Fintech companies prioritize data security and compliance with regulations, implementing robust security measures to protect customer information and transactions. They are also working closely with regulators to ensure that their services adhere to relevant laws and guidelines. In conclusion, Fintech is playing a critical role in reshaping the financial industry, driving digital transformation, and revolutionizing how financial services are delivered and consumed. Its importance will continue to grow as technology continues to advance and customer expectations evolve.

Finance First, Tech Second in Fintech In Fintech, focusing on finance, compliance, and governance before technology ensures stability and regulatory adherence. If tech comes first, it can lead to failures like Wirecard, where neglecting financial oversight led to massive fraud and collapse. In broad bucket of Fintech, the value creation happens in three buckets - 1. License/Customer Ownership: Secure necessary financial licenses. 2. Distribution: Develop effective ways to deliver financial services. 3. Tech Platform: Build technology to support financial operations. Examples Success Fawry: • Finance First: Obtained licenses, built a vast payment network. • Success: Became a leading payment platform in Egypt by ensuring financial compliance and robust distribution. Tamara: • Finance First: Secured financial licenses, partnered with merchants. • Success: Rapid growth in the Middle East BNPL market by prioritizing financial governance and partnerships. Failures Examples Wirecard: • Tech First: Focused on innovative payment processing technology. • Failure: Lacked proper financial oversight and regulatory compliance, leading to massive fraud and eventual collapse. Fast (Startup): • Tech First: Prioritized rapid development of one-click checkout technology. • Failure: Burned through significant venture capital without securing a strong financial foundation or customer base, leading to its shutdown in 2022. In fintech, prioritizing finance ensures compliance and stability, as seen with Fawry, Tamara, and Klarna’s successes. And neglecting financial governance, as in the cases of Wirecard, and Fast, can lead to significant failures.

Remember the days when integrating financial services into your platform felt like a lot of technical tasks? 🛠️ The regulations were a maze, and connecting with banks was like pulling teeth. It was a complex, time-consuming process that shut out many businesses, especially smaller ones with big dreams. 💡 That’s where Madhusudanan R, Muthu Gomathi, and Prabhu Rangarajan stepped in. They saw the gap, the frustration, and the untapped potential. In 2014, they founded M2P Fintech. 🚀  Their mission? To democratize financial services by providing the API infrastructure that empowers businesses to embed finance into their products. 💼💳 What exactly is Fintech Infrastructure? Think of it as the invisible backbone that allows your favorite apps to handle payments, issue cards, or offer loans. M2P provides those building blocks – secure, reliable connections and real-time data processing – so businesses can focus on what they do best. 🌍🔒 But M2P isn’t just about pipes and protocols. They’ve mastered the art of simplicity. By leveraging microservices, they break down complex functionalities into smaller, manageable pieces. Their cloud-native infrastructure on AWS ensures resilience and scalability, while robust APIs with top-notch security keep your financial data safe. 🛡️☁️ It's been a decade of grit, determination, and unwavering belief in their vision. Today, M2P is a fintech powerhouse, operating in over 30 markets, powering hundreds of banks and lenders, and generating a USD 60 million topline. They’re not just enabling embedded finance but fueling innovation and driving financial inclusion in emerging markets. 🌟💼 Think of the fintech startups disrupting the industry – many are built on M2P's infrastructure. Imagine businesses across sectors, from e-commerce to healthcare, seamlessly integrating financial services into their offerings – that’s the power of M2P. 💳🛒🏥 And they’re not stopping there. With its sights set on Africa, M2P is poised to bring its transformative technology to a continent ripe with potential. 🌍✨ This is a testament to its vision, perseverance, and commitment to building a more inclusive financial future.

🚀 Axle Developments: The Future of Fintech is Frictionless ✨ At Axle Developments, we firmly believe that the future of finance lies in removing barriers and creating seamless experiences for businesses and individuals alike. 🤝 That's why we're laser-focused on developing innovative fintech solutions that eliminate friction and empower our clients to take control of their financial destinies. 💪 What is Frictionless Finance? 🤔 In a nutshell, frictionless finance is about making financial transactions and interactions as smooth, efficient, and hassle-free as possible. ⚡ This means: Eliminating unnecessary steps: We're streamlining processes like onboarding, loan applications, and payment approvals, making them faster and more intuitive. ⏩ Automating repetitive tasks: By automating tasks like data entry and reconciliation, we're freeing up businesses to focus on what really matters - growth and innovation. 📈 Leveraging technology: We're harnessing the power of AI, machine learning, and blockchain to create secure, transparent, and reliable financial systems. 🔒 Putting the user first: Our solutions are designed with the end-user in mind, prioritizing simplicity, accessibility, and a delightful experience. 😊 The Benefits of Frictionless Finance 📈 The impact of frictionless finance is far-reaching, touching every aspect of business and personal finance: Increased efficiency: Faster, more efficient processes mean businesses can save time and money, while individuals can manage their finances more easily. ⏱️💰 Improved customer experience: Seamless interactions create happy customers, leading to increased loyalty and repeat business. 😃 Enhanced security: By eliminating manual processes and leveraging advanced security measures, we're reducing the risk of fraud and errors. 🛡️ Greater financial inclusion: Frictionless finance opens doors for those who have traditionally been underserved by the financial system, empowering them to participate in the economy. 🌍 Axle Developments: Pioneering Frictionless Finance 🚀 At Axle Developments, we're not just talking about frictionless finance - we're making it a reality. Our suite of fintech solutions is designed to remove barriers and streamline financial interactions across the board. From our innovative payment processing platform 💳 to our cutting-edge lending solutions 🤝, we're transforming the way businesses and individuals engage with finance. Opens in a new window www.goodhousekeeping.com person using a mobile phone to make a payment Join the Frictionless Finance Revolution ✨ We're excited about the potential of frictionless finance to revolutionize the financial landscape, and we invite you to join us on this journey. Explore our website to learn more about our solutions, and stay tuned to our blog for insights into the latest trends and developments in the world of fintech. Together, let's create a future where finance is frictionless, accessible, and empowering for all.

When finance and technology meet, it becomes fintech. The introduction of fintech has revolutionized the financial world. It has leveraged digital innovation to reshape the financial world and has enhanced accessibility, making services like banking, insurance, and investments more inclusive and cost-effective.  💻💰 Here are some pros of fintech: ✅Increasing efficiency: The repetition of multiple tasks that took hours to do manually can be done in seconds with the use of fintech. Companies can now automate their manual tasks to save costs. ✅ Access to real-time data: Fintech is increasing at a very fast pace. With this innovation, finance professionals can now access vast amounts of real-time data within seconds and make an informed decision. This has enhanced the role of finance professionals to utilize the data properly, interpret, and analyze them to make better strategic decisions. ✅ Customer experience is enhanced: With the introduction of fintech, the concerns of customers can now be solved within seconds. With its user-friendly interface, finance professionals are better able to understand their target customers, their behavior, and preferences, and even provide personalized financial solutions as well, thereby giving customers a better banking experience. ✅ Ease in borrowing and lending: Traditionally, borrowing required hours of work, standing in long queues, and submitting multiple documents. However, with the introduction of fintech such as robo-advisors, peer-to-peer lending, digital wallets, and blockchain-based technology, the time to have a loan approved has now reduced.  ✅ Managing risks: Just like the two sides of the coin, every firm enjoys profits but does want to manage risks as well. Traditionally, it was hard to manage risks in real-time. But now that the innovation of fintech is spurred, companies can leverage technology to manage risks in real-time, ensure they comply with the regulations, and help them detect fraud. Although the innovation of fintech is increasing every day, with great benefits come with great consequences as well: 🚨 It is leading to the displacement of traditional finance roles that are now being automated, leading to a decrease in jobs. 🔒 With the increasing use of technology, there comes an increased responsibility for managing cybersecurity risks. 📚 Due to digital literacy issues, not everyone has access to the necessary skills required to manage fintech. Learning new skills requires a considerable amount of time and money which might be an issue. 📉 Over-reliance on technology can lead to system disruptions or operational failures which can impact customer experiences and lead to losses. To conclude, fintech is transforming traditional finance roles efficiently, but we must also look at the consequences before making any decision. Penned by: Sakchhi Agarwal, FRM #FinTech #Finance #Innovation #DigitalTransformation #FutureOfFinance #CustomerExperience #RiskManagement #GirlPowerTalk

In a rapidly evolving Fintech landscape, leveraging APIs presents a lucrative avenue for entrepreneurial success. By tapping into the insights provided by Knowl.AI's comprehensive analysis of Fintech API trends, entrepreneurs can identify promising business opportunities. One such avenue is developing specialized API integration platforms tailored to the unique needs of financial institutions and startups. These platforms can streamline the adoption of Fintech APIs, offering seamless integration solutions and value-added services. Additionally, entrepreneurs can explore niche sectors within Fintech, such as personalized financial management tools or AI-powered risk assessment platforms, powered by Fintech APIs. By capitalizing on the transformative potential of Fintech APIs, entrepreneurs can carve out a competitive edge in the thriving Fintech ecosystem and drive innovation in financial services. https://lnkd.in/gEPuM8tE

The Future of Finance is Fintech: Exploring the Latest Innovations Shaping the Financial Landscape The financial services industry is undergoing a transformative revolution driven by the relentless march of technology.. But what exactly does the future hold for fintech? Here, we delve into some of the hottest trends and innovations that are poised to redefine financial experiences. 1. Biometrics and Beyond: The Rise of Frictionless Finance Passwords and PINs are becoming relics of the past. Biometric authentication, using fingerprints, facial recognition, or iris scans, is ushering in an era of secure and convenient access to financial services. 2. Open Banking and the API Economy Open banking regulations are breaking down the walls between traditional financial institutions and fintech startups. Application Programming Interfaces (APIs) allow third-party developers to securely access customer financial data with permission, fostering a vibrant ecosystem of innovative financial products and services. This paves the way for hyper-personalized financial experiences tailored to individual needs. 3. Artificial Intelligence (AI) for Smarter Finance AI is transforming how we interact with financial services. Chatbots powered by AI are becoming increasingly sophisticated, offering 24/7 customer support and personalized financial advice. AI algorithms are also being used to analyze vast amounts of financial data to detect fraud, personalize investment strategies, and automate financial tasks, freeing up valuable time for both consumers and businesses. 4. Decentralized Finance (DeFi) Decentralized finance, leveraging blockchain technology, offers an alternative to traditional financial intermediaries. DeFi protocols allow individuals to borrow, lend, and invest directly with each other, bypassing banks and other financial institutions. 5. The Evolving Landscape of Payments The way we pay for things is constantly evolving. Contactless payments and mobile wallets have become ubiquitous, and the future promises even more seamless experiences. Additionally, the rise of instant international payments is blurring geographical boundaries and revolutionizing how we conduct business across borders. The Road Ahead: Collaboration is Key The future of fintech is not a solitary journey; it's a collaborative effort. Banks, fintech startups, technology companies, and regulatory bodies all need to work together to create a secure, inclusive, and innovative financial ecosystem. As these trends and innovations continue to develop, one thing is certain: the future of finance is brimming with exciting possibilities. Fintech has the potential to democratize finance, make financial services more accessible and affordable, and ultimately empower individuals to take greater control of their financial well-being. What are your thoughts on the future of fintech? Which trends excite you the most? Share your thoughts in the comments below!

https://lnkd.in/dE7WHDqR In today's fast-paced digital age, technology is seamlessly integrating into every aspect of our lives. From shopping to socializing, we're constantly connected. One of the most transformative technological advancements in recent years has been the rise of fintech (financial technology). Fintech has revolutionized the way we manage our finances, offering convenience, accessibility, and innovative solutions. One of the most exciting trends within fintech is embedded finance. You can read about some of the amazing ways by which fintech makes everyday life easy and how we interact with fintech in most activities we carry out everyday in this article.