6 Financial Services Predictions for 2023

Financial service trends in 2023 are set to be shaped by the convergence of customer needs, technological innovations and policy decisions. With that in mind, here are 6 predictions for financial services in 2023:

  1. Following the rapid adoption of digital tools amid the pandemic years, digital transformation will start being balanced against evolving risks and sustainability.
  2. Emerging technologies will be used more and more to ramp up operational efficiencies instead of being purely focused on cost reduction.
  3. Decentralization is transforming the financial ecosystem, but regulators are starting to catch up to bridge the gap between decentralized finance and traditional finance. The same technologies that support decentralization are also expected to underpin finance market transformations.
  4. Open banking will evolve into open finance, which will push the open banking concept beyond just banking products and services.
  5. Opportunities for instant, frictionless and interoperable cross-border payments will continue to grow.
  6. The regtech market will grow to help financial institutions keep pace with the technological advances criminals are using an adhere to regulatory environments.