This report identifies the key themes that will impact the banking and payments space in 2023. For each theme, we offer a series of predictions, identify winners and losers, and suggest further reading.
2023 will test the economic and technological underpinnings of all direct-to-consumer and B2B propositions in banking, payments, and wealth management. With far less venture capital (VC) money sloshing around the sector, investors will expect far shorter, more direct paths to profitability. Incumbent banks will be under pressure to limit non-performing loans, while re-defining, to some extent, what ESG care-abouts-from investors and consumers-mean amid a cost-of-living crisis. A distressed fintech sector will present highly favorable M&A opportunities for incumbents looking for a step change in capabilities and a blueprint for a new operating model. Those new entrants that are highly focused on consumer pain, whether in money management, lending, or financial exclusion, will rapidly grow market share given difficult ongoing economic conditions.
2023 will test the economic and technological underpinnings of all direct-to-consumer and B2B propositions in banking, payments, and wealth management. With far less venture capital (VC) money sloshing around the sector, investors will expect far shorter, more direct paths to profitability. Incumbent banks will be under pressure to limit non-performing loans, while re-defining, to some extent, what ESG care-abouts-from investors and consumers-mean amid a cost-of-living crisis. A distressed fintech sector will present highly favorable M&A opportunities for incumbents looking for a step change in capabilities and a blueprint for a new operating model. Those new entrants that are highly focused on consumer pain, whether in money management, lending, or financial exclusion, will rapidly grow market share given difficult ongoing economic conditions.
Scope
- Success in AI will require judicious investments in related areas, such as cloud and robotic process automation, to harvest the transformational potential of AI across all dimensions of the customer experience.
- Millennials and Generation Z are the key demographic for mobile-first investing and robo-advice, which is seen by many new entrants as a launching pad for a lifelong wealth relationship. However, this will continue to be a very difficult market for new entrants.
- The most successful mobile payment systems in 2023 and beyond will be those that utilize the versatility of a mobile P2P or mobile commerce system to achieve omnichannel reach, as services in Asia-Pacific have already done.
Reasons to Buy
- Understand the most disruptive themes in banking for 2023.
- Access key predictions per theme to help guide strategy and tech decisions at your institution.
- Understand which individual firms are best placed to “win” or “lose” amid predicted thematic impacts.
Table of Contents
- Executive Summary
- Artificial Intelligence
- Conversational Platforms
- Cloud
- Cybersecurity
- Financial Wellbeing
- Robo-Advice
- Social Media
- Generation Hashtag
- Digital Banking
- Environmental, Social, and Governance (ESG)
- SME Banking
- Mobile Payments
- Instant Payments
- Online Payments
- Data Privacy
- Open Banking
- User Experience
- Digital Lending
- Strategic Partnerships
- Blockchain
- Glossary
- Further Reading
- Our Thematic Research Methodology
- About the Publisher
- Contact the Publisher
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Tink
- Plaid
- Bank of America
- Amazon
- Darktrace
- 10X
- Allica
- Monzo
- Ant Financial
- Backbase
- Santander
- Barclays
- BBVA
- Nubank
- Revolut
- Visa
- Mastercard
- BNY Mellon
- Current
- FTX
- Grab
- JPMorgan Chase
- J.P. Morgan
- KakaoBank
- Mambu
- mBank
- MoneyGram
- Western Union
- NatWest
- OakNorth
- PayPal
- Railsbank
- Rocket Mortgage
- Samsung Pay
- Solarisbank
- Starling Bank
- Thought Machine
- Tide
- Triodos Bank
- WeBank
- MYbank
