Top 5 Online Fintech Trends to Watch Out for in 2022

Last Updated: August 6, 2022
These are the top trends in fintech that you should watch out for this 2022 and in the coming years.
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Fintech is the new generation of financial transactions. Fintech or financial technology simplifies financial transactions for businesses and consumers. The fintech sector has been rapidly growing over the years. 

As fintech’s popularity continues to increase, trends in fintech have also emerged. These trends provide a promising future for the financial industry, giving so many benefits to consumers and businesses around this sector. 

These are the top trends in fintech that you should watch out for this 2022 and in the coming years.

Online Loans

One of the most anticipated trends in fintech this year is online loans. The fintech platform has opened its doors to banks, lending companies, and credit unions to offer online personal loans, online cash advance, and even online mortgages. 

Unlike in the past years when you could only access this feature through a browser on the computer, consumers can now access this financial product through their smartphones. You can just download the lending company’s app on your smartphone and start your application immediately.

The popularity of online lending soars as many consumers find it easy and convenient to use. Online loans are expected to become more prevalent in the coming years, so it’s indeed a fintech trend that you must watch out for. 

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Blockchain is one of the promising features of fintech. It already has a substantial global reach, aiming to change financial transactions. Cryptocurrencies are already accepted by several small and large companies around the world. These companies opened their doors to crypto payments, which changed the future of payments and other financial transactions.

In addition, it has become apparent today that cryptocurrencies and NFTs have become popular even though they are highly volatile. Currently, the crypto market is experiencing another crypto crash where the cryptocurrency prices are experiencing a continuous bearish trend. 

But despite the current crisis in the crypto market, investors are still hopeful that the crypto market will recover and come back stronger as it always done. As a result, many investors are holding on to their investments. Some even take advantage of the crash and buy cryptos

Blockchain technology is becoming more stable and can become the future of financial transactions. Therefore, blockchain is a trend that you must watch out for today and the future. 

Payment Innovation

Payment innovation in fintech includes mobile wallets, mobile payments, contactless payments, AI for security, machine learning, etc. This fintech feature has increased in popularity amid the global pandemic. People adopted cashless payments in their daily transactions, such as grocery shopping, food delivery, and even bills payment. 

However, the trend is still ongoing and even consistently on the rise despite the fact the world is starting to go back to normal. People find it more convenient to pay online or conduct their financial transactions online than in person. 

For this reason,  more and more individuals will use online payment platforms. With this, it’s expected that this industry will continue to become famous worldwide. 

Online Banking

Traditional banks don’t want to miss out on the fun when talking about convenience. That’s why major banks have embraced the fintech industry and its changes by providing their customers with the option of mobile banking. Since people nowadays are primarily online socializing, doing their shopping, and even having health consultations, banks feel the need to adapt to these changes. 

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With this feature, bank clients can perform bank transactions anytime and anywhere through their smartphones or computers. These transactions range from fund transfers, payments, and opening a new bank account. If you have already used this feature of fintech, you can only imagine how hard it will be if this kind of perk is taken away from you. 

Therefore, banks are continuously innovating their operations and will surely provide their clients with more online banking features that are worth watching out for. 

Digital-Only Banking

In relation with online banking, fintech also triggered the beginning of virtual banks. These banks are called digital-only banks, meaning that they are only operating online and don’t have a physical location. You can only manage all bank transactions online via their website portal, mobile app, email, and ATMs. 

Since virtual banks don’t have a physical location, they tend to have a lesser overhead cost. As a result, digital-only banks offer higher interest rates for your deposit account than the traditional bank. Additionally, these banks also provide their clients with smaller fees. 

Because of this, many people are attracted to digital-only banks. Although these unconventional banks are not that pretty known worldwide, it is becoming a trend in fintech. So, digital-only banks will be popular sooner or later, which makes them the future of banking. 

In Conclusion

There are so many benefits fintech provides to financial consumers. The trends in this industry are so relevant that everyone, especially those who are active in finance, should keep an eye on them. Remember, as the world evolves, so does fintech. So, expect that fintech will have more to offer in the future.

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Written by Allison Langstone

Allison produces content for a business SAAS but also contributes to EarthWeb frequently, using her knowledge of both business and technology to bring a unique angle to the site.