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What are the top fintech trends for 2023?

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In the ever-changing financial technology sector, companies are bracing themselves for a bumper year

Financial technology, or fintech, exploded last year with a record level of investment.

In 2021, around $130 billion was invested into the fintech sector.

Nigel Green is the chief executive officer and founder at the deVere Group, which is one of the world’s largest independent financial advisory firms.

“Against a backdrop of slowing economic growth around the world, supply chain issues, red-hot inflation and the subsequent interest rate hikes, the environment has been more challenging,” he said.

Fintech companies have redefined how financial services are delivered.

Mr Green has several key tips for investors to keep an eye on in 2023.

Traditional banks will shift across

Traditional banks are set to play catch up this year as regulatory requirements and technology pushes them into a new era.

“Two reasons: first, millennials as they are the fastest-growing cohort of clients; and second, because they are becoming the beneficiaries of the Greatest Transfer of Wealth in history,” Mr Green said.

Around $68 trillion in wealth is expected be passed down from baby boomer generation, who are among the wealthiest ever.

Millennials have grown up on technology and are typically influenced by the surge new developments.

“Against this backdrop, they seemingly became comfortable using fintech to help them access, manage and use their money rather than using a traditional bank,” Mr Green said.

In addition, 92 per cent of millennials distrust banks and view them as an unreliable source of information.

Brace for greater regulatory scrutiny

Global watchdogs are preparing to push for increased consumer protection.

“This will come about as fintech services are increasingly embedded within non-regulated entities,” Mr Green said.

He said there will be a specific focus on accountability and transparency.

Data become even more important

2023 will be the year of data, with a key focus on modern methods to collect, analyse and use the data in real-time.

These opportunities will seek to differentiate client-based propositions.

Asia is where it’s at

It is hardly a surprise, but Mr Green believes Asia will continue to be at the forefront of innovation in the fintech sector.

“We attribute this to several key factors. These include a proactive approach to innovation by regulators; the plethora of virtual banks; the development of the wider tech ecosystem, especially application programming interfaces (API); and the influx of Chinese financial and tech giants into the sector,” he said.

2023 welcomes a world of opportunity, and fintech companies are on the forefront of revolutionising consumer experience and demands.

Even as the world nears the brink of recession, Green said “we expect fintech investment will continue to build momentum in 2023.”

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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OpenAI to offer premium ChatGPT service

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OpenAI has announced a monthly plan that will give you priority access to the ChatGPT bot

ChatGPT Plus is set to cost $20/month, and allow a user the ability to use the chatbot even during peak times, where free users would have to wait.

The company also says the plan will give you “faster response times” and “priority access to new features and improvements.”

OpenAI will be sending out invitations for the service to people in the U.S. over the next few weeks, before expanding to other regions around the world.

This comes amid the company revealing that a mobile phone version of the chatbot is being developed.

Currently, it is only available as a computer program.

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Business

Meta stocks soar in ‘Year of Efficiency’

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Meta Platforms has announced a better-than-expected sales quarter, as well as a USD$40 billion stock buyback.

The parent of Instagram and Facebook cut its cost outlook for 2023 by $5 billion, and projected first-quarter sales that could beat Wall Street estimates.

Meta stock surged nearly 19% in after-hours trade.

Chief Executive Mark Zuckerberg described the focus on efficiency as part of the natural evolution of the company, calling it a “phase change” for an organisation that once lived by the motto “move fast and break things.”

“We just grew so quickly for like the first 18 years,” Zuckerberg said in a conference call. “It’s very hard to really crank on efficiency while you’re growing that quickly. I just think we’re in a different environment now.”

The cost cuts reflect Meta’s updated plans for lower data centre construction expenses this year.

In November, the company cut more than 11,000 jobs in response, a precursor to the tens of thousands of layoffs in the tech industry that followed.

“Our management theme for 2023 is the ‘Year of Efficiency’ and we are focused on becoming a stronger and more nimble organisation,” Zuckerberg said in a statement.

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Business

Meet the world’s first flying motorcycle

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One way to avoid peak hour traffic is by flying over it, and it may be more affordable than you think.

 
Jetpack Aviation is testing the first legal bike to cruise the skies at its California facilities.

Dubbed ‘the Speeder’, it has eight small, powerful jet engines allowing the aircraft to carry up to 600 pounds and fly at a maximum 60 miles per hour speed for about 30 minutes.

Multiple sensors throughout the aircraft are able to detect and automatically avoid any obstacles, including buildings and trees.

The tick of approval for the Speeder is still years away, but pre-orders have already begun, with prices starting at $381,000.

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