Sustainable development and integrated financing investment priorities for banks in 2022
Recently, Yobota surveyed over 250 UK banking and financial services companies. Senior decision makers within these companies have confirmed that the majority of them (60%) have launched a new digital product in the past 12 months in response to increased demand for FinTech. When asked about recent trends in the FinTech market, more than half (55%) agreed that integrated finance is the most important in terms of improving the customer experience.
Looking to the year ahead, 44% of banking and finance companies plan to invest in buy-back, pay-later, or other integrated financing solutions in 2022. The vast majority (63%) intend to take advantage of open banking opportunities.
Yobota’s research has also shown that sustainability and financial inclusion are a priority. More than two-thirds (69%) of respondents said their company plans to invest in new, environmentally friendly tools, while 64% will invest in products that promote financial inclusion. Elsewhere, three in five (58%) plan to invest in Banking-as-a-Service (BaaS) solutions.
To help with these plans, companies want to see better regulation – 65% of banking and financial services companies said UK regulators are not reacting quickly enough to new trends, hampering innovation in the sector. Additionally, 77% said the growing popularity of new FinTech offerings needs to be supported by better regulation and compliance measures.
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