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Fintech: an overview of the industry and current trends in 2022

Author

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  • Vasilieva, Tatiana V.

    (The Russian Presidential Academy of National Economy and Public Administration)

Abstract

Introduction. The relevance of studying financial technology is determined by the fact that the rapid development of technologies such as blockchain, artificial intelligence, and mobile applications is transforming the financial sector, making it more accessible and efficient. Fintech is a dynamic field that has a significant impact on the financial sector and the economy as a whole. The article aims to review the current trends in the financial technology market in 2022. Materials and Methods. The study materials were articles from peer-reviewed journals. Research methods: case studies of successful and unsuccessful fintech companies to identify factors influencing their success or failure. Results. Modern technologies allow for the digitization of services and other IT products, so one of the leading trends is global digitalization and the rise of e-commerce and marketplaces. The next trend discussed in the article is the active adoption of big data, machine learning, and artificial intelligence technologies. The fintech market is actively taking advantage of the opportunities created by the COVID-19 crisis. The fintech market pays excellent attention to developing cloud technologies, implementing digital signatures, andц developing a fast payment system. Conclusion. Despite numerous opportunities, the fintech market is facing particular challenges and hurdles. Some of these include a lack of focus on cybersecurity, regulatory complexities, and a lack of customer confidence. Addressing these challenges is integral to the continued development of the fintech market.

Suggested Citation

  • Vasilieva, Tatiana V., 2023. "Fintech: an overview of the industry and current trends in 2022," Economic Consultant, Scientific and Educational Initiative LLC, vol. 2(2), pages 16-27.
    • Handle: RePEc:ris:statec:0128
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    More about this item

    Keywords

    fintech; big data; machine learning; e-commerce; digitalization; marketplace; digital signature; digital profile; biometrics;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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