FinTech Connect Launches “Unleashing the Future: The Top Trends Shaping FinTech in 2023” Benchmark Report Personalising the Customer Experience Ranks as Top Priority to Gain Market Advantage

FinTech StartUps
12.06.2023 10:40 am

FinTech Connect North America 2023, the only dedicated fintech event for the entire ecosystem, today released its 2023 Benchmark report, Unleashing the Future: The Top Trends Shaping Fintech in 2023, showing that providing a superior customer experience is the top priority for 47% of respondents this year.

With survey respondents spanning the fintech, financial institution and technology vendor ecosystems, the FinTech Connect 2023 Benchmark Report mined its comprehensive global database of contacts to gauge the in-depth and representative insights on the issues that are top of mind for CEOs, CTOs and other senior leaders.

Personalisation is taking the lead, with a resounding 47% of respondents emphasising the importance of delivering tailored experiences to customers. As the fintech evolution gathers pace, this customer-centric approach is seen as vital in an era of heightened expectations. The report shows that institutions of all sizes are seizing upon innovations like ChatGPT to transform customer interactions and operational efficiencies, with almost half of respondents considering integrating the AI tool into their workflows.

Other key findings of the benchmark report include:

While the metaverse and distributed ledger technology (DLT) remain talking points, there are mixed signals from respondents, indicating that these two propositions have faded from strategic plans of action. Around 45% of respondents state they had chosen not to implement blockchain solutions, while 24% flatly declare that the metaverse won’t take off.
Despite its transformative potential, Banking-as-a-Service has only been adopted by 16% of respondents, evidence that it is a technology that’s still at the margins of fintechs’ offerings.
Strikingly, financial crime and fraud command significant attention, ranking in the same priority slot as generative AI. With cyber threats on the rise, organisations are committed to safeguarding customer data and mitigating risks, as evident in the strong 32% response.
Cybersecurity remains a core priority, with 61% of institutions having implemented an adaptable cybersecurity strategy.
Furthermore, data privacy and third-party risk weigh in at 29%, showcasing the industry's commitment to maintaining trust and resilience in the face of evolving regulations and digital vulnerabilities.
Notably, financial inclusion emerges as a crucial priority, garnering 29% of responses. Fintech aims to bridge the gap and provide access to financial services for underserved populations, fostering economic empowerment and inclusion.

Aminah Hanif, Senior Content Director of Fintech Connect NA 2023, [AH2] says: “So far, as our benchmark report starkly illustrates, 2023 has ushered in unprecedented market conditions, and disruptive technology innovations like ChatGPT that have caused many fintechs to frantically re-evaluate their growth strategies. But amid such flux, one thing is constant – providing a great customer experience will be key to winning market share and strengthening revenue streams.

“We can expect more investment and focus on delivering exceptional user experiences, with many fintechs weaving ChatGPT into their offerings to provide more intuitive and responsive customer experiences. A mixed approach is being taken towards payments innovation, with third-party collaboration, as-a-service solutions, and in-house development all featuring in efforts to upgrade the payments experience. Fuelled by personalisation, transformative technologies, robust security measures, and a commitment to financial inclusion, the fintech industry is poised for both a bold and inclusive future in 2023 and beyond.”

FinTech Connect North America 2023 marks the first in-person iteration of the show, and promises unrivalled market insights and unique networking opportunities in the fast-evolving fintech sector.

Taking place on 27^th June 2023 at Convene Quorum, New York, FinTech Connect North America is set to welcome more than 300 attendees, who will hear from more than 50 trailblazing industry leaders and renowned experts representing organisations across the full fintech ecosystem. Attendees will discover how financial institutions, merchants and fintechs across the continent are leveraging technology and adapting business models to be at the forefront of the sector, and how to navigate forceful regulatory headwinds emerging from the economic turbulence of the past 12 months.

Created for the industry, by the industry, the event comprises four vertical streams – Digital Transformation, Payments, RegTech and Blockchain – and an agenda based on over 30 research interviews, to address the most pressing topics and trends driving fintech forward, including:

The metaverse, web 3.0 and DeFi – how are they changing the face of the financial ecosystem and how are they tangibly being implemented?
ChatGPT - Is this the start of a new era?
The challenges and successes of leveraging AI across your business
Building a robust and resilient cybersecurity strategy to protect your organisation.
The next frontier for payments – what does the landscape look like for 2023 and beyond?

With participants from challenger banks, innovative merchants, central banks, tier one financial institutions and cutting-edge tech players, the events will deliver unparalleled business intelligence insights and sought-after networking opportunities.

The full agenda, list of all-star speakers, keynote panel and content themes can be found at https://www.fintechconnect.com