The year of turmoil is nearing its end, and the unpredictability of 2020 is slowly subsiding. The COVID scenario, which upended the business world, provided the much-needed space to turn the business offering. Digital transformation and the rapid rise of online businesses are such effects. Therefore, understanding the trends of 2021 can allow us to predict trends in 2022. Following is a list of the possible top fintech trends in 2022 based on previous trends.

Real-Time Financing

This trend would be a boon for businesses that are struggling due to cash flow problems. Invoice financing solutions and digital credit cards will take over and will help the businesses with funding. Better integration with cloud computing can also be predicted with algorithm-based lending strategies. As a result, fierce competition will spearhead this trend.

Real-time reporting will also be on the rise. Mandatory external reporting options will survive. However, periodic internal reporting will no longer drive operations and decisions. The reason for this change is quite obvious as information will be available in an instant, and traditional longer data cycles will not make any sense.

End of CAPEX in Tech

CAPEX investment also saw a large downward trend in the configuration and implementation of tech solutions. Everything will supposedly be on-demand and more agile. The rise of SaaS exceeded all expectations largely due to remote working necessities. As a result, a safe prediction could be an expected increase in ‘as a service’ businesses—infrastructure (IaaS) and business processing (BPaaS) may be some of the new offerings. We will probably move towards a more rent-to-use world from the current buy-to-use outlook. This will irrefutably give SMEs access to mid-range markets, and medium-sized businesses will be able to deploy enterprise-grade solutions.

Low-Code Supremacy

The rise of small businesses also implicated the need for business solutions at cheaper costs. Business requirements such as websites, logos, creativity tools, etc., needed to be generated. However, most small businesses either did not want to or could not spend valuable cash on such options. As a result, low-code solutions rapidly became popular among the growing SMB environment. Low code made it easy and affordable for smaller businesses to build their own apps and reduce the reliability of slow-moving programmed solutions.

In the coming year, it can be anticipated that speed and cost will be the primary determiners of success in the low-code environment and app development will be on the rise due to the increased demand generated by the new businesses. Developers will have to collaborate with users to understand their woes and rapidly dish out solutions.

Understanding and Justifying the Provenance of Products

Supply chain transparency saw a major rise during and after the pandemic as social responsibility was also increased on the organizations. Organizations wanted to audit their supply chain for efficiency and safety purposes. Consumer demand for transparency was also increased, and ‘buying local’ became a widespread trend.

A safe assumption would be to notice a similar demand for the next year, and sustainable practices would also rise. The reason for sustainable practice rise is clear as businesses are more likely to succeed if their values align with those of the customers, and during the pandemic, customers preferred businesses that aligned with their value systems better. Hence, trust will be critical in the coming fiscal year, and transparency about the supply chain and origins of the company products will irrefutably instill trust and confidence in the customer.

We also expect to see a continued upward trend in digital transformation and more and more businesses taking up online means to increase profits. Before the pandemic, the adoption of technology was not ubiquitous. However, the scenario has changed since then, and technology will play a major role in determining the winner in the business world.