Fintech trends in 2022 with Revolv3, FinregE, Happy Mango & Jifiti

This month at Fintech Times our focus turns to reflection as we look back at developments over the past 12 months. 2022 has certainly been a challenging year for anyone with global economic activity experiencing a severe slowdown, with inflation higher than in decades.

Throughout this week, our community of fintech CEOs and leaders have shared their thoughts on this year’s big fintech trends. Today we hear from Revolv3, FinregE, Happy Mango, Detected and Jifiti.

Revolve3

Former professional race car driver Robert Podlesny is now CPO at revolve3, a fintech startup specializing as a full-stack SaaS payment orchestration and optimization platform.

Considering the evolution of SaaS payments and subscription billing, Podlesnii shares trends that have emerged during 2022.

“One of the most important trends during 2022, in the payment space, has been the increased visibility of payment performance and the impact companies are seeing from macroeconomic stresses. With economic recessions looming and stresses in the overall collection rate, revenue and churn have pushed companies to build financing options, payment options and increasing vertical and horizontal reach Many of these changes include migrations to more modern technology stacks to support these changes.

“One size does not fit all, and that is becoming more apparent even outside the corporate space. We now look at designing payment systems with a microscope. Businesses are ditching the “jack of all trades” mentality when it comes to service providers and realizing the value they can leverage from tailored solutions.

“Data is complex, messy and time-consuming. The proliferation of machine learning and artificial intelligence use cases has driven the need for more granular, cleaner and consistent data that maintains compliance and privacy protections.”

FinregE

Rohini Gupta is director and leading regulatory advisor at FinregE, a company she co-founded 2018 to deliver regulatory interpretation and compliance workflow solutions.

For Gupta, the use of artificial intelligence and machine learning in analyzing data used by financial institutions has accelerated in 2022.

“Financial institutions receive a huge amount of data from their customers – from customer calls, to how they interact with their apps for services. In addition, financial institutions must also keep track of the many existing and changing regulations and laws that apply to them and ensure that they comply with their requirements.

“Machine learning and AI, a subset of data science, can offer improved efficiency, greater accuracy and greater insight into all computerized aspects of a business. Machine learning and AI technologies are used to deliver regulatory technologies or regtech.

“Regtech can help find non-compliance with regulations and laws. AI and ML in regtech can also help automate repetitive tasks and monitor data security. Research already shows that companies that adopt regtech see cost savings through the bottom line.”

Happy Mango

Kate Hao is the founder and CEO of happy mango, which provides a forward-looking consumer credit scoring algorithm used by banks and credit unions. She highlights the popularity of “fintech for good” in 2022.

She explains: “To reduce the racial wealth gap, the financial services industry prioritized financial inclusion. Fintech is used to help disadvantaged communities access affordable financial services, as digital banking apps effectively deliver banking services on a smartphone even if one lives in a ‘banking desert’.

“Green financing puts more energy-efficient consumer products into more households. With online loans, electric car and solar cell loans have become stable offers at many banks and credit unions. Digital payments and alternative credit tools are helping thousands of refugee families displaced by war and conflict quickly rebuild their new homes.”

Jifiti

While consumer BNPL has grown rapidly in recent years, the original use case for BNPL was corporate finance. Fintech Jifiti enables point-of-sale financing for banks, lenders and merchants. Its CEO and co-founder Jakob Martin observes that B2B financing is becoming more accessible, immediate and embedded.

“In 2022, we saw enablement technology move into the spotlight. Due to macroeconomic conditions, fintech companies’ financial “balance sheet” character has recovered. We have also seen a shift to B2B BNPL.

“Based on the hypermarket growth in recent years, the BNPL market has become somewhat congested. Due to this saturation, new opportunities have arisen and customer expectations have reached up to B2B. The demand for business BNPL is increasing, as business buyers are also consumers themselves, and are used to buying as a consumer and receiving financing at the push of a button.”

Discovered

Liam Chennell’s is the founder and CEO of Discovered – a fintech that automates onboarding for business payment companies.

Detected fills the corporate gap in the payment technology stack with a “Find Company” algorithm that aims to find any registered company globally.

He says: “Major fintech trends we have seen this year include the rise of embedded finance, the development of payments technology with open banking reaching more than six million regular users, the wider adoption and application of blockchain technology, artificial intelligence and machine learning, and an increased need for frictionless customer processes, such as onboarding.”