Recent years showed that the fintech industry has been dramatically changing. The reasons that force the fintech to take new measures are the rise of living cost, post-Covid changes, global high inflation, geopolitical conflicts, global migration. As a result, fintech companies thrive to operate on a tight budget, while new legal regulations force all companies to balance between stricter regulations.

In this reality it is hard to give any predictions as black swans can come up any time. Nevertheless, we can foresee certain trends that would impact the financial and banking sector in the coming months.


  • Introduction of AI

Traditional banks, Neo banks and other payment institutions try to cut costs while staying in compliant with regulation requirements. Introduction of an AI in different spheres of operation and management is a great tool to simplify any process, while relying on human recourses in a minimum. Whilst AI cannot fully replace humans, it is evident that AI will be used in Fintech for document verification, credit rating scoring, credit approval, customer communication, problem solving, and other operations.

When banks and payment institutions rely on AI, it means that stricter rules on cyber security and personal data protection are coming.

  • Developing GPT software in Fintech industry

This year we will see online chats based on GPT that would gather information related to financial products, customer requirements, communication and searching tools. This is good news for all of us. Imagine that you can use one chat to find banking and payment products from hundreds of institutions that best work for your business or personal needs. Customers can use online chats to find any necessary information about banks and digital banks.

  • Restrictions in the EU on money flow from grey and blacklisted jurisdictions

The European Union and other major countries introduce sanctions and various restrictive measures against countries that do not cooperate in tax matters. The money flow coming from grey and blacklisted countries will be monitored and more due diligence measures will be implemented. It is possible to predict that alternative financial and banking hubs will be created in the Middle East, Southern Asia and LatAm countries.

  • Web3.0 implementation in Fintech

Web3 has being already implemented in the financial systems. Nevertheless, it is anticipated that web3 will change and shape the future of fintech in 2023.

  • Merger of payment institutions

2023 will bring more mergers in Fintech industry. Economic vulnerabilities may force ineffective companies to close, while others prefer to merge their assets to build stronger business.

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