Major Fintech Trends to Watch in 2022

Major Fintech Trends to Watch in 2022

As we enter 2022, trends in fintech point to us having products with better usability, faster speeds, and greater convenience. Based on strong growth in the fintech industry in 2021, we can expect to see more products that improve and enhance our lives.

2021 was a groundbreaking year for fintech. As recently as a decade ago, fintech ideas were spoken about as if they were something only possible in the distant future. However, the rapid growth of finance technology trends means that fintech products have arrived in the mainstream faster than was previously imagined.

In 2021, fintech projects received over $130b in capital, representing 20% of all venture capital invested in 2021. All trends in fintech point to the fact that the industry is achieving critical mass. Here are the top fintech trends we can expect to see in 2022.

Top fintech trends for 2022

  • Open banking

We believe there will be more partnerships and collaborations within the banking industry in 2022. Open banking refers to the practice of proprietary institutions like banks allowing third-party developers to build applications and services around their core products.

Organizations know that the pace of change is staggering and they cannot take advantage of it by going it alone. There is always bound to be someone somewhere working on innovation you do not have the time or resources to tackle. If it makes sense, why not collaborate?

Open banking brings both banks and fintech players into the same room to collaborate in ways that can get them to both achieve what they need. Open banking is a significant new trend for fintech in 2022 as it is slated to transform the banking sector. According to some estimates, the global open banking industry generated $7.29 billion in 2018 and is projected to reach $43.15 billion within five years.



Open banking partnerships can enable customers to manage their financial accounts efficiently by providing them with a consolidated view of their accounts. This is the reason why access to open banking products will create outcomes like improved long-term wealth generation, better financial decision making, and lower debt. It is the way to go for institutions that are not afraid to share their ideas.

  • The arrival of the super app

One of the most important revelations from 2022 will be the super app. This type of app is a powerful product that offers a multitude of products and services from a single platform. For so long, consumers have been accustomed to the single-purpose app that they have not stopped to think how much easier their lives could be if a company bundled several apps into one.

In fairness, super apps in Asia have received more traction, with the likes of WeChat and Alipay leading the way. There is work to do in the rest of the world. But 2022 could see a big change in this area, with many fintechs in markets like the US and Europe trying to replicate this model by bringing together a slate of services across a single app. It makes sense, rather than having several apps for different services, why not have one?

Super apps work best when they combine service families. In the US, popular companies like PayPal and Block have been trying to establish such a thing. Paypal themselves have spoken of trying to create an app that provides an interconnected system of information that will allow a shopper an integrated shopping experience that would cater to payment, retail, savings, and investing needs.

In Europe, Revolut is running away in the race to create a super app. The company started as a digital-banking and payments platform, more like a neobank, but is now striving to create a super app that goes as far as offering investment services for financial instruments like cryptocurrency trading and travel insurance, in addition to a savings vault and bill splitting.

  • Cross border payments made easy

Ever since the start of the global pandemic, cross border payments have come to the forefront. E-commerce has certainly gone up a notch, but so have cross border payments, which will continue to be one of the most crucial fintech industry trends in 2022.

The Bank of England expects the total value of cross-border payments to reach US$250 trillion by 2027. This is equal to a US$100 trillion rise in just 10 years. This shows that there is so much room for growth in this space. Legacy systems alone will not be able to handle this expansion, which is where fintech products will come in.

For these predictions to be realized, important new steps need to be taken, such as the mass adoption of real-time payments (RTP). These types of payments are initiated and settled nearly instantaneously and are an important precursor to mass cross border payment adoption. However, it requires systems with constant uptime, as well as the relaxation of certain regulations.

  • Banks embrace blockchain

When people hear the word blockchain, they think of cryptocurrencies. While the association is natural, blockchain is a safe way of handling transactions across the world in a decentralized manner that does not require the traditional banking system.

Legacy banks have realized the importance of this new technology and are investing in transformation and adoption. If they do not, they will be left behind. The new banking landscape is unpredictable, but banks know they need to be on the right side of the current fintech development industry trends.

Although adoption is in its early stages, it is expected that banks and other major financial institutions will do what is required to create a space for blockchain, which promises fast, safe, and decentralized transactions.

According to Deloitte’s 2021 Global Blockchain Survey, 76% of executives they surveyed globally “believe digital assets will serve as a strong alternative to, or outright replacement for, fiat currencies in the next 5–10 years.


  • Buy now, pay later

Buy now, pay later (BNPL) is expected to continue to be one of the major fintech industry trends for 2022. It will be driven by the newest customers and the most technologically savvy users from Gen Z and Millennials.

It is estimated that these customers make up as much as 75% of total BNPL users in the US, for example. Many analysts expect large traditional banks to go out of their way to acquire smaller and more agile BNPL firms and startups to give their customers flexible payment options.

BNPL is all about helping customers complete their purchases through staggered payment plans. This is mostly used during holiday periods or important retail events such as Black Friday.

However, the BNPL movement is expected to face regulatory headwinds in 2022. In 2021, the US Consumer Financial Protection Bureau (CFPB) asked five of the biggest BNPL companies — Affirm, Afterpay, Klarna, PayPal and Zip — to provide more information regarding their business practices.

This was a result of customers potentially facing steep financial risks. It is believed that many customers faced increased financial dangers because of the easy access to capital.

  • Digital-only banks

Digital-only banks are expected to continue to do well in 2022. Offering virtual banking services such as person to person (P2P) transfers, international remittances, and contactless transactions with free transaction fees, they provide unrivalled convenience for the modern banker. 

Digital-only banks are already incredibly popular in the world, with European leaders like Monobank forging the way forward. These banks have found a way to remove timesome processes like filling in paperwork and making physical visits to the bank.


  • Robotic process automation

Robotic process automation is a system of task automation that uses software, robots, and other digital tools to automate work that has been traditionally done by humans. 

RPA is great at cutting costs by letting machines and software do the repetitive and mindless work behind the scenes. This may not be the most exciting of all the financial technology trends for 2022, but fintech apps are heavily dependent on repeating background tasks. By doing these tasks better and at a lower cost, fintechs can pass these benefits on to consumers.

  • Biometric security takes off

There is no doubt that mobile banking services offered by fintechs have made our lives simpler and more convenient. They have reduced the need to carry physical cash and visit banks in person. However, this simplicity comes at a cost as cybercrime is never far away.

As criminals become more sophisticated, they have found ways to pose an even greater threat to the security of mobile banking account holders. This makes the security aspect of fintech one of the most important fintech industry trends for this year.

Security measures must be increased, which is why biometric security systems are some of the leading fintech industry trends for 2022. Yes, conventional passwords are safe when used correctly, but they are also inconvenient to remember and input. Biometric security is the answer to this problem.

Yet, the biometric security world has some way to go. Some analysts predict that contact-based biometric systems will decline because people are afraid of touch, a fear created during the pandemic. We can expect non-contact biometric security methods such as retinal scanning and voice activation to be on the rise in 2022.

The importance of software development for the fintech industry

There has never been a better time to get involved in fintech. Consumers have come to expect banking technology that is more connected, easy to use, and much simpler to operate. 

The good news is that finding a software development partner to create these products has never been easier. While there are a lot of choices out there, finding the best partner to handle your software development is what will set you apart from your competitors.

Why you should choose S-PRO

The battle for fintech supremacy is well underway. Anyone entering the race now is already behind. The need to partner with the best software development vendor has never been more pressing.

By choosing a partner like S-PRO, who has extensive experience in tackling large software development projects for the fintech industry, you can put yourself in the best position to take advantage of the major financial technology trends in 2022 and beyond.



CEO, Co-founder. Innovative and commercially-minded Creative Technologist. Solid experience in product & market needs analysis, business strategy development & team leadership.
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