It showed that the majority (60%) had launched one or more new digital products over the past 12 months in response to increased demand for fintech from their customers.
When asked about recent trends within the fintech market, more than half (55%) agreed that embedded finance was the most significant in elevating the customer experience. Even greater numbers hold a favourable view of the progress being made on the Open Banking front, with 69% saying it has successfully empowered innovation across the financial services sector.
Yobota’s research also showed that sustainability and financial inclusion are high on the agenda. More than two-thirds (69%) of respondents say their company plans to invest in new eco-conscious tools, while 64% will invest in products that drive financial inclusion. Elsewhere, three in five (58%) plan to invest in BaaS solutions.
To support these developments, companies want to see better regulation 65% of banking and financial services firms said that UK regulators are not responding quickly enough to new trends, thereby hindering innovation within the sector. Further, 77% said the growing popularity of new fintech offerings must be supported with better regulation and compliance measures.
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