6 trends for the industry financial in 2023

With the constant evolution of the financial and consumer relations industry , now more digital, new challenges arise, which require a careful look not only at the adoption of innovative technologies, which improve people's lives, but also at the operational efficiency and business perpetuity. Issues related to the cost of customer acquisition , greatly inflated during the Covid-19 pandemic, and the profitability of the customer bases now acquired, become mandatory. But, in addition to these topics, I present some other trends that should mark the year 2023. 1 – Commitment and loyalty With the increase in competition and the visible dispute for the main clients, it is essential to optimize portfolio management. Involving them through traditional channels and/or generic campaigns is insufficient. It is necessary to build a framework that allows us to see the customer and the business holistically, segment it and then innovate in terms of communication and activation. How to do that? Launch of personalized products; Engage inactive customers through better use of data; Make the customer the protagonist, regardless of the channel; Optimization of KYC tools; Make effective use of ecosystems and Open Finance; Offer a true omnichannel, integrated and fluid experience. 2 – Integrated finance that enables new businesses Macroeconomic uncertainties and capital flight in startups and Fintechs cause a realignment of priorities in the market. The large transformation projects undergo readjustment, emphasizing Shorter trips that generate value quickly. Enable new digital financial products with agility, giving preference to SaaS, arises among the priorities of the institutions. Although the concept of Embedded Finance is not new, in 2023 we will see more modalities adjusted to short-term value creation. 3 – Financial inclusion The “forced” process of financial inclusion that we went through during the pandemic is indisputable. The unavailability of physical channels, closed due to the health crisis, led to the need to include people in digital media. This movement has been driven by important regulatory changes in recent years and continues to be one of the priorities of the Central Bank. Added to this, we have fintechs and neobanks breaking paradigms and offering products to an audience historically excluded from the financial system. Open Finance will also be a catalyst for financial inclusion, since the greater availability of consumer information should lead to the construction of products more in line with the needs of the unbanked population. 4 – Easier investments in the Financial Industry Another big trend for 2023 has been Fixed Income. The scene of Inflation and a high Selic rate attract investors to Fixed Income. Without However, much remains to be done regarding the availability of products, the universalization of digital access, as well as the ability technological of the institutions to guarantee the processing of high transactional volumes inherent to the digital world. It is necessary to use modern technology so that the investment market can scale to the speed that digital demands. 5 – Smart Treasury and BackOffice Treasury remains an area where there is a lot of room for automation and increased efficiency. The digitization of the backoffice has been a recurring topic in recent years, however, there are immense opportunities. Thinking about agribusiness, for example, administrative processes for the approval of producer credits are extremely manual and take days or even weeks to complete. Such inefficiencies harm the producer and cause the institution to stop to do more business due to lack of personnel, which impacts the growth of the country. The abundance of technology to validate data properties, combined with automated risk analysis, has a great potential to solve these challenges. 6 – Fraud control and compliance of the Financial Industry Cybercrime and fraud are becoming more common and advanced. We know that this is a complex challenge and that there is no “silver bullet” to solve it, but there is a way to control it, providing a balance between security and generating business. While many companies still consider investment in security to be a “necessary cost,” viewing this area as an enabler of new business seems to make more sense. Investing in comprehensive technologies that support business travel, from customer acquisition to real-time processing of transactions and purchases, mitigating financial, operational and credibility risks, is a matter of survival in the highly competitive scenario in which we live. The famous “digital identity” of the client, associated with behavioral technologies with a network effect , is capable of controlling risks, preventing fraud and money laundering to expand business. Definitely, the year 2023 presents several challenges for the “challengers” of the financial industry to demonstrate their value propositions and generate profitable businesses. On the other hand, the “mainstream” players in the industry, with already validated value propositions, will have to adapt their structures and strategies seeking efficiency and expense control . The fact is that technology continues to play an extremely relevant role for both of them in their challenges. Therefore, having business partners specialized in the Financial Industry , with comprehensive and mature solutions, can be a differential to face the challenges of today and tomorrow.