FINTECH & BLOCKCHAIN UNCOVERED
INSIGHTS INTO THE CEE MARKET
The financial industry has been under a lot of pressure and challenges in the past two years, changing multiple things at once. An overnight switch to contactless payments, a stringent need for invoice payment solutions, a quick transition to open banking adoption, and many new digital currencies entering the market have been just one of the few trends defining the market.
In this report, we will take a look at what has been happening in each main corner of this ecosystem, and what is coming next for the era of fintech, including the good and the bad about it.
1. DECENTRALISED FINANCE
DeFi is one of the most impactful changes that shaped financial ecosystems in the past years, opening new opportunities for banks and financial organisations.
2. PAYMENTS
The good outcome of the two-pandemic years is the accelerated development happening in the payments sector, which now enables new and better contactless payments.
3. DIGITAL CURRENCIES
Central Bank Digital Currencies are gaining momentum in different countries that consider adopting them, but will it really bring a real disruption?
4. DIGITAL ASSETS
A broad category that addresses a wide range of elements that exist in the digital world, in electronic format, and that offers people the right to use it.
5. CYBERSECURITY
Fast changes in a fast environment lead to different challenges to protect the huge amount of data flowing between new disruptive solutions and legacy systems.
6. REGULATORY LANDSCAPE
Replacing the heavy processes from the past, and improving how data is collected or processed in the industry is a top priority for regulatory compliance.
7. BANKING INNOVATION
Banks have been pushing themselves out of their comfort zone for a while, adopting smarter credit cards, adopting neo banking, and working to integrate digital currencies into their system. Their current processes might be heavier due to the bureaucratic system they have been using, but there are ways to adapt. COVID-19 brought encouraged them to take the path of change, and adapt their products and services faster, as everything moved to the digital world.
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