Business
The top four fintech trends on the horizon
Published
2 years agoon
By
editorial
David Jarvis, CEO & Founder, Griffin
On a global level, there has been an explosion of innovation in the fintech space fuelling investor confidence. In turn, the value of the global fintech market has risen from $127 billion in 2018 and expected to grow to $309.98 billion by 2022.

Griffin david
With record investment levels comes snowballing trends, which begs the question; what is the next big thing in fintech?
- Embedded finance is going mainstream
This year, embedded finance – the seamless integration of financial services within non-financial environments – is set to go mainstream. The pandemic accelerated consumer demand for seamless digital experiences in every aspect of life; from managing money and making payments to accessing credit with minimum hassle. As a result, financial service institutions have been forced to adapt their roadmaps to meet ever-evolving consumer demands. Disruptive companies are at the forefront of recognising this, embedding financial products into their customer experience. This enables brands to further monetise themselves and create satisfied, loyal customers, and if A16Z is anything to go by; every company will eventually become a fintech company.
Now, it is becoming increasingly easier for brands to embed financial services into their products. With this in mind, as the ecosystem matures and a host of new technologies enter the market, it is likely we will see embedded finance become intrinsic to new ventures. Mid-sized businesses, tech startups and even traditional highstreet brands are set to be focusing on updating their customer experience to host financial features within the fabric of their business operations.
- One-click checkout will be front of the queue
Manually inputting contact details and credit card information at point of purchase can leave 69.82% of online carts abandoned. Now, it has been over a decade since Amazon spearheaded the one-click check out, removing arduous shopping cart forms and allowing customers to purchase goods with just one click. Since then, one-click purchases have become a standard convenience within the world of e-commerce and a collection of game changers are entering the space such as Stripe, Apple Pay, checkout.com, bolt, PayPal and more.
Retail is set on a digital pathway with an accelerated shift to omnichannel purchasing methods as consumers buy items through platforms such as Instagram and TikTok. Convenience is king, and brands know that by removing layers from the checkout process they stand a better chance of closing the deal.
From this I expect we’ll see digital payment methods spell the death of the physical credit card, giving way to consumer expectations for brands to ditch manual check-out processes. In addition to this, new players will look to go even further with integrated options such as one-click insurance or BNPL schemes.
- Web3 will become accessible and take a first step in safeguarding consumers
It’s no secret that the majority of apps and content on the web is being run by a concentrated group of “Big Tech” companies. Web3 is receiving a lot of noise at the moment, with good reason too. Comparatively, Web3 will be built on a decentralised system with distributed, user-driven ledger technology (blockchain), the same tech that already underpins Bitcoin and other cryptocurrencies. The aim is to decentralise finance and redistribute the market share. On this platform, users will be given “tokens” for participating, used to vote on decisions, and even accrue real value.
Though Web3 is growing in popularity and shows great potential to democratising the web, there is something fundamentally contradictory about its promise. We’ve seen the uproar over personal data being shared with Big Tech companies, yet Decentralised Finance (DeFi) – Web3’s primary financial exchange mechanism – leaves consumers at huge risk. Blockchain inherently makes data public because DeFi is built exclusively on blockchain and does not rely on any financial intermediaries (brokerages, exchanges, banks, etc) for people to exchange funds. This enables direct peer-to-peer transactions, but the lack of oversight or accountability disables adequate user protection.
With such technical barriers to entry for new Web3 users remaining high, new users will frequently struggle to engage with the technology in a positive and safe way. When a person becomes the victim of fraud or any other type of financial crime in the world of DeFi, the algorithms that power the technology don’t have any remit for recourse. As we move forward, I expect Web3 developers will deliver solutions to the three challenges of accessibility, usability, and consumer protection, giving the public the confidence they need to adopt it at scale and create a safe environment for financial transactions.
- Compliance and regulation will set the tone
In 2021, the fintech community saw dramatic growth; as the State of Fintech Report findings show there were 43 fintech unicorns in the third quarter alone – double the number recorded for the same period last year. This comes as no surprise as financial UK tech firms grew by sevenfold last year to £27.5bn. With this, challenger banks and neobanks have been able to deliver the mobile-first user experience that consumers now expect from all transactions. Brands favour these new features and partnerships as a way of side-stepping slow onboarding and compliance processes associated with legacy banks. But whilst fintechs swiftly leap and evolve in line with consumers, others are close to getting their fingers burned. Due to rocketing customer growth, Monzo was feeling the heat from the FCA due to concerns the bank was struggling to stay in line with compliance and know-your-customer processes.
In 2022 compliance will continue to come to the fore, and not just for the sake of ticking a box. Rather, it is a mission-critical pillar for every financial services institution or fintech looking to bring a product to market. Whilst customers expect a speed-driven experience and accountability, regulators are cracking the whip on compliance. The challenge here will be for CIOs and CTOs to meet customer standards without compromising financial crime checks and controls.
What’s next?
The trends discussed above are just the tip of the iceberg, and we will continue to see the fintech sector gain momentum as the industry matures. The rise of new platforms like Web3, cryptocurrency, instant checkout and brands incorporating embedded finance goes to show this year will be pivotal for fintech innovation, and what an exciting time to play a part in it!
Business
How can law firms embrace automation and revolutionise their payments?
Published
21 hours agoon
September 28, 2023By
editorial
Attributed to: Ed Boal, Head of Legal at Shieldpay
Once again, AI is dominating international headlines. This time, it’s due to a closed-door meeting this month between tech leaders and US senators to discuss the technology’s regulation.
AI and automation isn’t just for the likes of Big Tech. We’re seeing predictive and automated technologies transform almost every sector and the legal industry is no exception. In fact, recent research from HBR Consulting found that 60% of law departments had implemented a legal data analytics tool last year and more than 1 in 4 indicated they were using AI for at least a single use case.
However, adoption isn’t without its challenges. Reticence remains among some and there’s also the danger of ‘transformation fatigue’ slowing real progress. If law firms want to reap the many benefits of automation – including revolutionising their payment processes – these challenges need to be carefully considered and thoughtfully addressed.
An area of great opportunity
Often seen as conservative, the legal industry has been gradually warming up to the idea of automation and technology.
While some pioneering firms have been quick to embrace automation tools, others remain cautious about disrupting their established workflows. As we navigate this landscape, it’s clear that certain areas of legal services are ripe for innovation.
One area is contract management. The process of drafting, reviewing, and managing contracts has traditionally been time-consuming and prone to human errors. Automation can alleviate these pain points by streamlining the entire lifecycle of contracts, from creation to renewal, thereby enhancing efficiency and reducing risks.
Another promising domain is legal research. Thanks to advancements in natural language processing and machine learning, legal professionals can now leverage AI-powered research tools that analyse vast volumes of legal data to provide accurate insights and case precedents swiftly.
But, while progress is undoubtedly being made, the legal sector still lags other sectors when it comes to innovation.
What’s getting in the way of progress?
This isn’t always down to a resistance to change. Often, it’s a result of firms spreading their resources too thinly across numerous technology initiatives.

Ed Boal
Attempting to tackle everything at once can result in ‘transformation fatigue’, where the benefits of individual innovations get diluted – leading to frustration and slower progress.
Before legal firms embark on digital transformation projects, a critical first step is introspection. Recognising and acknowledging areas where legacy processes and manual tasks still hold sway is paramount to optimising the impact of automation.
For many firms, archaic practices continue to consume valuable time and resources, diverting attention from higher value, billable tasks. One often-overlooked area is payments.
Legal firms play a critical role in complex transactions, from M&A and real estate deals to litigation and arbitration payments. The associated admin and processes represent a drain of firms’ time and resources. Spanning everything from collating stakeholder payment details and verifying payee identity to ensuring compliance with Know Your Customer (KYC) and Anti Money Laundering (AML) regulation, this adds unnecessary stress for lawyers – who would rather dedicate their time and expertise to their clients’ legal needs.
The repercussions of such time-consuming financial processes reverberate throughout the entire organisation. Administrative burden weighs heavily on the team, affecting productivity and ultimately, the bottom line: recent research from Shieldpay, surveying the UK’s Top 100 law firms, found that almost 1 in 3 (32%) say KYC collection and verification checks take 4-9 working days.
At the same time, firms are exposed to significant financial risk which can make handling client funds a costly endeavour. Not only are they penalised with fines if found to be in breach of stringent client account rules but firms are also subject to hefty premiums for Professional Indemnity (PI) insurance. No wonder 73% of all legal professionals and 90% of junior law professionals are concerned about the risks and time costs associated with holding client funds.
Revolutionising payment transactions
In short, manual payment processes are more than just an inconvenience for modern law firms. They can damage relationships with clients – who have come to expect a fast, painless and automated payout experience in a digital world – and impede revenue generation by tying up top talent in an endless cycle of paperwork and (unbillable) admin.
So how can firms take the pain out of legal payments?
Fortunately, new payment technologies have emerged as a formidable ally. Third-party payment providers offering solutions for law firms, such as escrow and paying agent services for specific transactional deals, or more embedded payment solutions such as managed accounts (TPMAs) – i.e. outsourced client account functions – offer secure and instant transactions, while prioritising transparency and automation.
TPMAs operate as an escrow payment service in which the third-party – a licensed external payments partner – receives and disburses funds on behalf of a firm and their client(s).
With advanced encryption ensuring data security, working with a regulated payment partner means legal professionals and their clients can engage in financial transactions with peace of mind – while law firms benefit from improved operational efficiency.
And the advantages don’t stop there. Enhanced transparency builds a sense of confidence and trust, while the elimination of manual data entry and repetitive tasks allows legal professionals to devote more time to legal services and fostering stronger relationships with their clients.
AI and automation has much to offer the legal sector. But its adoption must be carefully planned in order to avoid transformation fatigue that risks stalling progress altogether. With typically shallower pockets than Big Tech giants, it’s important for law firms to focus their efforts on specific areas that could benefit from automation, rather than rush to overhaul their entire way of working, all at once. This controlled phase-out is the key to avoiding adoption frustration, seeing a real impact on profits and productivity and setting firms up for real, lasting change.
Business
In-platform solutions are only a short-term enhancement, but bespoke AI is the future
Published
2 days agoon
September 27, 2023By
editorial
By Damien Bennett, Global Director, Principal Consultant, Incubeta
If you haven’t heard anyone talking about artificial intelligence (AI) yet, then where have you been? Conversations about AI and its advantages to society have been a key talking point over recent months, with advances being made in the generative AI race and ChatGPT opening a whole plethora of possibilities. Many have highlighted the advantages of AI, but notably it’s ability to create human-like content.
But these discussions have only scratched the surface of what AI is capable of doing. It is for far more than just essay writing, adding Eminem to your rave and photoshopping dogs into pictures.
In marketing, we have been using AI for years, for everything from analyzing customer behaviors to predicting market changes. It’s enabled us to segment customers, forecast sales and provide personalized recommendations, having a huge impact on how our industry works.
It is even, for the more savvy marketers of the world, becoming a key tool in maximizing budget efficiency – which is apt, considering over 70% of CMOs believe they lack sufficient budget to fully execute their 2023 strategy.
Now, as AI becomes more intelligent, the number of efficiencies it can unlock continues to rise. Not only can it help brands get the most out of their available resources and identify any areas of waste, but it can also help highlight new opportunities for growth and maximize the impact of your budget allocation.
The trick, however, is to veer away from the norm of using in-platform solutions with a one-size-fits-all approach and create your own, bespoke solutions that are tailored to your business needs.
Pitfalls of in-platform solutions
In-platform solutions aren’t by any means a bad thing. In fact, built-in AI tools have become increasingly popular, owing to their ease of integration, user-friendly interfaces and minimal set up requirements. They come pre-packaged with the platform, offering the user the ability to leverage AI technologies without the need for in-depth technical expertise or the upfront cost of building a solution from scratch.
However, the streamlined and accessible nature of in-platform AI solutions comes at the expense of complexity and customization. They are designed to serve a broad user base, but for the most part are built using narrow AI solutions with predefined features and workflows.
This makes them great for assisting with common AI tasks, but they lack the flexibility to tailor functionality towards unique business requirements or innovative use cases, limiting the potential efficiencies and cost savings that can be unlocked. Additionally, if a business’ competitors are using the same platform, they are probably using the same AI solution, meaning any strategic advantage gained from these will be reduced.
Bespoke AI solutions, on the other hand, may carry a higher initial investment – but can offer a significantly more attractive ROI over a short amount of time.
Why customized and adapted AI is the key
The difference between bespoke AI and in-platform solutions is similar to that between home cooked food and a microwave meal. Yes, it is more time consuming to prepare, and yes it likely carries more of an upfront cost, but the end result is going to be far more appealing and will carry more long-term value (financially… not nutritionally).
That’s because bespoke solutions, by nature, will have been tailored to address your brands specific needs and challenges. These custom-built tools allow for much greater efficiencies by streamlining workflows across different channels, automating more complex tasks, and providing deeper, more relevant insights.
The increased level of optimization can significantly improve productivity and reduce operational costs over time, offering a higher ROI. The increased flexibility of bespoke AI also allows brands to implement innovative use cases that can significantly differentiate them from their competitors.
The data analyzed can be specifically chosen to match business requirements, as can the outputs of the AI tool, providing a significant advantage when understanding and acting on the insights provided.
Additionally, these tools are, by nature, more scalable. They can be updated, upgraded and expanded as needs change, ensuring they continue delivering value as the business grows. They can also be designed to integrate with any existing IT infrastructure, from CRM systems and databases to marketing platforms and sales tools – leading to more efficient and effective decision-making.
Managing finances with AI
It’s no secret that AI in marketing automation has, and will continue to, revolutionize the way marketing is done. It has a bright, if slightly terrifying, future and can help CMOs to unlock new efficiencies, maximize the impact of their budgets and increase their ROI. And as this technology becomes more advanced, its impact will only increase.
But we already know that…and so does everyone else.
So, in order for businesses to make themselves stand out from the crowd , they must look to fully adopt the power of AI. Creating a customized and unique AI solution could be the way to set yourself apart from your competitors. A bespoke AI tool can provide brands and businesses with features unique to them and their business needs. As a result, companies will benefit from more useful data and better results to make more data-driven decisions for their business. Ultimately, this will help brands to maintain a competitive edge over their competitors, deliver ROI and most importantly optimize their budgets.
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