New year, new predictions! With 2022 behind us, we wanted to share some of our predictions for 2023:

1. Throughout 2023, we will likely see a rapid pull back from high street banks on lending and services as the economic downturn starts to bite.
2. Machine learning, AI, and big data will allow FinTechs to step into the gap high street banks are leaving behind, and by using innovative underwriting, provide a far wider range of customers with much needed capital, and efficiency.
3. BaaS players like Modulr Finance are powering many of the technology companies like Revolut with embedded accounts, bank to bank account payments as well as collection services through a simple API, without the need for archaic bank processes. These streamlined banking processes will be essential to the survival of small and medium sized businesses, many of which will find managing cashflow more difficult than ever before.
4. In 2023, we can expect to see many more collaborations between incumbent banks and Fintech leading BaaS and Embedded finance players as banks realise their infrastructure and technology is outdated.

We expect it to be a fast-paced and exciting year and will continue to adapt and adjust expectations as the year progresses!