In honor of the new year, we asked Marqeta executives to share some perspectives around what’s on the horizon for banking, payments, and the broader fintech industry. We’re grateful for our employees, partners and customers who made 2022 a wonderful year, and we’re looking forward to accomplishing great things together in 2023.
Jason Gardner, CEO and Founder
In 2023, we should see almost every company become a financial services company. People have a lot of affinity and loyalty to a bank – and it makes sense, they have their money. Most people have been with the same financial institution for years and have no strong desire or reason to change banks, except to find newer, more tailored experiences. The brands that build sustained customer loyalty through customized, individual experiences are set up for success.
Randy Kern, Chief Technology Officer
I expect 2023 will be the year that traditional banking services finally begins meeting the consumer where they spend more of their time, embedded within existing brand experiences. A younger segment of the population may have very limited interactions with physical cards and bank branches, instead doing most of their banking on a phone. With recent embedded finance solutions that have been stress-tested and achieved critical mass, everyday banking looks to be increasingly integrated into non-banking brands. Whether it’s peer-to-peer, B2B, lending or servicing, I expect we’ll see banking finally catch up with the consumer wherever they are and focus on providing a seamless experience.
Simon Khalaf, Chief Product Officer
While 2022 has been challenging on many fronts in fintech, we’ve seen fintechs continue to evolve and improve the experiences they’re building for their customers, as they look to attract the next generation of financial services customers and continue to grow their businesses.
We like to say at Marqeta that the Tik Tok generation is coming to financial services, a younger cohort of mobile-only consumers who will have limited interactions with things like plastic cards and visiting banks in person. These consumers will likely begin most of their banking experiences on a mobile phone, doubling as a payment device, and the bank will likely be a brand with which they have a high level of affinity.
I expect this to be where the battle lines in fintech are drawn, in 2023 and beyond, as fintechs look to build out an increasing range of compelling new digital solutions to help give their customers control over more and more aspects of the financial experience. To do this they will need to ensure they have the flexibility to build custom financial services and seamless embedded financial products. The name of the game in 2023 will continue to be future-proofing current tech stacks, or building new modern capabilities from the ground up, with an eye to capturing this current generation of consumers, and the next.
Jeff Parker, SVP and Managing Director, International
I expect that in 2023, convenience and flexibility will be essential for consumers and as individuals become more aware of their budget constraints, they are also more likely to look for more from their credit card provider. With consumer demand for BNPL services still growing, BNPL may become a firmer fixture in the lending landscape. This can serve to widen access to credit and increase choices for people using credit.
Over the next twelve months, as UK households continue to battle against the rising tide of the cost-of-living crisis and a possible recession, I expect there will be increased consumer demand for and reliance on innovative credit options. Offering flexible credit options, smart budgeting options, and better insight into spending can throw struggling households a lifeline.
Amid a changing macroeconomic landscape, banks and credit card providers have an opportunity to connect more effectively with customers by offering modern and flexible card programs that meet the changing demands of consumers.
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