In business banking, 2022 is all about the fintech sector. In the past, huge strides have been made in digital banking and fintech services for individual customers’ needs. Apps, customer service chat, and 24/7 transaction times have all revolutionized the banking experience for the customer. While some of these services have benefited business and commercial banking, banks and financial services could do more.
Business banking specialists provide small and medium business owners a great deal of services and opportunities with a business bank account, to get entrepreneurial ventures off the ground and help established businesses flourish. This year is going to see a lot more innovation in these areas from them and others.
Below are some of the biggest business banking trends set to take off in 2022. Take these predictions as both things to get excited about and to prepare yourself for. It’s going to be a big year for business owners.
Super apps
2021 saw the release of PayPal’s ‘super app’ and banks and financial services would have done well to pay attention. PayPal’s app combined a huge breadth of services for consumers, integrating shopping, investing, mobile payments, crypto services, and more all into one app.
For business banking, the super app’s potentialities are even more exciting. Business banking services are consistently updating their apps, taking advantage of what fintechs offer to create the ultimate app from which any entrepreneur can handle all their financial responsibilities.
Sustainable banking
The reality of climate change is finally arriving in the business sector. It is easier now than ever for companies to measure their carbon footprints and achieve carbon neutrality or offset their pollutive output by funding sustainable organizations.
The expectation is growing in the business banking sector. We are now seeing the demand from business owners to align themselves with financial services, which align themselves with sustainable models, and actively participate in the fight against a rising climate. Fintech has shown itself to be a suitably disruptive sector regarding sustainability in finance. This is especially important in banking, an industry historically fraught with fossil fuel funding. As the consumer demand for a sustainable world grows and green tech start-ups dominate the market, business banking services will race to meet these demands.
Artificial intelligence
The list of AI’s capabilities in finance today would require a much lengthier post than this—and its future capabilities are limitless. Already, AI has helped banks and financial services with improving security and fraud detection while streamlining various services for consumers, but 2022 promises more exciting developments.
AI and business banking are an ideal pairing. Businesses need from their financial services intelligent interfaces, smart chatbots handling the bulk of inquiries, and powerful machine learning tools to gather important data about how entrepreneurs run their businesses. Be prepared to see developments in all these areas this year.
Open banking APIs
Despite controversial claims to its lack of success, open banking is here to stay, and it’s likely to expand in 2022. The exciting prospect stands to increase consumers’ data portability and make data sharing easier without the interference of institutional banks. While this has been met with some skepticism over data protection and safety, the recent executive order in the US to implement data sharing provisions demonstrates that these concerns are being met, and the trend is gaining traction.
APIs that allow easy communication for business owners will make open banking a huge time saver in business banking. Through these platforms, entrepreneurs with business banking accounts in an open banking landscape can expect to reach more clients and manage many complex transactions with ease.
Staying ahead of the trends in business banking means knowing what to expect and allowing yourself the opportunity to learn about it before everyone else. Big things are happening in fintech in 2022 and many of them will directly benefit business banking.
By
Tom Bensley
Content Marketing Expert at Penta
Connect with Tom on LinkedIn
