FinTech trends to look out for in 2022

By Paul Sparkes, commercial director at true cloud accounting software solution firm iplicit.

Digital transformation has accelerated at a rapid pace following the life-changing impacts of Covid-19. And with global spending on advanced technologies and services set to reach nearly £3 trillion by 2025, there’s no question it’ll be part of most – if not all – business agendas in future.

Throughout the past two years alone, the adoption of intuitive cloud-based solutions has proven to be a lifeline for many industries. And, for the organisations that are keen to embrace change and evolve their software stack as a result, 2022 looks set to be no different in terms of the opportunities it promises.

Legacy desktop software will be shelved

Just like floppy disks and Blu-ray DVDs, clunky systems with servers based in the corner of the room will be a distant memory. That’s because people want technology to offer them flexibility and efficiency.

For accounting professionals in particular, they no longer want to be shackled by unagile, on-premise or ‘fake cloud’ software that’s not only costly to upgrade but complex to manage.

As nimble workforces crave even more efficiency and a way to address overwhelming workloads to remain relevant in a fast-paced world, organisations will soon outgrow legacy tools – if they haven’t already – and begin to favour true cloud solutions that are forward-thinking, intuitive, and fit-for-purpose.

The prioritisation of automation

While automation is nothing new, people are still unsure as to what it can do for their business – but with more finance leaders trusting in how automation can liberate their day-to-day roles, there’s an anticipation that there will be even more adoption throughout 2022.

Implemented correctly, smart technology should enable organisations to prioritise projects, help enhance productivity and efficiency, as well as alleviate overwhelming workloads.

And in the next 10 years, we’ll see automated payment runs truly coming into their own. Designed to automatically identify due and overdue invoices, as well as pay vendors, there’s no doubt that companies will cease to spend another minute chasing payments, rather automation will become their best friend – reducing the mundane tasks and leaving time to focus on strengthening customer relationships and prioritising innovative projects.

A push towards paper-free

As many organisations lay out their stall in terms of a commitment to protecting the environment, 2022 looks set to be the year when companies across all manner of sectors begin to look at their carbon footprints.

Small changes can make a huge difference as firms look to reduce their impact on the planet, so expect to see a greater push towards e-invoicing, digital storage, and the reduction in paper – all key sustainability factors.

A genuinely accessible and inclusive solution

As businesses continue to embrace hybrid working, along with flexible and remote patterns, people expect to have solutions firmly at their fingertips – regardless of time-zone or location – so they can continue to do their jobs and utilise technology in a way that enhances their lives.

This technology will be tailored to everyone using it too, with accessibility coming into firm focus – includinghaving inclusive dashboards which help people with colour blindness or dyslexia, and functionality for those who need audio.

Considering a new set of (people) skills

From the point of view of financial directors and CFOs, there will be a new set of competences to consider too, as ‘people skills’ start to become a significant contributing factor when it comes to customer retention.

Not only that, but senior leaders will be expected to further bolster their own leadership qualitiesin order to ensure teams are supported and feel looked after – regardless of where they’re working from. In the hybrid era, it’s about treating office and home-based employees fairly and evenly – regardless of how things were, pre-2020.

There’s no question that Covid-19 has taught everyone the importance of doing things in a more efficient, inclusive, sustainable, and digital-first way. And, while its impossible to currently predict what 2022 has in store for us, the year ahead holds many exciting prospects for leaders who are committed to driving forward their company’s bottom line.