Finance Trends of 2022 | John F. Davenport | Finance Website
The Covid-19 pandemic has taught us how to save money in ways we never thought possible. Some people lost their jobs, and others were lucky enough to move about in the new standard created. Today we’re going to be looking at the best finance trends that are looking to come about in 2022.
With social distancing becoming more and more apparent with the new outbreaks of Covid, companies are quickly adapting to the guidelines given to them. According to The Visa Back To Business Report, 48% of customers divulged that they felt uncomfortable shopping at a store involving contact with a cashier or a card-sharing machine (i.e., a card reader). Almost 33% of businesses have adapted to only accepting contactless payments. Contactless payment is looking like it’s going to stick around for the time being, as it’s a simpler and faster way to pay for things like goods and services.
With almost 15 billion mobile devices currently active worldwide, it’s easy to say that our society is becoming more and more digitally connected. A decade ago, cash made up 60% of payments, as soon as 2017 saw the rise of debit cards overtake the cash payments, but with the increase of Covid-19, there has been a fast influx of digital payments. By 2028, it’s been estimated that cash would make up only 10% of the charges even before the pandemic.
Digital wallets also play a significant role in the ever-growing popularity of digital payments. According to an annual Worldpay Global Payments Report, by the end of 2023, digital wallets are expected to make up half of the global e-commerce market.
Manual services are lengthy and not always the most time-efficient option from a business perspective. While automating processes can have a significant upfront cost, automating business processes in finance from payments to lending to even front-end services and back-end core functionality. According to a prediction by Gartner, the market for technology enabling hyper-automation is expected to reach almost $600 billion by 2022.
The pandemic hasn’t been all terrible. It’s allowed us to grow technologically and financially. These are just a few of the ways that the trends will impact the financial sector of 2022.