# The Great Switch on and Other Fintech Trends for 2022 Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-05-10 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: The Fintech Sector in 2022: Opportunities and Challenges Meta Description: Discover how the pandemic has shaped the fintech sector in 2021 and what trends to expect in 2022, including the post-pandemic boom and challenges of the great resignation. URL: https://financedigest.com/the-great-switch-on-and-other-fintech-trends-for-2022html ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/community-banks-fintech-alliance-1736815754912-compressed.jpg) _By_ **_Dynshaw Italia,_** _Soldo CFO at Soldo_ The pandemic has disrupted many organisations and created lots of challenges for the fintech sector in 2021. That said, the pandemic has also ushered in a new normal and an accelerated shift to digitisation from both a [B2C and B2B](https://www.financedigest.com/what-b2b-businesses-can-learn-from-b2c-e-commerce.html "What B2B businesses can learn from B2C e-commerce") perspective which has enabled organisations to identify new opportunities and create positive change. The willingness of professionals to adopt business technology has increased, which has given rise to more investment in [FinTech companies like digital banks](https://www.financedigest.com/fintech-v-the-banks-uneasy-bedfellows-or-a-match-made-in-heaven.html "FinTech v the Banks: Uneasy Bedfellows or a Match Made in Heaven?"), spend management services and payment services. Three quarters (74%) of finance leaders surveyed in our [Open for Business](https://www.soldo.com/en-gb/guides/superbloom-report-for-finance-teams/) report said that they have invested in automation to manage employee expenses and two thirds (66%) cited investments in IT technology and automation as key drivers of profitability. With [fintechs proving their value](https://www.financedigest.com/fintech-incubation-more-value-than-meets-the-eye.html "FINTECH INCUBATION: MORE VALUE THAN MEETS THE EYE") in our digital world, investment in the sector has increased in the last year. Research from [Innovate Finance](https://www.innovatefinance.com/news/uk-sees-record-year-for-fintech-investment-reaching-11-6bn-in-2021-2/) showed that the UK Fintech industry had a total of 713 investment deals in 2021, 11% of the global total. [Fintechs are no longer just plucky challengers and alternatives – but a vital part of the future of the financial services industry](https://www.financedigest.com/2022-the-year-that-facial-recognition-will-lead-the-fintech-industry.html "2022 – The year that facial recognition will lead the fintech industry"). But what does 2022 have in store for the [Fintech sector](https://www.financedigest.com/deloitte-partners-with-fintech-scotland-to-drive-growth-across-the-sector.html "Deloitte partners with Fintech Scotland to drive growth across the sector")? Will the industry continue to [thrive and what challenges will need](https://www.financedigest.com/10-secrets-every-entrepreneur-needs-to-thrive-in-2023.html "10 Secrets Every Entrepreneur Needs to Thrive in 2023") to be overcome in the process? **The great** [post-pandemic boom](https://www.financedigest.com/virtual-cards-will-help-lead-the-travel-industry-into-a-post-pandemic-boom.html "Virtual cards will help lead the travel industry into a post-pandemic boom") 2022 will hopefully see the start of an economic [boom and the end of the pandemic](https://www.financedigest.com/uk-house-prices-end-2022-on-a-weaker-note-after-pandemic-boom.html "UK house prices end 2022 on a weaker note after pandemic boom"). Our Open for [Business report looked at how finance](https://www.financedigest.com/6-ways-to-spring-clean-your-business-finances.html "6 ways to Spring clean your business finances") teams are planning for this and the opportunities and challenges they see. We found that almost half (44%) said their strategy will be to [raise new capital](https://www.financedigest.com/shares-in-monte-dei-paschi-plunge-14-after-capital-raise.html "Shares in Monte dei Paschi plunge 14% after capital raise") which they intend to channel into growth. The report also highlights that 72% believe greater visibility, control and oversight [across expenditure has a positive impact on revenue growth](https://www.financedigest.com/tea-pitchers-market-sales-will-witness-stellar-revenue-growth-across-top-regional-pockets.html "Tea Pitchers Market Sales Will Witness Stellar Revenue Growth Across Top Regional Pockets"). In preparing for this, [finance teams are turning to investments in technology, and specifically finance automation](https://www.financedigest.com/enterprise-automation-is-the-future-of-finance.html "Enterprise automation is the future of finance") tools. Fintechs will hence have a critical role to play in facilitating post-pandemic growth and need to capitalise on the [opportunities that the needs of businesses will present](https://www.financedigest.com/the-rise-of-finfluencers-presents-unique-opportunities-but-brands-must-proceed-with-caution.html "The rise of “Finfluencers” presents unique opportunities but brands must proceed with caution"). **The great resignation** The great resignation is a recent phenomenon many companies are experiencing. For [finance teams](https://www.financedigest.com/finance-teams-using-ai-outperform-peers-as-demand-for-skills-grows.html "Finance Teams Using AI Outperform Peers as Demand for Skills Grows") in particular, they can often be burdened with tedious and repetitive tasks that can leave them feeling underappreciated and unvalued. To combat this, [businesses can invest](https://www.financedigest.com/why-investing-in-employee-health-can-be-good-for-business.html "Why investing in employee health can be good for business") in automation that can carry out the daily tasks that can be a pain for finance teams. This allows the [finance team to free up time spent on numbing manual tasks and on exciting ones that fuel growth](https://www.financedigest.com/ultimate-growth-for-sme-finance-company.html "Ultimate growth for SME finance company"). We know 67% of survey respondents [agree that the finance](https://www.financedigest.com/g7-finance-chiefs-agree-on-russian-oil-price-cap-but-level-not-yet-set.html "G7 finance chiefs agree on Russian oil price cap but level not yet set") and executive function should drive towards aligned goals. [Finance executives should no longer be solely focused on results but be a key](https://www.financedigest.com/3-key-ways-you-can-transition-from-finance-to-fintech.html "3 key ways you can transition from finance to fintech") driver of business strategy. This means [embracing more forward-looking analytics and participating in strategic planning](https://www.financedigest.com/retirement-planning-in-the-new-normal-embraces-many-approaches.html "Retirement Planning in the “New Normal” Embraces Many Approaches") discussions. **Final thoughts** With so many UK businesses geared towards growth in 2022, the pressure is on finance teams to deliver a holistic view of spending, [control costs](https://www.financedigest.com/dutch-telecom-kpn-locks-in-2023-targets-helped-by-cost-controls.html "Dutch telecom KPN locks in 2023 targets helped by cost controls") and implement systems that provide the business with a level of data insight that is essential to driving growth – in whichever format that takes. In addition to this a business that has it’s finance ‘house’ in order, is one that is [attractive to investors](https://www.financedigest.com/5-ways-that-start-ups-can-attract-investors.html "5 Ways That Start-Ups Can Attract Investors"). Without the right tools and services in place, [finance teams and CFOs will undoubtedly be wasting precious time and be ill prepared to scale with the business](https://www.financedigest.com/finance-management-for-small-business.html "Finance management for small business"). --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---