Banking
2022 Predictions from Monneo
By Lili Metodieva, Managing Director of Monneo
The last few years have been remarkably unpredictable, but 2022 could mark the return of some sense of normalcy. Whilst none of us have a magical crystal ball to see the future, it doesn’t mean we can’t look forward to the next 12 months to try and envision what’s on the horizon. This week, we caught up with Lili Metodieva, Managing Director at Monneo, a virtual IBAN and corporate account provider to hear her five top predictions for 2022.
- The End of IBAN Discrimination
IBAN discrimination is a growing problem, which is unfairly affecting businesses and individuals within the UK. On top of being annoying, IBAN discrimination is illegal, so we hope that 2022 is the year it ends. Despite leaving the EU, the UK remains a member of the Single Euro Payments Area (SEPA), so it’s unclear why these concerns exist. However, with more attention now focussed on the area we should soon see the issue resolved.
- An Even Bigger Year for Neobanks
This was a big year for neobanks, who witnessed a huge surge of interest during the COVID-19 lockdowns. From massive funding rounds, to increased app adoption rates, the sector really stepped up in 2021 and many expect 2022 to be an even greater leap forward. In fact, there are already predictions that 88 percent of all banking transactions will be conducted via smartphone by 2022.
- Real Debate About a Central Bank Digital Currency
In November, Economic Secretary to the Treasury, John Glen said that the introduction of a central bank digital currency (CBDC) was still at least four years away. Despite this, many expect 2022 to be the year when debate around the topic really begins to start ratcheting up. Notably, there are already plans to launch a full consultation next year to assess the case for introducing a CBDC in the UK.
- Continued Growth in the FinTech Sector
For many, 2021 was the year that the FinTech sector truly came of age. More people than ever are now using FinTech solutions on a daily basis, with the industry going from strength to strength. At Monneo, we’d expect to see this trend continue well into 2022. Whilst the most disruptive aspects of the pandemic may have passed, the global crisis has changed the way we go about our lives and many FinTech solutions are now an integral part of this new way of living.
- Rise of Borderless Banking
Borderless banking has become increasingly popular in recent years, with more people now working in cross-border job roles and with many businesses requiring capital in a different currency than that of their country of origin. This trend isn’t going to end in 2022, so we’re likely to see the demand for borderless banking services continue to grow. Companies that provide digital banking solutions, such as Monneo will be important to this growth and will help to make cross-border financial transactions both cost and time effective.
A wise man once said, “predictions are very difficult, especially if they’re about the future”. The last few years have certainly highlighted the truth in that statement. Still, that doesn’t stop us casting our gaze forward in an attempt to anticipate new trends and events on the horizon. Here at Monneo, we’re really excited to see what the next 12 months has in store. It will be interesting to see how many of my predictions end up coming true in 2022 and I look forward to catching up with you all this time next year to review how I got on!
Author Bio:
Lili Metodieva is the Managing Director of Monneo. Despite her business being less than three years old, Lili has already partnered Monneo with nine banks and foreign exchange services. Additionally, the company is now licensed as an authorised payment institution, enabling payments in over 130 FIAT currencies, as well as a host of leading Cryptocurrencies.
For more information about Monneo, please visit: https://www.monneo.com/
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