Top 10 FinTech Trends to Watch in 2023

FinTech trends

Top 10 FinTech Trends to Watch in 2023

FinTech is evolving rapidly, with new trends and technologies constantly emerging to shape the future of financial services. In this blog post, we explore the top 10 FinTech trends to watch in 2023 that will have a significant impact on UK small businesses.

1. Open Banking Expansion

Open Banking has been a game-changer in the financial industry, allowing third-party developers to access financial data securely and create innovative new services. In 2023, we expect to see even more widespread adoption of Open Banking, leading to a broader range of applications and solutions for UK small businesses.

2. Artificial Intelligence and Machine Learning

AI and machine learning are becoming increasingly important in FinTech, with applications ranging from fraud detection to personalised financial advice. In 2023, we expect to see further advances in AI-driven tools and services, making financial management more efficient and accessible for small businesses.

3. Cryptocurrency and Blockchain

Cryptocurrencies and blockchain technology continue to gain traction, with a growing number of small businesses accepting digital currencies as payment. In 2023, we anticipate more widespread adoption of blockchain-based services for secure transactions, smart contracts, and supply chain management.

4. Embedded Finance

Embedded finance, where financial services are integrated seamlessly into non-financial platforms and apps, is a growing trend in the FinTech space. In 2023, we expect to see even more innovative embedded finance solutions that make it easier for UK small businesses to access financial services on-demand.

5. Decentralised Finance (DeFi)

DeFi is a rapidly growing sector within the FinTech industry, providing decentralised alternatives to traditional financial services. In 2023, DeFi platforms and services are likely to become more mainstream, offering new opportunities for small businesses to access loans, investments, and other financial products without intermediaries.

6. Mobile-First Financial Services

As more people rely on their smartphones for daily tasks, mobile-first financial services are becoming increasingly popular. In 2023, we expect to see further growth in mobile banking apps, payment solutions, and financial management tools designed specifically for mobile devices.

7. Green Finance and Sustainability

With growing awareness of climate change and environmental issues, green finance and sustainable investment options are becoming more important for UK small businesses. In 2023, we anticipate increased demand for eco-friendly financial products and services that support sustainable business practices.

8. Digital Identity Verification

Digital identity verification technology is evolving rapidly, making it easier for small businesses to verify customers' identities and comply with regulatory requirements. In 2023, we expect to see more advanced digital identity solutions that streamline the onboarding process and reduce fraud risks.

9. Financial Inclusion

Financial inclusion is a growing priority in the FinTech sector, focusing on providing access to financial services for underserved and underbanked populations. In 2023, we anticipate more FinTech companies to develop solutions that cater to these groups, removing barriers and making financial services more accessible for everyone. This includes affordable digital banking options, accessible lending platforms, and tailored financial products to empower small businesses and individuals who have previously faced financial exclusion.

10. RegTech and Compliance Automation

Regulatory Technology (RegTech) is an emerging field within FinTech that focuses on leveraging technology to streamline regulatory compliance processes for financial institutions. In 2023, we expect to see an increase in RegTech solutions that help small businesses automate compliance tasks, reduce operational risks, and save time and resources.


The FinTech landscape is constantly evolving, with new trends and technologies emerging to transform the way UK small businesses manage their finances. By staying informed about these trends, small business owners can make the most of the opportunities presented by FinTech innovations and ensure they are prepared for the future of financial technology. From Open Banking expansion to RegTech solutions, 2023 is set to be an exciting year for FinTech and its impact on UK small businesses.

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About the Author

Annette Ferguson 

Owner of Annette & Co. - Chartered Accountants & Certified Profit First Professionals. Helping online service-based entrepreneurs find clarity in their numbers, increase wealth and have more money in their pockets.