In today’s society, an idea is worthless in and of itself; only when it is put into action does it become valuable. For this reason, before beginning the process of creating a company, it is essential to thoroughly grasp its implementation prospects. According to global experience, nine out of ten startups fail.Â
Young entrepreneurs must be directed by what will be in demand in the near future, taking into consideration, among other things, worldwide trends, in order to be in the top 10 per cent of successful firms. Because our nation has a large number of IT professionals, the number of young individuals who will be able to provide innovative fintech solutions to the market will only increase in the near future.Â
Most essential, a firm should provide concrete solutions to people’s issues, making their lives much simpler. You must also grasp that, in today’s society, an idea is worthless in and of itself; only when it is put into action does it have any value. For this reason, before beginning the process of creating a company, it is essential to thoroughly grasp its implementation prospects.Â
So, what sectors will be of particular interest to venture capitalists in 2022?
1. Fintech and Medicine
In Ukraine, the process of “digitalization” of significant sectors of medical services has begun, including the ability to receive online prescriptions for medications, the ability to purchase drugs online, and the ability to use telemedicine. As a result, new payment solutions are required in new sectors. Fintech can help both suppliers and customers with duties such as speed and simplicity of payment, instalment plans, and monetization of bonus programmes, among others.Â
In addition, even though this industry will continue to grow, it will be extremely fascinating for companies looking to break into the “free field” of competition. It is also important to note the continued development of the technological segment of the health insurance market, which is partly due to the pandemic and partly due to the desire of the consumer to receive as many services as possible “without leaving the smartphone” (without leaving the smartphone).
Fintechs will be key partners for InsurTech companies in the future, thanks to the advancement of technology, since they will be able to integrate the necessary payment functions into their projects. Aside from that, fintech businesses have vast amounts of data that are of interest to insurance companies.Â
As a result, the collaboration of these two areas is a win-win-win strategy from which everyone benefits: fintech businesses, insurers, and the customers who utilise their services.
2. Authentication and Security
Open banking, neobanks, digital services, and simplicity of verification will all see rapid growth and development in 2021, which will be a significant trend in the industry (authentication). Startups in the B2B2C (Business-to-Business-to-Consumer) category that aim to raise the level of security in online transactions (for example, by tokenization) will receive a lot of attention in the near future.Â
Additionally, firms are interested in methods to make their operations more efficient. In this area, even if a solution is already available on the market, but it does not operate completely or is inconvenient, you may offer a more comfortable solution that allows you to provide services effortlessly to end users without the risk of being sued.
3. Smart Items
Smart technologies are being increasingly integrated into our daily lives. Anyone who has ever paid with a ring, bracelet, or watch will not be surprised. However, even in this case, payment technologies have not achieved the pinnacle of their evolution. Significant efforts are being made to make biometric identification more user-friendly. In 2015, the Canadian bank TD Bank, in collaboration with the IT company Nymi, tested a bracelet that had a contactless payment feature that recognised the user’s heart rate as a form of identification.Â
The gimmick is that if anybody other than the bracelet’s owner attempted to make a payment with it, nothing would have occurred. Every day, more and more initiatives and technologies of this nature emerge. The fact that a payment card in the form of a piece of plastic has a relatively limited shelf life has already been established – in the near term, such cards will become as scarce as paper chequebooks are now. Yes, there are goods available!Â
Modern technology allows for the creation of payment services through the use of codes (bar or QR), messengers, and other methods such as biometric solutions. In terms of commercial applications, this means that a significant range of technologies for accepting money without the need of point-of-sale terminals and physical cash registers may soon become available.Â
The use of fintech in this field is only limited by the ingenuity of those who create it. The same can be said about firms that join a segment and provide easy solutions, which will undoubtedly be able to take off very rapidly.
4. Business Digital Assistants
Entrepreneurs will be looking for projects that will help them with their everyday chores. The section of tiny and micro-businesses, whose representatives are sometimes unable to afford to have an accountant and a lawyer on staff, is particularly noteworthy.Â
The procedures of vetting counterparties, issuing invoices and signing actions, validating contracts or even drafting draught copies of contracts, as well as everything linked to reporting, payment of EH and ERUs, will only continue to expand in the coming years. The winning startup will be the one that provides the most convenient service and the greatest number of services.
During one period in Ukraine, for example, the volume of money in circulation surged significantly. According to the National Bank of Ukraine, the total quantity of cash in circulation in 2022 will exceed 500 billion. A major cause cited by the regulator was the failure of financial monitoring systems to perform their duties.Â
To put it another way, a regular entrepreneur is concerned that his money may be abruptly frozen, so he saves it in cash. Our market will be interested in an algorithm that assists a customer in identifying financial transactions that may be construed as a breach of applicable laws.
5. Online Education and EdTech
For those firms that develop solutions in the subject of education, there will be some very attractive opportunities in the year 2022. Many people will have “tasted” remote learning by 2021. Because no one can promise that the year 2022 will pass without a lockdown, the sector of online education will continue to be in high demand and important for the foreseeable future.Â
This rapidly expanding industry will reward projects that can incorporate simple payment options into the learning experience and capture a portion of the profits. The way in which it works is the subject of this question. Consider the following scenario: A student is learning English with a tutor using a customised programme that has a built-in payment feature for the lesson. It will be possible for the instructor to earn money for their labour immediately upon the conclusion of the assignment.Â
Alternatively, a student may study programming with a tutor online and pay for the course directly in the application, without the need to visit any other websites or download any third-party software or software. Throughout the procedure, you can expect it to be quick and, most importantly, safe.
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