As we shut out this 12 months, I wished to take a while to replicate on a few of Quantity’s accomplishments from 2022, what we’re engaged on as we head into 2023 and past, in addition to opine on among the headwinds we’re seeing out there and the influence on our sector.
A slowing economic system and an more and more unstable monetary market proceed to be top-of-mind as we cross over to the brand new 12 months. In conversations with purchasers, buyers, companions, staff and prospects, I don’t assume I’ve gone greater than sooner or later this 12 months with out discussing the best way the broader economic system is trending and its influence on our {industry}, in addition to the monetary companies {industry} basically.
It makes for a difficult atmosphere to construct and develop any firm. This sentiment is mirrored within the contraction of the personal capital markets and volatility within the public markets this 12 months, which has compelled many firms and buyers to vary course, pump the brakes and recalibrate.
Business Outlook
Like many different corporations working within the fintech and the broader know-how sector, we perceive the realities of the financial situations and the gravity of massive choices to uphold the long-term well being and energy of our firm. Wanting ahead, I’m assured there may be cause for optimism as we look at the way forward for the banking and monetary companies neighborhood we serve.
The urge for food for digital transformation in banking stays sturdy, and even banks which have made important strides to up their digital choices in recent times see loads of alternatives for additional progress forward of them. As many {industry} pundits earlier than me have famous, the pandemic accelerated digital transformation within the banking sector. Digital expectations, whether or not for normal customers and even small enterprise house owners, are as excessive as they’ve ever been. In different phrases, the bar has been raised and it’s not coming again down.
As well as, we see different alternatives to assist with digital initiatives that tackle the wants of our purchasers within the present financial atmosphere. In a softening economic system, banks have tended to concentrate on rising effectivity within the again workplace, similar to eliminating quite a lot of handbook processes that assist product supply and repair in favor of extra digital automation and programs that function in a a lot smarter capability. That is the place the mixture of recent automation should be paired with elevated effectiveness of each fraud identification and buyer verification capabilities so as to absolutely notice the advantages of those initiatives. Quantity feels assured as a associate to deliver these options to our banking purchasers and different monetary companies suppliers to allow them to deploy them rapidly and in an economical method to enhance the client expertise and drive down prices.
In the most effective of occasions, we’re serving to banks capitalize on progress alternatives. However as we enter extra uneasy financial occasions, our function as a associate to our purchasers is much more necessary to assist them obtain these efficiencies and place them effectively for the longer term with worthwhile progress.
Quantity Accomplishments
Regardless of the macro financial challenges, we’ve been lucky at Quantity to have had a whole lot of successes to have a good time this 12 months. Among the many highlights, listed below are just a few that we’re particularly happy with:
The acquisition of Linear Monetary Applied sciences, and the next launch of Quantity’s small business lending solution, which builds upon our industry-leading retail lending and credit score origination resolution set.
Partnering with PSCU, the nation’s largest credit score union service group. This partnership with PSCU, which additionally invested in Quantity, empowers credit score unions to supply refined end-to-end digital lending options and higher compete in as we speak’s digital-first market.
Strengthening our partnership with Mastercard. Joining the Mastercard Engage partner network as a know-how integration associate, Quantity helps Mastercard clients rapidly construct and deploy monetary companies options utilizing Mastercard’s open banking platform for brand new and improved funds and lending decisioning at scale. Mastercard additionally invested in Quantity as a part of our partnership.
Along with our company growth initiatives, we additionally took it upon ourselves to interact in plenty of {industry} analysis initiatives to assist us higher perceive the market we serve, and to share these insights with the {industry}. A few of these embody:
What’s subsequent for Quantity in 2023
As we strategy the brand new 12 months, I’m extra assured that we’ve constructed a powerful basis for fulfillment within the years forward with our wonderful buyers, purchasers, groups and modern software program capabilities. Our roadmap for 2023-24 options two distinguished goals that I’m particularly enthusiastic about:
We’re aiming to launch our next-generation originations platform, which can unify our shopper and small enterprise platforms. The platform might be architected round microservices and self-service choices and can, in the end, ship essentially the most strong choices out there. Preserve a watch out for extra updates within the first half of the 12 months.
We’re additionally trying to actively increase our resolution set to assist extra asset courses. The acquisition of Linear this 12 months was instrumental in not solely including an entire new market section for Quantity (SMBs), but in addition informing our playbook for the way we strategy including to our resolution set sooner or later.
In closing, I wish to acknowledge among the distinctive challenges forward given market dynamics; nevertheless, I’m extra optimistic than ever about our more and more necessary function in enabling the banking {industry}’s digital revolution. It’s a large privilege to steer an organization that’s so steadfast in its dedication to serving to our purchasers serve their clients effectively for a very long time to come back.