Savify CEO Diane Faro Offers Insight Into FinTech in 2023

  • Fears of a recession impact the FinTech industry, especially in the face of record-breaking Tech layoffs.
  • The adoption of AI and IDA in financial institutions may inspire growth as employees are not held up by tasks that could be automated. 
  • Embedded FinTech may generate new revenue and improve customer satisfaction. 


FinTech companies have the potential to democratize access to financial services and disrupt traditional banking models, as they use data analytics, artificial intelligence, and blockchain technology to provide faster, cheaper, and more convenient services than conventional financial institutions.

Diane Faro shares with us some of her predictions for FinTech in 2023.   Faro has more than five decades of experience in the industry. She currently serves as CEO of Savify – a prominent FinTech company offering brand loyalty and discount programs to large financial institutions which in turn provide the programs to their merchants.   Faro has also served as the Chief Executive Officer at JetPay Corp. (NASDAQ: JTPY), President of Global Merchant Services at First Data, Alliance Group President for First Data Merchant Services, and CEO of Chase Merchant Services. 

According to Faro, “even though we see a certain degree of apprehension for 2023, much can be done to ameliorate the situation. It is also important to realize that too much general anxiety may have a tangible effect on the market. We must ensure that anticipatory anxiety does not bring about the exact thing there is a misapprehension about.” 

What Can FinTech Companies Expect in 023?

Unfortunately, there is speculation that many FinTech companies will not survive the new year as their funding dwindles and even halts completely. Others may have to accept financing with strict terms simply to survive. Some estimate that only FinTechs with at least 3 – 4 years of funding available can wait it out. 

The pandemic brought immense innovation and growth in digital adoption, but some argue there was overinvestment in the industry. Excess businesses arose with the same or similar services, and as the market dips, this can result in significant layoffs. At the moment, everyone is wondering who will overcome the coming struggles as fears of a recession looms. 

We may witness several acquisitions as larger companies see the opportunities – and smaller companies assess their own risk. Larger companies have more influential positions, less competition, and lower running costs as they incorporate talent from small enterprises. 

Faro postulates, “Although fears of a recession abound, it’s important to remember that many voices also proclaim hope for 2023, especially after the economic shock of 2022. In light of the layoffs we’re witnessing in Tech, we must ensure that we don’t lose exceptional talent. As such, it’s important to consider how financial institutions may utilize technology and how all businesses can incorporate embedded FinTech.”

Technology in Financial Institutions

There is a distinct need for financial institutions to use increasingly sophisticated technology to better their services and improve customer relations by spending time and resources where it is most needed. This includes adopting conversational Artificial Intelligence (AI) and Intelligent Digital Assistants (IDAs). 

IDA is a specific application of AI technology designed to understand natural language and perform tasks on behalf of a user, including answering questions, scheduling appointments, or making recommendations. Using IDAs in financial institutions can improve customer experience and reduce costs by automating routine tasks and providing 24/7 availability. They can also help to improve the efficiency of the institution’s operations by reducing the workload on human staff.

Embedded FinTech

Embedded fintech allows non-financial companies to offer financial services to their customers without the need for them to leave the company’s platform or ecosystem. This can increase customer engagement and retention and generate new revenue streams for the company.

Embedded fintech can also benefit consumers by providing them with more convenient and seamless financial services and, in some cases, more personalized and tailored financial products. However, it also raises regulatory and compliance concerns, as non-financial companies may have different experience and expertise than traditional financial institutions in handling sensitive financial data.

Final Remarks

According to Faro, “I have immense hope for the FinTech industry in 2023 – we have a wealth of talent at our disposal, and with the right mindset, we may ensure that 2023 stands worlds apart from 2022.”

As markets recover from high inflation and global instability, businesses must utilize the technology at their disposal to ensure their survival and success.