2023 – a year of change and innovation for the finone-group. Despite the challenges posed by ongoing inflation and interest rate fluctuations, we have found new paths to success and growth.
2023 – a year of consolidation for the finone group. For our clients, a year of successful projects and innovative approaches.
Looking back at 2022, we had already asked ourselves how inflation and rising interest rates would affect the markets – and particularly our clients. Today we know: Inflation could not be contained to the extent intended by the ECB’s monetary policy measures (ECB inflation forecast as of 12/2023: 5.4% for 2023) – but the outlook for 2024 gives reason for hope.
The rising interest rates turned out to be both a curse and a blessing for our clients. The drastically changed interest rate situation (year 2000 started with a base rate of 4.75%, fell to below zero in 2016 and “recovered” in 2023 to nearly 4.5%) was a gift for day & fixed deposit product providers and a disaster for mortgage providers. Commercial and private lending has significantly cooled down and has not yet returned to the previous year’s level even in the fourth quarter.
Following the assessment of KfW’s chief economist, Dr. Fritzi Köhler-Geib, “I expect the first interest rate cuts by the ECB not until the 3rd quarter of 2024, and it will also take a few months before economic growth picks up again.”, 2024 will also be a challenging year with the ongoing need to rapidly adapt to the requirements of different customer groups.
The investment backlog in the SME sector as well as in private home financing offers a positive outlook for the future of the credit industry – especially for 2025. We, as the finone group, have worked together with our clients to develop strategies and products to successfully and digitally meet the expected short-term market movements with innovative products.
2023 was marked for the finone group by the continuous investment in the platform products fintus Suite, the leading low-code solution in lending, the fastest-growing product of the corporate group DialogOnline, the solution for secure and compliant consent collection, and unique and highly individualized projects based on the eco.banking platform.
In addition to the once again successful double-digit organic revenue growth, the merger of the companies finstreet and fintus was successfully completed. The companies will henceforth operate united under the finone GmbH – while retaining their individuality with unique brands and location cultures. The integration of necessary regulatory processes and certifications was also successfully completed.
As in the past, this year we have decided against gifts and instead have donated a four-digit sum to institutions and projects that are important to us throughout the year:
We wish our customers, business partners and employees a merry Christmas and a happy new year 2024!
Benjamin Hermanns
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