FinTech solutions to all business

  • Financial technology, also known as FinTech, is making this transformation easier and smoother. The dramatic impacts of FinTech and it's possible ways to give full swing to a different era of competition, innovation and productivity within the economy is unlimited with this context, and worth being encouraged.

    When talking about FinTech, you ought to know that would it be not merely about digitising money, but more about monetising data. In other words, FinTech is around the way you create and know the value add from data which was previously limited with the technology for sale in past.

    Today, businesses have a well-structured usage of almost unlimited data, particularly with the development and popularity of social networking that sophisticated algorithms which are able interrogate in a short time and turn into new products and services.

    The potential for FinTech solutions has an impressive quantity of good things about all business, especially new and existing smaller businesses. Small, and mid-sized enterprises play an important role for economic growth and jobs, but some of them can find it hard to secure the financing required for them to survive and grow.

    In addition, the FinTech solutions are efficient at lower scale, thus providing smaller businesses with additional access to considerably more funding options. Modern FinTech products can be better suited to the needs of small companies. And here we speak about marketplace lending, invoice finance, e commerce finance, online trade finance and on-line supply chain finance.

    Besides getting financing and access to capital, fintech explained will also help all kinds of businesses via modernised payments systems, customer relationship management and invoicing, plus much more.

    It is also worth mentioning that FinTech is allowing individuals to manage and control their transactions through their smartphones or tablets, therefore improving productivity and effectiveness plus the customer experience.

    Much the same way the internet has empowered people worldwide through use of unlimited information, FinTech offers more balanced information in the industry and helps to reduce risk and achieve more effective allocation of scarce resources.

    FinTech may also improve the traditional financial services and promote disruption by using innovative goods and services. This may offer benefits to consumers as well as other sectors from the economy.

    Should you need more information on Fintech Fixes & Fortunes, see what Dan Rosen, General Partner, Commerce Ventures, explains on the topic.