Have you ever wondered how your company can take advantage of the fintech boom? Fintech, or financial technology, is part of the e-commerce revolution, and it’s changing the way companies make payments, invest, operate vehicle fleets, perform accounting tasks, borrow money, and create long-term financial plans. Collectively, thousands of financial apps and sophisticated computer programs are propelling businesses to new levels of efficiency and productivity.
For owners who aren’t sold on the idea of implementing these new kinds of digital solutions, the future is not very bright. Not only will late adopters fall behind their competitors, but they risk being unable to compete at all. That’s how pervasive financial tech applications are. Here’s a closer look at real-world examples of how entrepreneurs are leveraging the power of these advanced digital solutions to earn profits in various fields of endeavor.
Fintech was born out of a need for individuals and businesses to make fast, secure payments to vendors, merchants, banks, loan companies, and governments. Since the appearance of the first such solutions aimed to improve e-payment efficiency, like PayPal and others, the payments niche of the financial technology sector has snowballed. Nowadays, there are more than 100 payment solutions that cater to various users, like brokers, traders, small business owners, medical service providers, and consumers of all types.
Fleet Management and Payment Solutions
Modern transport concerns use something called FreightTech, a sub-category of fintech, to maintain smooth supply chain operations and make sure goods move efficiently. The magic is in the FreightTech software, which works seamlessly with other fleet management solutions to meet delivery deadlines, find the fastest routes, conserve fuel, and adhere to hours-of-service regulations. Fleet managers use ELD (electronic logging devices) compliance programs to connect all their vehicles with the dispatching base, maintain uniform adherence to hours-of-service rules, and keep ELD compliance costs as low as possible. In fact, compliance related to ELD can be costly for businesses that don’t use fleet management solutions.
Virtual Accounting Firms
In many ways, the entire accounting field has led the way in the use of fintech solutions. One reason is that professional accountants typically deliver their services online and receive payment the same way. CPAs (certified public accountants) specialize in the movement of money, so, logically, the industry would be a significant adopter of e-transfers of capital. Virtual firms or ones with no physical location and workers spread out over substantial geographic regions minimize expenses during their startup phase by operating with no office space and completely online. If there’s one industry, above all, where small entities benefit from fintech, it’s the accounting sector.
Financial Planning and Investing
If you’re a professional in the investment or financial planning field, you already know the unique advantages of using sophisticated fintech solutions to deliver services, transfer funds, create accounts for clients, and manage large amounts of capital on behalf of others. Making secure payments, creating invoices, raising money via crowdfunding sites, editing balance sheets, producing quarterly statements, and offering loans to borrowers are just a few of the many activities that planners and professional investors engage in to get their jobs done.