Fintech bulldozed into the market in 2005, some experts predict, although it’s hard to know exactly when the start of fintech was and who the first company was to cultivate the idea. Since 2005, the fintech industry has produced endless technology-based financial solutions, helping companies manage everything – from payroll to expenditures. Plus, the pandemic saw a massive boom in fintech solutions that bridged the gap between the office and home.
Below, we’ll look at fintech solutions in detail and analyze how they’ve transformed businesses.
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Financial Control From Anywhere
Businesses soon realized that fintech solutions granted them financial control from anywhere so long as they had an internet connection. Businesses were once plagued with traditional banking and transaction methods, such as paper processes, that made it hard to track profit margins, expenditures, and all the other financial markers businesses track.
But with solutions like expense management software for business, brands now have access to platforms that gives them real-time data on company finances. As a result, companies can cap spending, find better deals, cut processing costs, and save time and resources. Expense management isn’t the only fintech solution – online banking has also managed to transform financial management by giving those that need it access to the business bank account on the go.
Streamlined Payment Processing
Fintech solutions have completely streamlined payment processing, giving consumers and businesses more freedom to spend. For example, the number of fintech payment options grows year on year to benefit shoppers and brands.
The decentralized payment processing technology is the prime example of the future of fintech – and what direction fintech is taking. More companies than ever are offering cryptocurrency payments that aim to streamline payment processing, attract new customers, and make the market more financially inclusive.
Businesses can also enjoy fewer transaction fee costs, streamlined payment processing, and easier invoice processing.
Increased Accessibility And Speed
The world is going digital, and fintech is at the heart of the digital financial shift. Fintech aims to combine technology with traditional financial services to make money more accessible and almost instantly. Internet banking, for example, is a fintech solution that is intended to give consumers and businesses instant access to their finances from anywhere in the world.
As that service developed, consumers and businesses can now use fintech banking apps to invest, take out loans, and have expenditure breakdowns all from their cell phones.
Aside from internet banking, fintech solutions have allowed businesses to explore new investment avenues, like cryptocurrency. Cryptocurrency investments heavily rely on fintech solutions to create a bridge between the decentralized and centralized markets. All of which are highly are created for on-the-go financial management. Fintech recognizes that money has to be accessible from anywhere around the globe and at any given time.
Fintech is the future of business and consumer financial management. The solutions bring people closer to their money by giving real-time insights that wouldn’t have been possible ten years ago. It’s expected that the global fintech market will be worth $324 billion by 2026, with companies investing heavily into fintech solutions to support their business.
