Keeping ahead of the rest: What businesses need to know about FinTech

regtegtwgwThe introduction of tech to the world of finance is tough to ignore. From everyday banking to tax, FinTech has changed the way businesses and individuals operate.

As a result, FinTech has seen a huge growth in global investment over the past few years. In fact, the investment in the development of FinTech technology has now grown to more than $12 billion.

By understanding and using FinTech properly, you can get ahead of your competitors and operate in a more efficient way. Here’s what businesses need to know:

Customer behaviour

Yet, firstly, it’s important to realise that this isn’t just a business story. FinTech is changing usual customer behaviour, altering their expectations in the process. With the continued growth in technology, we are able to instantly access information from around the world – and make financial decisions from the comfort of an armchair with a smartphone. Customers bank and shop on their terms – and FinTech puts power into their hands. Businesses need to be able to keep up and offer their customers the opportunity to shop and bank at their leisure.

Mobile transactions

Taking online transactions and mobile banking as examples, if your business is in retail, you’ll need to adapt to allow room for these new ways of taking payments. The customer demand is there, which can clearly be seen with the rise of contactless payment and the likes of Apple Pay. Whether you’re the business owner of a marketing company, retail store or even a British pub landlord, there’s the need to adapt and modernise – but transitioning to mobile payments also speeds up transactions – helping to cut queues – and avoids the need to keep too much cash on your premises. If your software is correctly geared up, the customer pays quicker and you get their money quicker. Everyone is a winner.

Business investments

Technology makes it easier to share and promote ideas – which is great if you’re a startup looking for a leg up into the market. Crowdfunding is a way to raise money without the need of credit approval or investments from a bank or a private source. It works by sharing your business ideas online and, if your idea resonates, people from all over the world chip in to fund your project. Not only can such platforms allow you to attract the investment you need, they can also help you to build a buzz around your product or service and serve as a useful marketing tool in the process.


Day to day business finances

Accounting and banking have become much easier for businesses thanks to FinTech. From payroll to tax returns, these easy to use systems can ease the burden on businesses. This is a great for small businesses who cannot afford to spend too much of their time on bookkeeping but, equally, cannot afford not to get this right.


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