Fintech, or financial technology, refers to innovations that connect businesses and consumers through the internet, mobile devices, software, or cloud services. Fintech is a major topic right now and will play an essential role in developing the financial trends of the 21st Century.
As a business owner, it’s important to leverage fintech. If you don’t, it’s only a matter of time before you fall behind the competition. At Richmond Financial Services, we help businesses use fintech to consolidate their software. If you use separate software programs for accounting, gateway, and payment processing, fintech can save you money and hassle. In fact, one program can create a unified system, making daily processes much easier.
Let’s take a closer look at three additional benefits of fintech:
1.) Eliminate inefficiencies
The world is shifting and modern consumers prefer digital payment, especially following the onset of the COVID-19 pandemic. With lockdown efforts, fintech developments have increased cashless payment options. This isn’t just convenient, it’s smart from a security standpoint. When payments are digital and secure, there’s a reduced risk of fraud.
2.) Close the inclusion gap
Fintech opens the door in emerging markets where a lack of access to credit would have previously been an inhibitor.
Fintech promotes non-traditional landing methods. For example, new electronic platforms in foreign countries like India and China like Alipay and Ant Financial have helped businesses scale. Not only has fintech sparked innovation worldwide, it’s also opened the door for inclusion. More affordable digital payment platforms are the way of the future.
3.) Easier money management
Before the rise of fintech, elite money management was only available to the wealthy. Investing wasn’t exactly an easy process when you couldn’t just hop on Robinhood and invest in a few stocks with the tap of a finger. Vital financial information is now available for anyone to use, thanks to fintech.
Fintech has even made lending more available. Underwriters can now access all of the information they need, making loan approvals that much easier.
If you’re looking for an expert independent treasury strategist with knowledge of fintech, then Richmond Financial Services is for you. As the CEO of Richmond Financial Services, I help business owners like you achieve their financial goals and upgrade to the latest technology.
First, I’ll come in and access your current company software and system, give my recommendations on what fintech could help. Then I will develop a robust business plan on how to optimize transactions and put money back into your pocket. Get in touch with me today by calling (617) 843-5700.
