In the UK, there are 5.5 million businesses, so it’s important to make sure that you can run your business to the best of your ability. From making efficiency savings to ensuring your operations run smoothly, as business owners, there’s plenty to think about.
If you’re wondering about ways you can help your business thrive, you should be considering investing in fintech.
To learn all about fintech and how it can help your business, read on.
What is fintech?
Fintech (or financial technology) is where finance and technology are combined to rejuvenate traditional financial processes and systems to make them more accessible. This is all done with clever software such as AI, machine learning and blockchain technology.
Why is fintech important?
As well as challenging the financial industry to keep on their toes to improve customer experience, fintech companies are excellent for businesses too. For example, by using technology to automate tasks, fintech can help you make efficiency savings and drive profit.
Fintech also makes life simple – which is a huge bonus for any business owner!
How can fintech help?
Here are just some of the ways fintech might be able to help your business:
Payment processing – As we are transitioning towards a cashless society, even small businesses need to be able to facilitate card payments. Instead of a bulky point-of-sale machine, fintech has allowed the expansion of easy-to-transport, plug-and-pay options. This is especially helpful for businesses that move around, like pop-up shops or street food vendors.
E-commerce – Fintech has allowed small businesses to set up online shops with ease. With plenty of platforms to choose from including Shopify and BigCommerce, small businesses can take payment how they wish for goods. For example, in some places, Bitcoin can be used to purchase goods so that the business doesn’t incur fees.
Accounting – Fintech has made the tracking and monitoring of cash flow a doddle thanks to plenty of expenses and invoicing apps.
Customer insights and engagements – One of the main benefits of fintech is that it provides businesses with insights into their customers. By using data to understand customer patterns, interests, wants and needs, businesses can try and find a solution to customer problems. For example, if data suggests poor customer service is an issue, businesses can address this. So, to put it bluntly, there are plenty of reasons you should be considering fintech solutions. If you’re looking at making the switch and incorporating fintech into your business model, specialist fintech law firms can help you make the transition.
Businesses of all sizes must embrace technology to survive in an increasingly competitive landscape. However, the good news is that by embracing fintech, you can not only become tech savvy but ensure you’re improving your business processes and making efficiency savings.
If you haven’t already made the switch, what’s stopping you?