We live in times of hyper-connectivity, and the wave of e-commerce that has taken over the globe has made it simple for businesses to cross regional boundaries and multiply growth as well as profits manifold. Have you taken the big leap and landed on the digital bandwagon already? Or are you still contemplating taking the big leap?
Fintech is an all-encompassing term that covers any technology tool or platform that finds use in financial services for businesses. Fintech is a rapidly growing sector worldwide, and adopting fintech for your business not only makes it easy for you to leverage the power of technology for various financial processes, it also reduces the costs incurred in executing these everyday processes, along with error free records, and improved customer experience. Additionally, it helps businesses dive into large-scale operations and global transactions.
There is a mind boggling variety of financial management tools for you to manage your business, both brick and mortar and e-commerce, and to digitise all your business transactions. There are multiple finance related processes and action items in every business, and fintech tools help you simplify those processes. Whether it is payments or data storage or investment management, there is a fintech tool for every need. Besides debit and credit cards, digital wallets and mobile banking have become the order of the day.
For e-commerce businesses, fintech makes it possible to accept payments from customers anywhere in the world and in the currency of their choice via online payment platforms. Small businesses can also easily have a digital presence and cater to customers across the globe by offering customers the choice of paying via any of the multiple online payment modes.
As the financial services ecosystem continues to transform, mobile phone centric technology is growing and anybody with a smartphone and a reasonably good internet connection can open and maintain their bank accounts (along with identity verification), receive or send money, transfer funds to anyone anywhere, pay utility bills, make online purchases and pay for the same, or even access a loan via their mobile phones, with just a few taps on the phone screen, without moving an inch from their place.
Payments can be made by any of the e-payment methods like mobile transfers, online bank transfer, mobile wallets or debit or credit cards with the integration of payment gateway. They make transactions faster, simpler, easier to track and offer the huge advantage of currency management too. While fintech has disrupted the conventional ways of doing business, it has also made financial services more accessible to the masses.
You can judge a good financial management system by checking if it streamlines business processes, cuts down on errors, adheres to taxation and accounting regulations and helps in budget planning in a business. When making the jump to fintech, organisations also need to consider managing the right audit trail, data security, multiple bank accounts, records of assets and liabilities, transparency in record maintenance and syncing of all financial statements.
Since fintech tools require you to give a lot of sensitive and critical business and finance related data, you must ensure that you use the safest platforms and tools. Fintech firms like Finserve adhere to the most stringent digital security standards and ensure that your data is safe at all times.
Finserve also offers multiple fintech solutions powered by technological expertise and finance experience to overcome financial barriers and accelerate your business growth story. If you are planning to put your business out there on the digital map, then Finserve can be your perfect partner to help you zoom ahead on the fintech street.