Ask most entrepreneurial experts, and they would agree that starting and running a business is not always easy when money comes into play. For years, businesspeople could only rely on their financial institutions to obtain products and services through areas like lending, personal finance, retail and institutional investments, equity financing, consumer banking, etc. Today, Fintech has leveled the playing field around the globe by providing individuals and businesses with digital tools to conduct money transfers, loans, mobile payments, asset management, and fundraising.
FinTech stands for Financial Technologies. In today’s world, people are seeking convenience, speed, and easy access, and Fintech allows for a company from the small to large level to handle important matters quickly. For example, PayPal is a Fintech company that focuses on mobile commerce and now considered to be the largest online payment system in the world.
Fintech is making business start-ups a lot easier. No longer does an entrepreneur have to walk into the bank to ask for a loan or worry about accepting credit cards for their business and all the hassles and bulky equipment that go with it. With Fintech solutions like mobile payments and money transfer services, those obstacles can be quickly overcome.
If one needs an investor to help realize their big entrepreneurial dream, they can go online and seek out crowdfunding in the Fintech way. One can gain access to people around the world who will fund the startup capital quickly and inexpensively.
Even a small hot dog stand can accept payments from customers through online tools like PayPal and Square. It’s safe, simple to use, and fees are low.
Yes, Fintech is spoiling the customer; people expect the perfect mobile experience as they’d get from their local bank. The customer wants to use their credit card and have the process go through seamlessly.
The financial industry is morphing. Businesses need to stay ahead of the curve, and Fintech is a rising star.