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Financial technology which is commonly known as “Fintech” in the corporate and business radius is actually the technology which can make your financial work easier and more efficient.
In the early years of your business when you are not so much aware of how to handle all the finances, Fintech companies will clear your path by making it their own work and handle all your accounts with more care and precision.
Fintech In practice
Tala, Chime, Pitchbook, Avant, Morningstar, Robinhood, Acorns are some of the leading financial service providers in the market.
PayPal that is used commonly all over the world is also an example of Fintech company. As the company provides simple and easy financial transactions.
Cryptocurrency is also one of the leading example in this field.
Fintech’s Market Expansion
With more and more new entrepreneurs coming up day by day the need for Fintech companies is increasing. With such an increase their market size is also going to expand in no time.
With anything and everything being on mobile phones the digital transaction or the Online transaction of money is one of the industries that want more and more new Fintech companies to come up.
Many E-commerce sites are even permanently tying up with some Fintech company to provide efficiency in money payments. These would help them to expand their business and run their own profits as well.
Budget Management applications
Making the budget that is usually done on a paper sheet with a pen within a few minutes but thinks about it with some broader perspective.
Making a budget for a company is not easy and should be handled by some professionals. There is an increasing demand for Fintech companies to enter this market.
Trading on some stock market application has become a major pastime for many people.
It also serves as a source of income for them also and where there are some financial transactions taking place Fintech companies to have a lot of emerging scope there.
This term may sound absurd because it is very very new but this is something that you need to know about.
One of the latest development and opportunity for Fintech companies at the same time.
These are the Fintech companies that help insurance companies. Companies that devote all of their services to insurance companies are known as “insurtech” companies.
Active users of Fintech
Business to Business
Fintech companies are a boon for all the business to business companies.
Fintech has saved them from all the hazel of paperwork and tedious process of securing a loan via a traditional medium that is a banking institution. Work has become a lot of creamier for them.
Business to consumers
As we all know Fintech companies act as a very important intermediary between businesses and their customers.
By adding so much payment options Fintech’s have made everyone’s work quite easier.
Barriers in the path of expansion
After performing well for a considerable time it expansion that comes to anyone’s mind and why not, every piece of hard work needs some reward.
With the same view Fintech companies also want to expand overseas but the barriers of language and culture stop their way.
Though it is not a big thing to overcome these tiny barriers in today’s world there is a lot of input that needs to go in it.
Competing with the traditional
Though Fintech’s are easy to approach and reliable as well they have a long way to go before they can win the trust of the masses and replace the traditional banking systems.
With a total market of $126 Billion in 2018, Fintech’s are moving swiftly and can have a total market share of $309 Billion till 2022. As we can see Fintech companies are going to have a bright future.
Though there is no legit body that is looking over the movement and working of all the Fintech companies in India they do come under the RBI (Reserve bank of India) and SEBI (Securities Exchange Board of India).
What to see in A Fintech Company
If you are someone looking out for a Fintech company to hand the financial services of your business over then there are few things that you should look for:
- Cybersecurity schemes
- The professional constituent
- Quality of services
READ: Story of Nineleaps
Try using the exclusive services that are knocking at your door and make the most out of it.
They would help you with many new things and overcome some of your problems. Fintechs are going to support you the way through.