Digital Interference:
Small size businesses: The competitive way to quest digital Financial Services, evolution of the fintech industry at an increasing rate has driven every consumer to take charge of their financial structure in their own hands. This has helped consumers understand financial literacy. Leveraging the accelerated internet connectivity across major sectors has successfully transitioned to digital forms of banking and transactions. Among many prominent sectors, the financial service sector has witnessed unprecedented growth in the last decade. With these developments, the fintech sector has inculcated modular technology and user-friendly mobile and web applications to increase the number of digital transactions.
The financial sector has attracted all sorts of users from different segments to grow the user base of their services. Hundreds of unique startups and well-established financial institutions have been consistently educating users about the security and safety of their methodologies. The increase in user base and the trust index of the financial applications are a symbol of digital business transformation.
The growth of the Fintech industry has not only benefited the customer but has also paved the way for new digital reforms for all small players to compete on the same ground as traditional banks and financial institutions. At a time when cash is becoming obsolete, financial transactions and online payments are becoming the norm. Moreover, irrespective of their retail footprint, businesses are ensuring that they have an indispensable online presence. In the last decade, Asia has seen tremendous growth in embracing and facilitating online transactions across sectors. Governments in the continent are pushing for a digital payment-led economy to ensure transparency and speed on every front.
Moreover, for businesses to stay relevant and compete globally, there is a dire need to have online payment solutions. In short, businesses need a payment solution for the following reasons:
- To transfer funds immediately through different payment channels, An easier, seamless, and preferred method to facilitate payments Maintain a database of the customers without any additional input, Constricts fraudulent activities and helps avoid any accounting errors. Help facilitate payments 24×7
The main objective of the fintech industry is to position itself as a Payment Collection solution in the market, to provide every user with an easy-to-use API based SaaS solution to solve major problems which are observed in small and growing businesses across India such as:
- Subscription related businesses have to send reminders over due dates and have high credit periods. Franchisee models in growing businesses face problems related to reconciliation. Educational institutes find technology costly and non-affordable. Informal markets especially in supply chain distribution see high revenue leakage over reconciliation and collection problems.
The pandemic has had a catastrophic effect on the economy, whereas, on the other hand, it is safe to say that the reliance on data, AI, IT and core technology systems are bound to increase exponentially. The utilization of technology is propagating the decision-making process by bridging the communities with local governments across cities and towns. The usage of FinTech and digital tools are making a massive impression across various sectors, be its source of income, access to services or education. Keeping a pulse on the ever-evolving consumer demand, there is a rapid development of the financial service in different sectors and industries such as education, banking, fundraising and investment management. This has shaped the wide scope of benefits for monetary operators and every fintech solution provider in India is developing tools and services that cater to an industry/sector or any type of business. Collaborating with the right fintech solution provider can ensure that all business small and big can have their outputs delivered effectively.
This news was shared to Prittle Prattle News via press release.
