A considerable number of businesses seized their operation this year because of the global economic recession associated with the COVID19 pandemic, click here to read more about COVID19, the highly contagious virus led to strict travel restrictions and human interactions resulting in loss of markets and consequently revenues. Small enterprises are the worst hit by COVID19 economic impacts, but to survive this a good number of them are incorporating new technologies in their business model to assure their survival, one of such innovative tech most small enterprises are embracing is fintech. The use of fintech or financial technology in small businesses has enabled them to promote speed, secure and efficient transactions the qualities responsible for developing a positive user experience that prompts customer loyalty to the businesses. Besides user experience, adopting fintech has immeasurable benefits to small businesses that can help small businesses steer through 2021, this article outline some of the major advantages of fintech so continue reading the article.
One of the main advantages of fintech to small businesses is its ability to promote transaction efficiency in their operations, this is because of the improved speed of transaction, increased number of transactions at a given time, and low chances of errors, as a result, there is high savings and turnovers something that small businesses need to grow during these economic challenging time more about fintech on this site.
Using customized fintech that is tailored to your business needs facilitates collecting of important data that can be analyzed to provide meaningful information to managers, the data collected is analyzed to provide information such as business performance or identify new market niche the business can exploit, such information is vital to managers in making guided decisions that enable them to be ahead of their rivals, and investing in areas that promise growth and with fewer risks .
Fintech also let small business get access to credit easily and quick something they need to grow and stamp their impacts in the market, the ease of credit access has been promoted by banking sector heavily investing in fintech to promote their service efficiency, this has saved much time that would be used to visit banks for credit processing, today as long as you have reliable internet you can access credit from the bank from anywhere on earth, this has reduced to a great extent the waiting time that you would experience with the bank that may take days or a week to be approved, this speed of transaction is what prompting many small enterprises to adopt fintech and in near future, paperwork will be replaced with digital transactions while cash payments will be faced out by mobile payment which is taking shape in a number of countries, see this website for more info about mobile money. Those are some reasons small businesses should use fintech.