Financial Technology has evolved especially when it comes to improving and automating financial delivery services. FinTech solutions can be used by any customer alike. Whether you have a FinTech firm, your own business, or working as a FinTech product manager for a company. Applying Financial Technology in your business processes provides lots of business benefits.
Applying FinTechTo Our Everyday Business
It’s very essential to apply FinTech to our everyday business so as to increase sales and boost gains and this can be done if we apply these five etiquettes- namely; Sales and Marketing,Use of Mobile payments, Securing business, Advertising of your product digitally and creation of valuable contents.
Sales and Marketing- Developing a website or app for any business increases total retail sales by developing omni-channel strategies and Direct – consumer – platforms. Many customers browse the internet to buy a product or find out about a product. This could be an ample opportunity for you to adjust selling behaviors with a more digital environment, increasing your sales.
Use of Mobile payment- this helps to boost your sales by providing more payment options to your target customers, making cashless payment possible. This could actually protect customers from thieves because it allows them to be able to make use of their credit cards or mastercards to make payment, thereby securing their mode of transaction and making it easier.
Securing business- complying with the financial industry’s data protection regulations, you will boost your business cyber security, benefiting your customer and your business thereby making your customers rest assured of your product security.
Advertising of your products digitally- you could advertise your products digitally by joining several social media platforms e.g Facebook, what’sapp, Instagram, Twitter…… where you can advertise your products without any stress.
Creation of valuable contents- Content is more valuable than ever. Making good write-ups in line with your product could boost your sales. If you don’t know how to write content, you can initiate the service of a content writer or a marketing strategist to help you out, in order to increase your product sales.
Benefits of Applying FinTech to your Everyday Business
There are several benefits attached to applying FinTech to your business and these benefits are breathtaking. This would practically help to boost your sales and increase your gains. These benefits are;
Funding becomes more obtainable- Giving businesses quick access bans is one of the benefits that a FinTech app delivers. This is because many companies can’t even survive a two-month loss in revenues per a 2020 survey by the U.S federal reserve. It is expedient to note that lending is a very profitable FinTech sector where 28% of the top 50 FinTech companies operate. If you are thinking of going into lending, these are comforting numbers indeed.
Efficiency gets a boost- At its core FinTech is all about making traditional financial processes faster and more efficient. This is done by eliminating the power of middlemen and making everything automatic which in turn leads to lower cost, happy employees and a better customer experience. One of the common untrue conceptions is that FinTech apps only benefit financial institutions. That’s not entirely true. The application of FinTech is now moving from banks and lenders to small businesses. This is not surprising, because small businesses require automatic tendencies to maximize their limited resources.
Risk management is good- Better risk management is one of the crucial or lesser- appreciated roles of FinTech. All businesses face risk, but the application of FinTech could help you minimize risks with the use of cyber-security. FinTech could help reveal these risks by giving businesses more analytic capabilities. Using automation, machine learning, and big data apps, can succor through thousands of data points and provide decision-makers with insights in seconds. Also, FinTech is effective in countering money laundering and other illegal activities, which is one of the top business risks.