Fintech might be still a relatively new phenomenon, but, already, it has radically changed the way we do business and in the coming years is set to do much more.
The accelerating uptake in mobile banking, peer-to-peer (P2P) and omni–channel payments are all prime examples of how fintech firms, such as KoalaPays, are offering businesses and their customers much more when it comes to managing their finances.
And, this is only the beginning. Hardly a month goes by when we don’t see a new services and innovations being brought to market by fintech firms committed to adding value for businesses looking to succeed in the marketplace.
Cross border payments
One of the biggest pain points for businesses has been the costs and inconvenience of sending and receiving cross-border payments, especially in different currencies. Fintech is providing more end-to-end services that are making this easier, cheaper and faster. Finally, the constraints of time zones and normal business hours have ended. Now it’s possible to do business with whoever you want, wherever you customer is, around the clock.
In the case of KoalaPays, we constantly strive to give more choice, flexibility and functionality to our business customers. We already offer our clients the ability to hold more than 20 currencies at once, and we’re always looking to add more.
Business has never been so efficient
The two big benefits being offered by fintech are ‘accessibility’ and ‘speed’. That means efficiency, and an efficient business is a cost-effective business. Compared to older slow, expensive and bureaucratic banking systems, fintech is giving businesses the opportunity to automate labour-intensive tasks, cut costs and save time on a host of business processes.
Additionally, by reducing or completely eliminating the need for bricks and mortar premises, fintech is allowing small businesses to access and compete in global markets.
But probably the biggest innovation as a result of fintech has been the rise in mobile payment apps, along with scan-and-pay features. While this has been good for consumers, it has been even better for businesses who are able to give their customers more options when it comes to payments. As a result, they’ve seen sales and revenues accelerate through this ever-growing niche of e-commerce. A recent survey showed that mobile payments crossed the $1 trillion mark in 2019.
Millions of people around the world may not have a bank account, but they have a Smartphone and this enables them to purchase and pay, opening up huge new markets for businesses in every conceivable niche.
Fintech has become a key game changer for start-ups and entrepreneurs, making it easier to secure loans, manage payroll, and process payments.
What does fintech have in store for businesses down the line is anyone’s guess, but here, at KoalaPays, we’re always looking at new ways of adding value for our business customers. Right now, we’re already looking at a new generation of features that will make it even easier for our customers to attract business, take payments, provide better customer service and manage every aspect of their business finances.