How Fintech Is Benefiting Entrepreneurs: Talking about old times, things were hard. There were less opportunities and all steps towards success were time consuming in nature.
Fast forward to 21st century, you now have internet. Thanks to Computer Science and technology, you can avail financial facilities in a matter of seconds, at your own home/workplace through the touch of smartphone.
What Is Fintech?
Fintech can be described as ‘financial technology’. It is the emerging technology through which you can digitally power up your finances.
What Does It Mean?
It means that your opportunities to grow individually and as a business have reached newer limits. A startup known as Lendful, partnered up with Alterna bank in 2016 to provide access to consumer loans. Not only this saved the time for an average customer but also, he/she was able to receive loan through the appealing interface.
No-One Is Left Out
Fintech technology keeps everyone inside the loop. Talking about successful hierarchy of a competent organization, new Fintech apps can work on the model of ‘supply and demand’.
- How much people do you need for a specific job?
- How much time would be sufficient to meet a deadline?
- How to improve efficiency of your business with minimal losses?
Through Fintech, entrepreneurs will have answers to these questions.
Knowing Your Customers
A business can perform really well if it is able to know the psyche of its customers. This is important to know because no two customers are same. Their way of thinking, lifestyle and shopping tactics are different from one another.
One way to keep them interested in your product is to design individual reward programs. Belly is an example of a good reward program. It facilitates its pool of 12,000 merchants to view the data of how their customers shop.
According to Belly, 60% of first time customers return. Why? Belly utilized the Fintech approach to penetrate the sub-conscious of customers.
Inside the business world, you can earn more money if middleman is cut out from the action. Talking about virtual currencies such as Bitcoin, Fintech is an example of block chain technology.
This makes transfer of money affordable between peer – peer interactions. If entrepreneurs start promoting the use of digital currencies, banks could face serious competition due to lesser digital currency fees and a competitive attitude towards their customers.
Fintech is possible due to data analysis. By innovating the needs of traditional banking model, we can direct customers towards the path of financial success.