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Fintech: A Foundation of Quality Financial Solutions

By Banking CIO Outlook | Monday, May 06, 2019

Fintech: A Foundation of Quality Financial SolutionsDisruptors uplift an industry through innovations and business models that redefine industry standards expectations. However, in today's world, there's much more to adepts. Finance is a core business principle and a beacon on which any fruitful business is based. However, capitalism's goal is to create organizations that do not only useful things, but also those that ultimately commercialize their plans and deliver value to stakeholders.

New digital financial systems mainly lighten the burden on small and medium-sized enterprises, assisting them to work on improving their product or service instead of juggling loose financial ends or wasting valuable resources on uncontrolled financial management. Banks are defended by a new breed of leaner, digitally prompted fintech firms that can provide a faster and much more cost-effective financing path for smaller businesses. Online lenders are part of a more significant trend called LaaS—or Lending as a Service—that uses state-of-the-art technology to automatically detect patterns in customer financial actions and fit them with a loan which has terms that fit their personal needs. Depending on qualifiers that customers feedback and verify through thorough yet rapid online applications, LaaS leaders have allowed access to funds for SMBs and removed the more significant barriers that the financial crisis has created in the way of these loans.

Banking Tech Companies: AccuityBackbaseFiservWalkMeOrboGraphGTreasury

Digitalization of service means that any small business can construct a stack of fintech systems that can level with it as it rises. Handling payrolls is a high overhead method which becomes much more challenging as employees are added to a business. Many online companies have employed their platforms with a range of technologies that help businesses practice greater control over their payrolls. As a business grows, this idea becomes expensive and unruly, and carelessness in organizing wages can mean violations of compliance, errors in budgeting, and taxation issues.

Either online or in person, a company should not turn away employees based on how they want to give up their money, so companies such as Square and Stripe have developed innovative, extremely-portable point-of-sale systems that take minutes to complete the transactions. Their solutions can instantaneously read and process voice activated payments such as Apple Pay, but also credit cards, and maybe some cryptocurrency wallets in the mainstream.

Financial technology supports the creation of handier and better quality solutions across a wide range of payment channels and redefine radically how money flows from clients to businesses. 

Check out: Top Banking Tech Companies

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