Technology has rapidy revolutionized business operations all over the world. Financial technology also known as fintech is a specific type of technology that has radically transformed how small, medium and large companies, process and use their financial information. Without a doubt, there is a need for business owners to know about fintech and how they can integrate it to gain a competitive advantage.
Here are some of the ways that small businesses can benefit from Fintech
Track Expenses and Monitor Cash Flow
To thrive in business, small business owners must be able to draw their payroll and also keep a check on their daily, weekly, monthly and yearly expenses. Therefore, it is important for them to have an accounting system in place that monitors their cash flow to ensure that their business is running smoothly.
Understanding your finances allows you to make better decisions about where and when to invest your money, and clearly outlines what you can or cannot afford. Fintech applications have emerged to help you automate your accounting or bookkeeping. Fintech provides online software that manages invoices, payroll, expenses, and general cash flow. The industry is teeming with options for small business owners. For instance, Sparkle Business is a fintech platform that allows business owners manage their business expenses, keep track and monitor their business metrics, all on the go. Also, with Sparkle’s easy to use mobile application you can manage your workers and employees payroll and salaries payment to various bank accounts.
They offer services not provided by traditional banks
CEO of Sparkle, Uzoma Dozie in a recent Fintech symposium said, “We (Sparkle) provide services that are complementary to your existing bank. That way clients can get richer data and better insights on making decisions. That is the service we provide since we are more agile, and mobile compared to the existing traditional banks.”
Due to improving technology, fintech can offer services that cannot be provided by traditional banks. Think of fintech platforms as more developed versions of your conventional bank. The world has evolved from what it used to be and It is essential to stay on top of what’s happening to assess how it’s going to affect the way you do business so your venture stays competitive.
They enable small businesses to understand data
With the intelligent tools and services provided by fintech, business owners can easily analyze patterns or trends. Fintech helps to show the direction a business is heading. Entrepreneurs can get insights and plan for the future
Ease of online payments and global transactions
Fintech companies have made it effortless for small businesses to sell to the world. It is now easy to accept credit cards and implement a buy button on one’s website allowing customers from any part of the world to pay for items.
Before FinTech, accepting overseas payments was costly for small businesses as there was a huge cost associated with money transfers across borders. But now, overseas payments and transferring money abroad have become cheap and easy. Thus, these payment solutions have increased the ease of doing business on a global scale.
The bottom line…
It is impossible to ignore fintech, its benefits and its application in business. Also, for those who want to switch careers to the fintech industry, there is no better time than now as there is a huge gap in the supply of skilled talents to fill up the increasing positions in financial technology.
The Certificate in FinTech for Business Professionals program, offered by CLI College Nigeria, in partnership with Christ University, Lavasa India is designed to explore FinTech fundamentals and help make sense of this wave of change as it happens. During the 3-month online and onsite course, Participants will explore and understand the concept of FinTech and its related subdomains.
For registration and more details, click here or call 0913 426 06044, 0913 403 2774
The application deadline is April 15, 2022
