Like all industries, Finance needs a robust model where the quick turnaround time for any Financial Service is quickly becoming the highest priority. Financial technology is the solution, defined as any technological innovation in financial services. NanoBNK is engaged in the industry to develop new technologies to disrupt the traditional financial industry. NanoBNK utilises technology as widely available as payment apps to more complex software applications such as artificial intelligence, RPA and big data.
Financial technologies towards more and more digital payments
Beyond digital payments, financial technologies address a wide range of technologies and services such as blockchain, bitcoin wallets, trading platforms, peer-to-peer platforms to exchange cash currencies, web-based marketplaces for capital funding, crowdfunding platforms and collaborative consumption platforms which can accept third-party payments, smart point-of-sale
solutions that help merchants to strive and grow in a digital environment, online marketplaces for asset managers, etc. The regulatory framework is accompanying and fostering the sustainable development of financial technologies.
Benefits of Financial Technology Transactions
- Better financial situations in businesses – Fintech companies and the technology that they offer can revolutionize the way businesses run their finances. Innovative solutions to help businesses have better cash flow and stabilise their funding systems. It can even help them manage their working capital better.
- Better payment systems – Financial technology can improve a business’ payment systems as well as the efficiency and accuracy of invoicing and collections. It can help improve customer relations in all aspects. When the customer has a good experience with fast payments and quick resolution of problems, they tend to return.
- Mobile devices increase convenience – Financial technology allows transactions to take place through mobile devices like tablets and smartphones. This increases the convenience and efficiency of transactions for the customer. With mobile connectivity, a business can streamline all its systems, integrate different accounts, and improve the overall customer experience.
- Cheaper advice – These new financial technology systems enable robot-advice. This means that people can easily get advice and information on finances and investments without having to pay expensive fees to the highest qualified consultant.
Financial Technologies Offer Big Benefits to World’s Poor
Innovative financial technologies can make a considerable difference for underserved communities:
1. Distribution channels: Solutions that move small business owners away from cash and onto mobile payments, point-of-sale and other logistics systems can enable them to more accurately track the flow of money. Fintech can help connect small businesses with large payers, such as corporations and governments, opening up business opportunities that were previously inaccessible.
2. Transparency and accountability: Introducing digital accounts and payment systems does more than speed up transaction time and lower overhead. It results in a level of transparency and accountability that cash transactions cannot offer. In addition, it enables businesses, governments and individuals to combat fraud, spot and resolve errors, and build trust.
3. Customer on-boarding and identification: For customers who live in remote areas or who lack sufficient official identification, biometric and ID scanning technology can significantly lower customer acquisition costs and improve controls.
4. Financial capability: As the Global Findex and other recent research has indicated, simply introducing safe and accessible financial products does not automatically result in a more inclusive economy. When designed with a proper understanding of the lives and needs of those who will be using them, financial technology solutions can empower individuals with the knowledge, skills and behaviours to manage their finances, save for the future and build a healthy financial identity.
5. Expanding rural access: Once upon a time, a community’s proximity to a brick-and-mortar bank branch determined whether that community had access to mainstream financial services. The rapid expansion of mobile technology has made it possible for service providers to reach previously underserved rural and remote areas with banking services that enable people to save and transfer money safely – the very definition of financial inclusion.
6. Micro-enterprise access: Increasing access to safe, affordable credit is a key factor for small businesses in developing countries. While organizations like Kiva have been operating in this space for years, there is broad demand for scalable, accessible solutions for supply-chain financing, micro-lending and other services that enable small business owners to weather income fluctuations, buy equipment or inventory, create jobs and thrive.
Financial technologies are here to stay and will surely keep improving and bringing new and improved systems to work with. It could be the answer to your business’ cash flow or efficiency problems. So, approach NanoBNK and see how we can help you move up in the world. Contact us on +230 233 16 36 or email us roshaan.kulpoo@nanobnk.com
