What Fintech Apps Bring to Businesses?
The Fintech apps have gained wider popularity in the business environment lately. These fintech apps offer various services such as personal loan, money transfer, and more. Fintech firm's assistance to get easy access for funds and other financial needs are the reasons for its growing popularity. A few years ago, setting up a business was not an easy task, as raising funds from the banks or financial institutions, was quite a cumbersome process. But, the fintech emergence has eased the funding scenario for businesses. Fintech has witnessed rapid growth in the Indian market. The country has recorded about 87 percent of fintech adoption, states EY Global Fintech Adoption Index 2019. Also, 46 percent of people prefer using digital mode for their financial requirements. After all, who would say no to simpler process? Let's check out how these fintech apps are simplifying business life.
Fintech apps have transformed the way the businesses raise funds by connecting the bank and businesses with technology. The technology advancement has cut down the tiresome process of obtaining bank loans, especially for businesses. The fintech apps help in acquiring instant paperless loan. This reduces the regular turnaround time and also saves time by eliminating the need for bank visits. These fintech apps are a boon for the small and medium enterprises as they even offer microloans to either start, run or to scale up one's business.
The various features that fintech apps provide include managing business loans, instant money transfers, credit score tracking, and access to online banking applications. Furthermore, using the fintech apps the businessmen can compare the lenders and select the one appropriate for their business. This facility would reduce the time, energy and money spent on manually comparing the lenders.
Unlike other banks and financial institutions, these fintech apps operate round the clock. Thus, it is ready to serve its customers at any point of time. Alongside, these applications also address poor time management and reduce administration costs.
Maintaining the accounts, tracking the cash flow is crucial for every business. Thus, every organization has a dedicated accounts team to monitor the process throughout and ensure smooth business operations. The fintech apps provide solution for in this regard as well. Certain fintech companies provide expense and invoice app to monitor the company accounts and expenditures. Most of these applications are free services.
Fintech has made a drastic revolution in the business world by providing easy finance services. With technology advancement, we can expect even more improved financial services at a reduced price in the near future.
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