Are you new in the business world? Do you want to spend less time processing each one of your payments and focus on some more important things instead? If the answer is yes, we have tons of useful information for you in this article.
Not to sound like a commercial, but Fintech is something that will become pretty “huge” in the next couple of years, so why not gain the much-required head-start and get there before all of your competitors?
What exactly is Fintech?
When someone mentions this phrase, people think that it’s some kind of a complicated scheme that not everyone can understand and is meant specifically for experts in the corporate world. However, we have some good news for you. The term “Fintech” is just a simplified term for Financial Technology. Yes, that’s it. It’s just a short phrase that sounds a bit fancy, nothing more.
As for Financial Technology, we all know what it is, and you don’t have to be deep into the business world to understand it.
What does Financial Technology mean?
Any technology that helps businesses and companies improve the way they manage their finances, is called Financial Technology. This can be anything from sale-managing software, price-tracking algorithms, and many other things.
However, in these modern times, technology is often changing, and new trends are replacing old ones, so if you want to stay on top of your game, it is more than worth it to spend some time tracking changes and adjusting. Luckily, in this article, we’re going to present some of the best Fintech trends that you should follow in the upcoming 2023, so let’s not prolong this introduction any further and jump straight into the content.
1. Personalization is more important than ever
Have you ever wondered why after searching for let’s say a water-purifier on the internet, you suddenly start seeing tons of ads about water purifiers? Well, that’s because personalization is taking a huge swing in the industry, and it is more important and rewarding than ever. Advanced AI’s and algorithms are carefully tracking what people are searching for, and then they’re presenting personalized ads which are a very efficient way of gaining someone’s attention.
About a decade ago, experts were saying that a time will come when the information will be more valuable than money, and believe it or not, that time is now. All financial institutions have information about what their customers are searching for, but not in the “creepy” privacy invasion manner. Take a further look at this if you want to stay on top of your game in the corporate world.
2. Chatbots and communication
Long gone are the times when you were phone-calling the customer service to ask about a certain product, whether it was for availability or performance. Everything that you want to know these days is presented by a chatbot on the website that you’re visiting. According to some statistics, more than eighty-five percent of all engagements are done by these bots, and in the future, this number will increase, with the possibility of taking things to the next level and adapting the AI’s to help customers through voice calls as well. If you are interested in reading some more in-depth analysis, check this website.
Implementing something like this in your business will greatly reduce the time you spend on answering and communicating with your customers and repeating the same things all over and over again, and you’ll be able to focus on more important things instead.
3. Blockchain for safety
We all know that security flaws and frauds are causing billions of dollars of damage every single year, and sooner or later business-owners will get pretty tired of it, and switch to using blockchain technology instead. We’re not sure if this is going to happen soon, but it is quite possible, so don’t disregard it yet.
If you are not sure how blockchain works and what it is all about, you can find very useful articles on the internet and read some more about it. In short, this technology can be used for much safer transactions because of the verification system which is the main point of the entire thing, but it’s still relatively new so people are not very confident in using it yet.
4. Mobile Payment and options
One of the most important things in a business is the availability of various payment options. You can have the best products on the entire market, but if a certain customer cannot purchase them with their desired payment method, what good are your products for? Now, you can’t have all the possible payment options that are known to men, but you can try to at least implement the most popular ones, as well as include options for mobile payment since smartphones are slowly overtaking the technology world.
You might think that you’re familiar with all of the viable payment options, but there are very significant markets, such as the one in China, that use things such as WeChatPay and Alipay that you’ve probably never really heard about. Spend some time researching this and you’ll learn some very useful things that can help you expand your business and improve cash-flow in 2023.
Whether you like it or not, technology is slowly taking over in many different areas of life. Time keeps passing faster than we expect, and before you realize it, there are tons of different trends that are pretty crucial if you want to achieve success in the business world.
These Fintech trends can help you improve your overall experience and automate things as much as you can, because time is money after all, and we all know how busy company-owners can be. The things we mentioned in this article are useful both for smaller and larger businesses, so don’t be afraid to research them or even implement some of them in your workflow at least for a trial period. All of these can be modified and for each method, there are numerous options that you can choose from. For example, there are more than a hundred chatbots available for your website, so you are free to choose from any of them. To learn more about FIntech, visit atd-solutions.com.