Fintech has become an absolute necessity in the world of financial business because of its effectiveness and efficiency to handle the finances with ease. Its technology has been expanding and recreating across many countries including UK, USA and many eastern countries are becoming a general norm and making great change over the globe has fintech continues to be an ever growing business essential which is need of the business technical evolution’s necessity and utility.
Global Fintech revolution
The traditional ways of business systems are becoming a past fade and the new technology is recreating and replacing the old traditional technologies. To innovate revolutionary financial technologies this can be accessible to the globally inclined customers of all types of businesses like small, medium and large enterprises. It is an easy and affordable technology which anyone can incorporate in their business and globally UK has been the second largest fintech investor. Along with UK a large part of global investment can also be seen from European countries. United nation has an upper hand in fintech investment. From eastern countries China and India are globally becoming digital economy. So globally digitalization has been embraced by many developed and developing countries from past 12 to 15 years. Global revolutionization in the fields of infrastructure and IT fields are emerging as major market share. These countries are investing big bucks in budding fintech to newfangled technologies and revolutionize the global financial market with the upstream potential to empower the financial instruments to the global reach and standards.
Fintech has been an upstream technology in past few years clinched by more than 70 countries including developed and developing countries like UK and China are dwelling deep into the fintech investments to create some major changes across the globe and also raise its market value and can emerge as a superpower in the future.
Fintech incorporated Accounting software companies
Globally more than 2000 companies have been embraced or clinched revolutionary fintech technology and have been embedding with new age business practices. Currently many accounting software have been incorporated with their own like Reach Accountant Company or third party integrated Square fintech solutions which gives a wide scope of potential to make the accounting process more easy and feasible to the other departments of the company as well as accountants. Some of the fintech companies are stripe, square, reach accountant and payfirma.
Fintech pro’s and con’s in a global front
Fintech’s tremendous growth has set a gigantic threat wave among many accountants across the globe but many advanced countries have seen this as a major shift in financial industry as they become an added advantage to the accountant to get accurate results which in turn can lead to good decision making. It has given an opportunity to accountants during financial crisis in many parts of the Belgium to make the situations stable. It has helped many entrepreneurs and accountants to take advice from fintech solutions.
Fintech and social media
Fintech and social media go hand in hand and help the small businesses to large enterprises to incline their clients to create and get more transparent, accessible and approachable services via Face book messenger or any other social media messengers.
Global Potential of a Fintech
As fintech is an revolutionised financial technology with much more new innovative ways yet to be researched. Globally many countries are making huge funding like USA has invested $I5 billion now for a fintech and UK is the next which is among the countries setting funding at $10 billion in the coming years. It will be a very mesmerizing aspect in the development of a fintech which is leading edges technically across various business segments. The future market leaders in fintech can be intriguing in different perspective than assumed.
Fintech in Various Global Segments
Fintech has become an essential commodity in the banking segment. Now that the banking industry is emerging with the new innovative ways to make the technology embedded system which is said to be am whooping 20 billion dollars by 2017 only in North America alone. It can also be a revolutionary estimated banking industry is merging with the fintech incorporation in their banking system and innovating new ideas and technologies are the soul of banking industry..
Even for a small business, accounting practices can be made with fintech solutions. For small businesses and new startups your cloud accounting software along with the fintech can do wonders to from creating and sending invoicing to managing payroll to tracking expenses and setting all the business entities in accurate position.
In educational industries it facilitates in providing students personal history, students personal loans, motivators and other higher degree loans, fee dues and payments, teaching staff information and managing their payroll, benefits and retirement settlement.
Online e-commerce portals
Fintech provides best service embedded system for online e-commerce portals that have been striving hard to provide superior customer service and also the automatic bot supporting system and training to the clients. By cloud-based online accounting software with fintech solution it is possible. Online company portals have assembled an experienced web security team to give new technology lift over to the traditional system. Some companies provide API applications which can handle all the aspects of e-commerce to run a business and make electronic payment systems more safe and secure.
Fintech has a very enormous and tremendous new technologies and innovations coming up in the lines and the many startup companies are expected to get to the maturity by 2020. It is definitely going to be an interesting phase or aspect to watch over for next few coming years.
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