Fintech is a term that almost everyone has heard of but very few actually understand. In layman terms, fintech is the marriage of technology and finance. With the advent of fintech mobile payments, banking, loans, fundraising and every aspect of finance has been transformed once and for all.
The investment in fintech is on the rise given the fact that consumer behavior is changing and new financial regulations are coming into force rapidly.to keep up with the challenges of the present times.
How are entrepreneurs affected by fintech?
It is no more a distant dream to be an entrepreneur even for those short of funds. With crowdsourcing and other means of finances easily accessible thanks to fintech starting out on your own are not only simpler but also cheaper. You are no longer dependent on your region or known faces for finance for your business through crowdsourcing you can get funding from any corner of the globe even from those whom you have never met.
Internet and technology have made it extremely simple to pitch an idea to the wide world and attract the right investment in an insignificant amount of time.
The second hurdle entrepreneurs often face in global trade is a transfer of funds. But with fintech even that has been overcome and it is child’s play now for money to cross geographical borders and reach its destination quickly and safely; something that was unimaginable in the not too distant past.
Finally, fintech firms have fewer overheads unlike the traditional banks and financial institutes and hence they are able to pass on their savings to their clients.
The biggest advantage that these small fintech firms have is that they are not burdened by the size of the organization; they can innovate and adapt according to the need of the hour.
So, if are an entrepreneur you must ensure that you are up to date with the latest fintech developments to stay ahead of your competition. The only area of concern for any online transaction would be a safety but with video onboarding by Fully Verified you can be assured that there is an actual face to the name you are dealing with and you are protected from fraud.